Financials Alstom

Equities

ALO

FR0010220475

Heavy Machinery & Vehicles

Market Closed - Euronext Paris Other stock markets 11:35:21 2024-05-21 am EDT			5-day change	1st Jan Change
18.14 ^EUR	-0.25%		+0.81%	+48.97%

May. 20	CAC40: on the threshold of 8200 pts in limited volumes	CF
May. 20	CAC40: stalled at 8,200, but W-Street continues to set records	CF

Valuation

Fiscal Period: März	2020	2021	2022	2023	2024	2025	2026	2027
Capitalization ¹	8,611	15,783	7,942	9,542	5,430	6,973	-	-
Enterprise Value (EV) ¹	7,433	16,682	10,027	11,677	8,424	10,114	9,862	10,385
P/E ratio	18.3 x	45.2 x	-13.6 x	-71.7 x	-17.4 x	21.9 x	12.2 x	12 x
Yield	-	0.59%	1.18%	1%	-	0.63%	2.35%	2.66%
Capitalization / Revenue	1.05 x	1.8 x	0.51 x	0.58 x	0.31 x	0.38 x	0.37 x	0.34 x
EV / Revenue	0.91 x	1.9 x	0.65 x	0.71 x	0.48 x	0.55 x	0.52 x	0.5 x
EV / EBITDA	8.05 x	16.1 x	6.1 x	6.72 x	4.6 x	6.58 x	5.22 x	5.38 x
EV / FCF	36.1 x	-23.2 x	-10.1 x	58.7 x	-14.9 x	26.2 x	13.8 x	23.2 x
FCF Yield	2.77%	-4.32%	-9.89%	1.7%	-6.73%	3.82%	7.24%	4.31%
Price to Book	2.64 x	1.24 x	0.89 x	1.05 x	0.63 x	0.74 x	0.7 x	0.7 x
Nbr of stocks (in thousands)	225,772	371,199	373,392	380,453	384,291	384,291	-	-
Reference price ²	38.14	42.52	21.27	25.08	14.13	18.19	18.19	18.19
Announcement Date	5/12/20	5/11/21	5/11/22	5/10/23	5/8/24	-	-	-

¹EUR in Million²EUR

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: March	2020	2021	2022	2023	2024	2025	2026	2027
Net sales ¹	8,201	8,785	15,471	16,507	17,619	18,337	19,002	20,604
EBITDA ¹	923	1,036	1,643	1,738	1,833	1,537	1,890	1,931
EBIT ¹	630	645	767	852	997	1,210	1,414	1,629
Operating Margin	7.68%	7.34%	4.96%	5.16%	5.66%	6.6%	7.44%	7.9%
Earnings before Tax (EBT) ¹	469	232	-181	-182	-254	439.9	825.5	1,039
Net income ¹	467	247	-581	-132	-309	348.8	690.3	783
Net margin	5.69%	2.81%	-3.76%	-0.8%	-1.75%	1.9%	3.63%	3.8%
EPS ²	2.084	0.9400	-1.560	-0.3500	-0.8100	0.8318	1.497	1.520
Free Cash Flow ¹	206	-720	-992	199	-567	386.6	714	448
FCF margin	2.51%	-8.2%	-6.41%	1.21%	-3.22%	2.11%	3.76%	2.17%
FCF Conversion (EBITDA)	22.32%	-	-	11.45%	-	25.16%	37.79%	23.2%
FCF Conversion (Net income)	44.11%	-	-	-	-	110.85%	103.44%	57.21%
Dividend per Share ²	-	0.2500	0.2500	0.2500	-	0.1143	0.4272	0.4830
Announcement Date	5/12/20	5/11/21	5/11/22	5/10/23	5/8/24	-	-	-

¹EUR in Million²EUR

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: März	2020 S2	2021 S1	2021 S2	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	4,061	3,518	5,267	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	4,844	9,176	-	-	-	-
EBITDA	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EBIT	311	263	382	335	-	-	432	-	-	397	-	-	455	-	-	438	-	-	559	-	-	-	-
Operating Margin	7.66%	7.48%	7.25%	4.5%	-	-	5.38%	-	-	4.93%	-	-	5.38%	-	-	5.19%	-	-	6.09%	-	-	-	-
Earnings before Tax (EBT)	228	167	-	-58	-	-	-123	-	-	176	-	-	-	-	-	-	-	-	-72	-	-	-	-
Net income	240	170	77	-26	-	-	-555	-	-	-21	-	-	-111	-	-	1	-	-	-177	-	-	-	-
Net margin	5.91%	4.83%	1.46%	-0.35%	-	-	-6.91%	-	-	-0.26%	-	-	-1.31%	-	-	0.01%	-	-	-1.93%	-	-	-	-
EPS	-	0.7500	0.1900	-0.0700	-	-	-1.490	-	-	-0.0600	-	-	-0.2900	-	-	-	-	-	-0.8100	-	-	-	-
Dividend per Share	-	-	-	-	-	-	0.2500	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Announcement Date	5/12/20	11/10/20	5/11/21	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	5/8/24	5/8/24	-	-	-	-

¹EUR in Million

Estimates

Balance Sheet Analysis

Fiscal Period: März	2020	2021	2022	2023	2024	2025	2026	2027
Net Debt ¹	-	899	2,085	2,135	2,994	3,141	2,889	3,412
Net Cash position ¹	1,178	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	-	0.8678 x	1.269 x	1.228 x	1.633 x	2.044 x	1.529 x	1.767 x
Free Cash Flow ¹	206	-720	-992	199	-567	387	714	448
ROE (net income / shareholders' equity)	12.7%	7.1%	3.98%	3.26%	-3.5%	5.82%	8.24%	8.16%
ROA (Net income/ Total Assets)	3.54%	2.1%	1.21%	0.94%	-0.96%	1.11%	1.92%	2.36%
Assets ¹	13,209	11,745	-48,076	-13,994	32,322	31,339	36,022	33,219
Book Value Per Share ²	14.40	34.30	23.90	24.00	22.60	24.50	25.90	26.20
Cash Flow per Share ²	2.100	-1.730	-1.540	1.600	-0.2100	2.200	2.820	3.200
Capex ¹	274	265	428	431	485	491	520	653
Capex / Sales	3.34%	3.02%	2.77%	2.61%	2.75%	2.68%	2.74%	3.17%
Announcement Date	5/12/20	5/11/21	5/11/22	5/10/23	5/8/24	-	-	-

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

BUY

Number of Analysts

Last Close Price

18.14 EUR

Average target price

20.29 EUR

Spread / Average Target

+11.84%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Other Heavy Machinery & Vehicles

	1st Jan change	Capi.
ALSTOM	+48.97%	7.59B
PACCAR, INC.	+8.14%	55.26B
DAIMLER TRUCK HOLDING AG	+15.31%	34.09B
TOYOTA INDUSTRIES CORPORATION	+29.91%	29.86B
KOMATSU LTD.	+27.17%	28.39B
EPIROC AB	+13.85%	25.37B
EXOR N.V.	+15.03%	24.47B
KUBOTA CORPORATION	+11.00%	18.04B
CNH INDUSTRIAL N.V.	-9.77%	14.01B
KNORR-BREMSE AG	+26.11%	13.06B

Other Heavy Machinery & Vehicles