Alstom released H1 FY23/24 results largely in line with the preliminary update provided a month ago. However, the share price is down by >16% (at the time of writing) as the group is now considering a capital increase (among other options such as asset sales and quasi-equity listings) to improve the balance sheet to maintain an investment grade rating. The outlook for FY23/24 was reiterated. We are likely to maintain our positive stance with our model currently under review.
