Alstom reported a weak Q1 FY23/24 trading update, with sales below consensus and our expectations. Moreover, the order intake also decreased by c.30% due to a tough comparable base. The share price reacted negatively (-1.86% at the close). We will revise our sales estimates slightly down but maintain our positive stance on the stock.

25 Jul 2023
Lackluster Q1 trading but near-medium term drivers intact

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Lackluster Q1 trading but near-medium term drivers intact
Alstom reported a weak Q1 FY23/24 trading update, with sales below consensus and our expectations. Moreover, the order intake also decreased by c.30% due to a tough comparable base. The share price reacted negatively (-1.86% at the close). We will revise our sales estimates slightly down but maintain our positive stance on the stock.