Alstom: Invest Securities raises TP after earnings release

(CercleFinance.com) - Invest Securities maintains its buy rating on Alstom shares, increasing its target price for them from 30.
7 euros to 32 euros, after better-than-expected Q3 2022-23 order intake and sales.

This reinforces the group's annual guidance of at least +5% sales growth, with a 2022-23 EBITA margin of 5.1%/5.3% and annual FCF of 100/300 million euros, after -45 million euros in H1, the analyst said.

All this is in line with consensus expectations, our virtually unchanged estimates and the group's 2022-23 and 2024-25 guidance. The rebound in EBITA margin to 8% to 10% in 2024-25, with Bombardier as leverage remains the attractive point to play, the broker continues.


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