(BFM Bourse) – The action of the resident of the CAC 40 evolves to the last place of the Parisian star index. Analysts expect Alstom to publish a weak order book for its first quarter 2023-2024 on July 25.
Alstom shares sign the largest drop in the CAC 40 on Tuesday on the Paris Stock Exchange, investors positioning themselves before the publication of the results of the group whose orders in the first quarter should prove to be weak according to analysts.
Around 1:00 p.m., the stock fell 4% to 26.08 euros. At the same time, the CAC 40 is stable (-0.08%).
“Equity market volumes are low, which appears to be causing unusual volatility as the group makes ‘pre-closing’ calls to update analysts on order and revenue trends in the first quarter. “said William Mackie, an analyst at Kepler Cheuvreux. The latter as well as James Moore, at Redburn, anticipate a weak order book from Alstom over the period.
Worries about the order book
“The market realizes that Alstom only announced two large orders during the quarter: a contract in Romania for around 400 million euros and another for trams in Philadelphia for over 600 million euros,” he said. said James Moore.
The analyst says he anticipates 2.81 billion euros in orders in the first quarter of the 2023-2024 financial year – including regular orders of 1.8 billion euros – or 45% less than the consensus at 5, 1 billion.
“However, we believe these concerns about orders are overblown. Alstom has always had irregular orders, it is the very nature of the business, but we remain satisfied with our forecast of 21.0 billion euros in orders. for the year. Alstom has a long list of 7.5 billion euros of orders already won but awaiting legal approval before registration,” added James Moore.
The group must publish its turnover and its orders for the first quarter on July 25.
(with Reuters)
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