Financials Alstom

Equities

ALO

FR0010220475

Heavy Machinery & Vehicles

Market Closed - Euronext Paris Other stock markets 11:38:27 2024-04-26 am EDT			5-day change	1st Jan Change
15.04 ^EUR	+0.94%		-0.36%	+23.52%

Apr. 26	Alstom wins Hydrogen Mobility award	CF
Apr. 26	Alstom, Tåg i Bergslagen Sign MoU for Railway Technologies in Sweden	MT

Valuation

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	8,634	8,611	15,783	7,942	9,542	5,782	-	-
Enterprise Value (EV) ¹	6,309	7,433	16,682	10,027	11,677	9,051	8,668	8,142
P/E ratio	12.7 x	18.3 x	45.2 x	-13.6 x	-71.7 x	216 x	19.3 x	9.86 x
Yield	14.2%	-	0.59%	1.18%	1%	0.19%	1.9%	3.06%
Capitalization / Revenue	1.07 x	1.05 x	1.8 x	0.51 x	0.58 x	0.33 x	0.32 x	0.3 x
EV / Revenue	0.78 x	0.91 x	1.9 x	0.65 x	0.71 x	0.52 x	0.48 x	0.43 x
EV / EBITDA	8.26 x	8.05 x	16.1 x	6.1 x	6.72 x	6.44 x	5.35 x	4.43 x
EV / FCF	41.2 x	36.1 x	-23.2 x	-10.1 x	58.7 x	-13.4 x	20.5 x	12.3 x
FCF Yield	2.43%	2.77%	-4.32%	-9.89%	1.7%	-7.45%	4.89%	8.11%
Price to Book	2.11 x	2.64 x	1.24 x	0.89 x	1.05 x	0.64 x	0.62 x	0.58 x
Nbr of stocks (in thousands)	223,558	225,772	371,199	373,392	380,453	384,291	-	-
Reference price ²	38.62	38.14	42.52	21.27	25.08	15.04	15.04	15.04
Announcement Date	5/7/19	5/12/20	5/11/21	5/11/22	5/10/23	-	-	-

¹EUR in Million²EUR

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	8,072	8,201	8,785	15,471	16,507	17,353	18,123	19,019
EBITDA ¹	764	923	1,036	1,643	1,738	1,405	1,621	1,839
EBIT ¹	570	630	645	767	852	998.6	1,216	1,439
Operating Margin	7.06%	7.68%	7.34%	4.96%	5.16%	5.75%	6.71%	7.57%
Earnings before Tax (EBT) ¹	320	469	232	-181	-182	-41.64	455.7	906.4
Net income ¹	681	467	247	-581	-132	24.11	343.9	681.6
Net margin	8.44%	5.69%	2.81%	-3.76%	-0.8%	0.14%	1.9%	3.58%
EPS ²	3.030	2.084	0.9400	-1.560	-0.3500	0.0697	0.7810	1.526
Free Cash Flow ¹	153	206	-720	-992	199	-674.1	423.5	660
FCF margin	1.9%	2.51%	-8.2%	-6.41%	1.21%	-3.88%	2.34%	3.47%
FCF Conversion (EBITDA)	20.03%	22.32%	-	-	11.45%	-	26.13%	35.9%
FCF Conversion (Net income)	22.47%	44.11%	-	-	-	-	123.13%	96.84%
Dividend per Share ²	5.500	-	0.2500	0.2500	0.2500	0.0292	0.2859	0.4596
Announcement Date	5/7/19	5/12/20	5/11/21	5/11/22	5/10/23	-	-	-

¹EUR in Million²EUR

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: Maart	2020 S1	2020 S2	2021 S1	2021 S2	2022 Q1	2022 Q2	2022 S1	2022 Q3	2022 Q4	2022 S2	2023 Q1	2023 Q2	2023 S1	2023 Q3	2023 Q4	2023 S2	2024 Q1	2024 Q2	2024 S1	2024 Q3	2024 Q4	2024 S2	2025 S1	2025 S2	2026 S1	2026 S2
Net sales ¹	4,140	4,061	3,518	5,267	3,701	3,742	7,443	3,916	4,112	8,028	4,002	4,046	8,048	4,223	4,236	8,459	4,175	4,268	8,443	4,332	4,610	8,849	-	-	-	-
EBITDA	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EBIT	319	311	263	382	-	-	335	-	-	432	-	-	397	-	-	455	-	-	438	-	-	553.4	-	-	-	-
Operating Margin	7.71%	7.66%	7.48%	7.25%	-	-	4.5%	-	-	5.38%	-	-	4.93%	-	-	5.38%	-	-	5.19%	-	-	6.25%	-	-	-	-
Earnings before Tax (EBT)	241	228	167	-	-	-	-58	-	-	-123	-	-	176	-	-	-	-	-	-	-	-	-	-	-	-	-
Net income	227	240	170	77	-	-	-26	-	-	-555	-	-	-21	-	-	-111	-	-	1	-	-	-39	-	-	-	-
Net margin	5.48%	5.91%	4.83%	1.46%	-	-	-0.35%	-	-	-6.91%	-	-	-0.26%	-	-	-1.31%	-	-	0.01%	-	-	-0.44%	-	-	-	-
EPS	1.010	-	0.7500	0.1900	-	-	-0.0700	-	-	-1.490	-	-	-0.0600	-	-	-0.2900	-	-	-	-	-	-0.1650	-	-	-	-
Dividend per Share	-	-	-	-	-	-	-	-	-	0.2500	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Announcement Date	11/6/19	5/12/20	11/10/20	5/11/21	7/20/21	11/10/21	11/10/21	1/20/22	5/11/22	5/11/22	7/19/22	11/16/22	11/16/22	2/10/23	5/10/23	5/10/23	7/25/23	11/15/23	11/15/23	1/24/24	-	-	-	-	-	-

¹EUR in Million

Estimates

Balance Sheet Analysis

Fiscal Period: Maart	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	-	-	899	2,085	2,135	3,269	2,886	2,361
Net Cash position ¹	2,325	1,178	-	-	-	-	-	-
Leverage (Debt/EBITDA)	-	-	0.8678 x	1.269 x	1.228 x	2.326 x	1.781 x	1.284 x
Free Cash Flow ¹	153	206	-720	-992	199	-674	424	660
ROE (net income / shareholders' equity)	18.2%	12.7%	7.1%	3.98%	3.26%	5.21%	6.17%	8.7%
ROA (Net income/ Total Assets)	5.11%	3.54%	2.1%	1.21%	0.94%	0.9%	1.48%	2.18%
Assets ¹	13,328	13,209	11,745	-48,076	-13,994	2,679	23,193	31,253
Book Value Per Share ²	18.30	14.40	34.30	23.90	24.00	23.50	24.30	26.00
Cash Flow per Share ²	1.890	2.100	-1.730	-1.540	1.600	-0.4500	2.240	3.390
Capex ¹	275	274	265	428	431	429	452	477
Capex / Sales	3.41%	3.34%	3.02%	2.77%	2.61%	2.47%	2.5%	2.51%
Announcement Date	5/7/19	5/12/20	5/11/21	5/11/22	5/10/23	-	-	-

¹EUR in Million²EUR

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for Alstom

Trading Rating

Investor Rating

ESG Refinitiv

A-

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

15.04 EUR

Average target price

18.73 EUR

Spread / Average Target

+24.48%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Other Heavy Machinery & Vehicles

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KOMATSU LTD.	+15.62%	25.64B
EXOR N.V.	+11.71%	23.31B
EPIROC AB	+1.34%	21.74B
KUBOTA CORPORATION	+15.97%	18.38B
CNH INDUSTRIAL N.V.	-6.32%	14.21B
KNORR-BREMSE AG	+18.96%	12.04B

Other Heavy Machinery & Vehicles