While Alstom’s FY21/22 performance was fully in line with the outlook, the low quality beat on FCF overshadowed the decent close. FCF continues to be a pain point for the stock which remained choppy throughout the day – up c.9% in the morning before falling c.11% around mid-session and finally closing at -5% – as investors unpacked the moving parts of working capital. Notably, the mid-term targets were confirmed with synergies being raised from FY25/26 onwards, and the BT backlog delivery timeli ....
