Alstom: Oddo BHF raises target price

(CercleFinance.com) - Oddo BHF maintains its 'outperform' rating on Alstom shares, raising its target price from E24 to E26.


The analyst cites supply chain problems, which worsened in H1, but which remain manageable.

Delays are attributed to poor anticipation on behalf of suppliers and maturity problems with a number of technologies (batteries, for example).

The analyst says that the group is one of the few in its universe of stocks to be able to write a 'self-help' story over the next 2-3 years.

This recovery story does not seem to us to be integrated into the current share price, which is trading on an EV/EBIT 12m forward multiple of around 9x, compared with over 13x before the deal with Bombardier, the broker says.


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