(CercleFinance.com) – Oddo BHF reaffirms its ‘outperformance’ opinion on Alstom with a price target raised from 32.1 to 34 euros, considering that the transport equipment manufacturer ‘has now come out of crisis management’.
“If the challenges remain (recovery of the margin and generation of FCF), the favorable environment (strong demand) is a major asset, which should not be underestimated”, highlights the analyst in charge of the file.
The design office also considers that the current valuation of Alstom ‘includes an excessive share of risk’, thus estimating that the rolling stock is valued at zero for a turnover of 8.8 billion euros.
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