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Alstom (Baa3): 1Q24 Results

CAPITAL GOODS

Equity hit by net income miss on impairments and restructuring. Balance sheet measures support the credit. Largely as expected.


  • Revenue beat consensus by 1%. Adj. EBIT beat by 25%, but with restructuring costs in one offs.
  • FCF -€557mn is better than expected (c.-€667mn).
  • FY25 forecast FCF €300-500mn (c.€458mn) and 3 year cumulative at least €1.5bn. Adj. EBIT margin forecast 6.5%, 8-10% medium-term target.
  • Healthy order book with book to bill at 1.08.
  • €750mn hybrids and €1bn rights issue to shore up the balance sheet for a total of €2bn deleveraging. Implies no further divestments, presumably due to a lack of interested buyers as reported recently. No dividend as expected.
  • Net debt of €3bn from €2.1bn YoY. Targeting around zero net debt by March 2026 with FFO to make up the difference.
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