Alstom reported its FY20/21 results following the integration of BT – with standalone results meeting management guidance and the combined group’s results exceeding street expectations. While reported net debt was much higher-than-expected – with Alstom recognising additional provisions (>€600m) associated with BT contracts, the industry fundamentals remain intact and support the case for long-term profitability/cash flow growth. Importantly, dividends were resumed. Our positive recommendation s ....
11 May 2021
Strong operating results; now focus on orderbook execution and BT integration
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Strong operating results; now focus on orderbook execution and BT integration
Alstom reported its FY20/21 results following the integration of BT – with standalone results meeting management guidance and the combined group’s results exceeding street expectations. While reported net debt was much higher-than-expected – with Alstom recognising additional provisions (>€600m) associated with BT contracts, the industry fundamentals remain intact and support the case for long-term profitability/cash flow growth. Importantly, dividends were resumed. Our positive recommendation s ....