Alstom released preliminary H1 FY23/24 figures yesterday which were below the street and our expectations. While sales increased by 6.2% yoy on an organic basis, the order intake declined by c.17% yoy due to a tough comparable base. Notably, the FCF (which has been a pain point since the Bombardier Transportation acquisition in 2021) came in at -€1.15bn vs the -€193m consensus, owing to increased working capital, delay in the Aventra project and lower-than-expected down payments. We will reduce ....
