Alstom SA

ALO: XPAR (FRA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	€35.70	Hsrxnw	Kvwcqdpb

Alstom Maintains Guidance As Order Intake Continues To Grow

Joachim Kotze

Jan 20, 2022

Narrow-moat Alstom maintains short- and medium-term guidance as group order intake and sales for the third quarter of 2022 grew by 5% and 5.5%, respectively. Order intake of EUR 4.6 billion in the quarter was driven by rolling stock and services, while Europe continues to fuel growth from a geographic perspective. Sales of EUR 3.9 billion is underpinned by growth across all product lines and the stabilization of underperforming contracts inherited from the Bombardier acquisition. We don’t expect to make any changes to our forecasts, with shares currently trading at a slight discount to our EUR 38 fair value estimate.

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