Altus Strategies Share Discussion Threads

[grupo guitarlumber] 14/6/2010 08:22

By Fabio Benedetti-Valentini and Adria Cimino

June 14 (Bloomberg) -- The following is a list of companies whose stocks may have unusual changes in Paris. Symbols are in parentheses after company names and prices are from the last close.

June futures on the CAC 40 Index climbed 38.50 to 3,584.5 at 8:08 a.m. in Paris.

The CAC 40 rose 38.88, or 1.1 percent, to 3,555.52 on June 11. The SBF 120 Index gained 1 percent to 2,637.12.

Alstom SA (ALO FP): Shares of the world's third-largest power-equipment maker were added to BofA Merrill Lynch Global Research's "Europe 1" list. The stock increased 0.8 percent to 37.57 euros.

[grupo guitarlumber] 14/6/2010 08:19

Alstom : en forte hausse

Buzzer ! 0 Imprimer..Sociétés :Alstom SASujets :BourseParis.Cours
Symbole Dern. Cours Variation
ALO.PA 38,78 +1,21


{"s" : "ALO.PA","k" : "c10,l10,p20,t10","o" : "","j" : ""} Le lundi 14 juin 2010, à 9h 06
Le rebond se poursuit pour Alstom (Paris: FR0010220475 - actualité) , dont le titre gagne 3,3% à 38,80 Euros ce matin dans les premiers échanges, alors qu'il avait signé un plus bas d'un an à 35,93 Euros le 9 juin dernier. Ce matin, le dossier est soutenu par Bank of America ML, qui l'a entré dans sa liste de valeurs favorites

[ariane] 12/6/2010 08:52

ALSTOM : Alerte
JDF | 11.06.10 | Mise à jour : 10h05

Alstom : signal de rebond au-dessus de 37,7 euros

En progression de 0,5% vendredi après une heure de cotation, le titre Alstom revient tester ses plus hauts de la veille à 37,7 euros. Un support graphique solide s'est dessiné à 36 euros. La configuration est propice à un rebond court terme. On se positionnera à l'achat au-dessus de 37,7 euros, avec 40 euros, puis 43,1 euros en ligne de mire. La tendance de fond est négative en dessous de 43,1 euros.


Support 35.3 34.5 33.3
Résistance 37.7 40 43.1

[ariane] 11/6/2010 19:56

Power Engineer - Renewable Energy

UK's largest combined heat and power plant achieves first firing
The first firing of the new 1,275 MW combined heat and power plant (CHP) in Grain in Kent in South East England by principal contractor Alstom for its customer E.ON was successfully completed on 2 June 2010. The start of the hot commissioning phase follows completion of the main construction of the project, won by Alstom in 2007.

The project is the first engineering, procurement and construction (EPC) contract signed with E.ON for Alstom's KA26 gas-fired combined cycle plant design and is part of an industry-wide, multi-billion pound investment programme in the UK to replace and upgrade power generation plants and equipment in the UK, including biomass, supercritical coal plants, wind farms and life extension of existing plants. As well as generating electricity, this innovative CHP plant will export waste heat to National Grid's nearby liquefied natural gas (LNG) terminal for converting LNG back to gas ready for use in the UK gas transmission network. By recycling this waste heat, CHP systems typically achieve high efficiencies, with lower emissions of nitrous oxides, sulphur dioxide, mercury, particulate matter, and carbon dioxide, the leading greenhouse gas associated with climate change.

By combining Alstom's 'best in class' gas turbine and combined cycle technology with efficient heat transfer system, the new gas-fired plant is expected to provide E.ON UK with an exceptional overall efficiency of over 70 per cent, and a highly environmentally-friendly power generation solution.

The plant is set to start commercial operation during the final quarter of 2010.

For more information, www.alstom.com

[ariane] 11/6/2010 17:02

Alstom (Paris: FR0010220475 - actualité) a signé deux contrats de services à long terme avec des entreprises du groupe GDF Suez (Paris: FR0010208488 - actualité) , pour un montant d'environ 130 Millions d'Euros, et portant sur des centrales électriques situées en Thaïlande et au Chili.

[ariane] 08/6/2010 11:36

Alstom: New Alstom Grid Unit's 09 Pro-Forma Sales Over EUR3.5 Billion
PARIS (Dow Jones)

French power engineering and train company Alstom SA (ALO.FR) Tuesday announced the creation of a new division, Alstom Grid, following its acquisition of Areva SA's (CEI.FR) power transmission operations.

Had the new business already been integrated into Alstom, it would have brought the firm's overall sales for the 2009-2010 fiscal year to more than EUR23 billion, the company said, giving pro-forma figures.

Alstom Grid generated sales of over EUR3.5 billion in 2009, Alstom said.

"This acquisition gives a new dimension to the group," Alstom said in a statement.

-By Adam Mitchell, Dow Jones Newswires, [phone]; [e-mail]

[ariane] 08/6/2010 07:14

(Adds details.)

By Ruth Bender

Of DOW JONES NEWSWIRES

PARIS (Dow Jones)--French industrial group Alstom SA (ALO.FR) and engineering company Schneider Electric SA (SU.FR) Monday said they have finalized the purchase of French nuclear technology group Areva SA's (CEI.FR) transmission and distribution, or T&D, business.

In a joint press release, the two groups said that price paid for Areva T&D's shares amounted to EUR2.29 billion, while Areva T&D's net financial debt was about EUR0.89 billion as of Dec. 31, 2009.

According to Areva, the sale price of its T&D unit amounts to EUR4.09 billion in enterprise value.

In March, the European Commission Friday cleared the two groups to jointly buy Areva T&D.

-By Ruth Bender, Dow Jones Newswires; [phone]; [e-mail]

[ariane] 07/6/2010 10:33

Alstom : Achat du Put H659B

Buzzer ! 0 Imprimer..Sujets :Bourse.Le lundi 7 juin 2010, à 11h 23
Le titre évolue dans un canal baissier en place depuis la mi-avril et enfonce le support des 37.5 euros. Les indicateurs techniques restent négativement orientés et militent pour la mise en place d'une nouvelle phase de baisse en direction de 34 euros et 30 euros.

[ariane] 06/6/2010 08:26

Sunday, June 6, 2010


A Kawasaki nameplate adorns an 8- ton truck assembly for a PA-5 PATH passenger car under construction at Kawasaki Rail Car, Inc. in Yonkers in March.
Times Herald-Record/CHET GORDON
By Judy Rife
Times Herald-Record
Published: 2:00 AM - 06/06/10
You see the bold red letters spelling Kawasaki spilling across the five-story factory along the Yonkers waterfront and you think motorcycles, or Jet Skis, or four-wheelers, or Mules.

What you don't think is rail cars, and you should, because Kawasaki Rail Car's customers include the Port Authority, Metro-North Railroad, Long Island Rail Road and New York City Transit - and chances are you've ridden in one made right here.

"Look for our logo," said Maurice Andriani, senior manager and sales engineer at Kawasaki. "It's inside every car, at one end, usually high, in a corner."

Now in Production
• New York City Transit R-160: $2.8 billion contract to build 1,662 cars in partnership with Alstom in Hornell. Kawasaki's share is 40 percent of the cars and 100 percent of the trucks, the wheel-and-axle assemblies that contain the drivetrain and suspension system. Cars are being made in Lincoln, Neb., and Yonkers; trucks, in Kobe, Japan, and Yonkers.


• NYCT R-157: $12 million contract to make 54 flat cars for subway track maintenance and repair. Cars are being made in Yonkers.


• Port Authority/PATH PA-5: $499 million contract to build 340 cars that will transform the PATH fleet from the region's oldest to newest. Cars are being made in Lincoln and Yonkers.


• Metro-North/Connecticut M-8: $713 million contract to build 300 cars for the New Haven line. Metro-North will pay 35 percent and the state of Connecticut, 65 percent. Kobe is making the first 38 cars and Lincoln will make the rest. Yonkers serves as onsite contract administrator.
So how did a nice Japanese company like Kawasaki come to be making rail cars in Yonkers, in Westchester County, in New York? Where the county's economic development director is the first to acknowledge the heavy lifting that heavy manufacturing has to do to normalize the cost of labor, energy and taxes here?

The short answer is that Kawasaki considers the price of being within a stone's throw of Midtown part of the cost of doing business in the United States, particularly in New York, the country's biggest market for rail cars.

The longer one is that Kawasaki won its first PATH contract - and its second American one - in 1986, and was forced to go shopping for a factory that would allow it to meet the Port Authority's local content clause.

The Port Authority, which had a vacant 24-acre industrial park on its hands in Yonkers, suggested the iconic 19th century factory that Otis Elevator abandoned in 1983 when it went global.


"That's why we're in Yonkers," said Ken Takeda, Kawasaki's assistant manager of contract administration and marketing. "We won the contract, leased the building and settled in."

Today, Kawasaki boasts that it is the only rail car builder that can stamp "Made in the USA" on its cars - a boast that reflects the addition of a plant in Nebraska in 2002 to give its bids an even bigger edge in meeting the "Buy America" or local content provisions that are tucked in the majority of contracts.


Waterfront revival
Yonkers was a city in sharp decline in the mid-1980s, when Kawasaki settled in. Bankruptcy hovered despite a state bailout, and the city soon found itself under the thumb of New York's Emergency Financial Control Board for almost a decade.

But now the city is presiding over a waterfront revival that has put luxury high-rises, upscale restaurants and a restored Beaux Arts train station in the sight lines from Kawasaki's test track, where rail cars ply back and forth for hours or days, until they are deemed fit for delivery.

The Port Authority sold the industrial park to Greenwich, Conn., investors in the mid-1990s when it moved away from programs aimed at propping up wobbly communities in New York and New Jersey.

The investors promote "i.Park Hudson" as part of multiple city redevelopment initiatives, but Kawasaki remains the dominant tenant. It rents 288,000 square feet in three buildings, employs 460 people - 15 of them from Orange County and the mid-Hudson - and accounts for a good chunk of the $1 million a year that the industrial park pays in property taxes.

"When GM closed Tarrytown back in 1996, it was a kind of watershed moment for heavy manufacturing in the region," recalled Larry Gottlieb, Westchester County's economic development director. "But Kawasaki is still here and still thriving. It makes sense for them to be here - the market, the labor pool - and it proves that, in the right place, we can still support heavy manufacturing."


'Good working relationship'
And all these years later, Kawasaki is still building PATH cars for the Port Authority, having bested Bombardier and Hyundai Rotem for the $499 million contract to replace the 340-car fleet.



"We've got a good working relationship," said Mike DePallo, PATH's director and general manager. "They've got a dedicated workforce that produces quality equipment; they're very focused on problem-solving to make the very best vehicle possible."

The prototype PATH cars, like all prototypes, were produced at the huge research and development center at Kawasaki's headquarters in Kobe, Japan, and shipped to New Jersey - a month-long journey through the Panama Canal where Kawasaki locomotives pull freighters through the locks.

Once they passed muster in field tests, production began in Lincoln, Neb., and in Yonkers. Kawasaki converted part of its 2-million-square-foot Jet Ski plant in the Nebraska capital to rail car production in 2002 - and moved motorcycle manufacturing back to Japan - to boost its competitiveness in the U.S. market.

The plant now makes the stainless steel shells for Kawasaki cars, something Alstom, for example, does in Brazil, and shares other rail car manufacturing tasks with Yonkers, and, to a lesser extent, with Kobe.


Local content clause
"What is done there is a three-company decision on every contract," said Andriani. "We routinely break up the scope of the work to make the most efficient use of our capacity, our employees."

The local content clause in the PATH contract required Kawasaki to do about 25 percent of the work in either New York or New Jersey, but the 36-ton cars are almost entirely a U.S. product.

New York-specific clauses routinely pop up in Metropolitan Transportation Authority contracts and were factors in the decisions of two other foreign companies to establish beachheads here when the American rail industry fell apart in the 1980s.

Alstom of France bought the former Erie Railroad shops in Hornell and Bombardier of Canada built a plant at the former Plattsburgh Air Force Base, and both of them have MTA and NJ Transit contracts for cars or locomotives that utilize their New York as well as their global facilities.



When an MTA subsidiary or NJ Transit uses Federal Transit Administration funds to buy rail cars, however, "Buy America" provisions trump those local content clauses and the cost of components made in the USA has to be at least 60 percent of the total cost. The requirement produced a joint venture between Kawasaki and Alstom to build 1,662 cars for New York City Transit.

"Kawasaki is the only company with the capability to build a car from the ground up in the United States," said Andriani. "We are the only company that can say 'Made in the USA.'"

[e-mail]


What they're saying
about PATH


"Cars are quieter and all have six doors for easy entering/exiting. Seems like more room inside too. TVs work, but silent entertainment - which is fine. Like the weather reports best."


Mike Coco,


Highland Mills


"Splendorous!


A much improved ride. They seem a bit faster ... which can make the difference between a mad dash and brisk walk to connect with my train home. The video programming could use a bit more variety; I already know all the answers to the trivia questions."


George Thurston, Tuxedo


"They're great,


and they're running


beautifully. They are roomier, well-lit, have perfectly clear announcements made by a computer and each stop lights up on a bright screen."


Joann Behan,


Salisbury Mills


"They're clean, quiet, smooth riding, have clear announcements and you can watch TV, although there's no sound. All the doors work, too! Only downside for rail fans is we can't stand at the ends and watch the tracks, though I'm sure the train crews appreciate the roomy cabs."


William Cano,


Cornwall

[waldron] 03/6/2010 20:24

Alstom Signs JV Deal With KTZ To Supply Kazakhstan Locomotives
PARIS (Dow Jones)

French power and transport engineering firm Alstom SA Thursday said it has signed an agreement to form a joint-venture with Kazakhstan Temir Zholy, or KTZ, the Kazakh railway company, for the production of electric locomotives.

Alstom said it is entering the partnership along with its Russian partner and railway equipment manufacturer, Transmashholding, or TMH.

Alstom said the agreement should lead in the coming months to the setting up of a joint-venture between KTZ and the Alstom-TMH consortium for these locomotives to be produced in Kazakh territory.

Late 2009, Alstom and Transmashholding participated in a tender issued by KTZ for the supply of 200 electric freight locomotives.

-By Angeline Benoit, Dow Jones Newswires; [phone]; [e-mail]

[waldron] 03/6/2010 15:06

Alstom-TMH signs €1bn EP20 locomotive contract
03 June 2010

RUSSIA: RZD placed an order for 200 EP20 dual-system electric locomotives for inter-city passenger services at the 1520 Strategic Partnership event in Sochi on May 27.

The 3 kV DC/25 kV AC single unit locomotives will be the first products to emerge as a result of the alliance between Transmash Holding and Alstom Transport. Alstom now holds a 25% stake in TMH, and a 50:50 product development company has been created, led by Alstom staff.

Alstom Transport President Philippe Mellier confirmed that the EP20 would be 'a new design' that features asynchronous traction motors with IGBT technology and a Bo-Bo-Bo wheel arrangement. The locomotives are being built at TMH's Novocherkassk factory, with the first expected to be rolled out in spring 2011. Deliveries will continue through to 2020, and RZD expects to deploy them on Moscow - Sochi trains during the Olympic Winter Games in 2014.

Mellier hoped that the EP20 order would be the first of many for the Alstom-TMH joint venture. He is optimistic of winning 'a big freight locomotive order' from Kazakhstan's KTZ, and he sees further opportunities to use Pendolino-derived EMUs in Russia - Allegro trainsets are set to take over St Petersburg - Helsinki services in December.

'We may bring western know-how to the venture, but TMH's role is absolutely crucial - they know the climate and they know the customers. There was huge competition to become its partner, and we are delighted to have won that battle,' Mellier affirmed.



Related News:
Desiro EMUs to be built in Russia - 27.05.10
RZD orders 221 locomotives from Siemens-Sinara JV - 27.05.10
First Allegro train shipped to Finland - 05.01.10
Alstom takes stake in Transmash - 31.03.09
TMH-Alstom chosen for double-deck contract - 08.12.08
Alstom and Transmash bid for double-deckers - 06.10.08
Karelian Trains awards Pendolino contract - 05.09.07

[ariane] 02/6/2010 10:01

Alstom Buys US Coatings Svces Company Amstar
PARIS (Dow Jones)

French power and transport engineering firm Alstom SA (ALO.FR) Wednesday said it has acquired U.S. coating services company Amstar.

MAIN FACTS:

- Amstar had sales of approximately $11 million in 2009 and employs around 50 people.

- This acquisition strengthens Alstom's service offerings with advanced technologies that improve power plant component life.

- By Paris Bureau, Dow Jones Newswires; [phone]

[ariane] 01/6/2010 16:55

Agence Option Finance

31/05/2010 12:12

ALSTOM : WestLB relève son opinion à Accumuler

Selon une source de marché, WestLB a relevé son opinion sur Alstom de Neutre à Accumuler et réitéré son objectif de cours de 46,30 euros

[ariane] 27/5/2010 21:17

27/05/2010Siemens, Alstom sign major Russian rail contracts: report
Russia's state rail company RZD is to buy 421 locomotives worth 2.1 billion euros from companies including France's Alstom and Germany's Siemens, RIA Novosti news agency reported on Thursday.

RZD signed a contract with Transmashholding (TMH), which is partnered with Alstom, to buy 200 passenger train locomotives for one billion euros (1.2 billion dollars) during a trade fair in southern Russia, the report said.

At the same fair in the resort town of Sochi, RZD signed a separate agreement worth 1.1 billion euros with Uralskie Lokomotivy, a joint venture between Siemens and Russian company Sinara, for 221 freight train locomotives.

Russia's rail network carried 1.3 billion passengers and 1.3 billion tons of freight in 2008 over 85,500 kilometres (53,100 miles) of railway.

Siemens has been providing RZD with high-speed trains for the Moscow to Saint Petersburg route since December.

Alstom announced earlier this year that it would buy a 25-percent stake in TMH, Russia's main train manufacturer.

[ariane] 25/5/2010 14:02

press release
May 25, 2010, 8:30 a.m. EDT · Recommend · Post:

Fighting Climate Change: Alstom - Dow Technology Selected for Industrial CCS Demonstration Facility in France
MIDLAND, Mich., May 25, 2010 (BUSINESS WIRE) -- Alstom and The Dow Chemical Company /quotes/comstock/13*!dow/quotes/nls/dow (DOW 24.74, -1.12, -4.33%) are pleased to announce that the EDF Group has awarded a contract to Alstom to develop, construct, operate and test in partnership an industrial demonstration facility to capture CO2 at the Le Havre coal-fired electric power plant in France.

The objective of this innovative project is to demonstrate the operability and efficiency of post-combustion CO2 capture utilizing the Advanced Amine Process jointly developed by Alstom and Dow.

Amine-based technologies are already widely used in a number of gas treatment applications in the chemical and hydrocarbon sectors. The Advanced Amine Process to be tested at Le Havre has been specifically developed to capture the CO2 emitted by burning coal, oil or gas. The demonstration facility will help to verify the optimized performance of this advanced technology, particularly with regards to energy consumption and flexibility in use within an industrial setting.

The project is scheduled for start-up by 2012 and is partly funded by French governmental body ADEME (The French Environment and Energy Management Agency). The project program includes execution, testing, evaluation and validation phases of the CO2 capture unit at the production site. The industrial demonstration facility of Le Havre represents an essential step for Alstom and Dow in the development of competitive solutions for the capture and storage of CO2.

About Dow

Dow combines the power of science and technology with the "Human Element" to passionately innovate what is essential to human progress. The Company connects chemistry and innovation with the principles of sustainability to help address many of the world's most challenging problems such as the need for clean water, renewable energy generation and conservation, and increasing agricultural productivity. Dow's diversified industry-leading portfolio of specialty chemical, advanced materials, agro sciences and plastics businesses delivers a broad range of technology-based products and solutions to customers in approximately 160 countries and in high growth sectors such as electronics, water, energy, coatings and agriculture. In 2009, Dow had annual sales of $45 billion and employed approximately 52,000 people worldwide. The Company's more than 5,000 products are manufactured at 214 sites in 37 countries across the globe. References to "Dow" or the "Company" mean The Dow Chemical Company and its consolidated subsidiaries unless otherwise expressly noted. More information about Dow can be found at www.dow.com.

About Dow Oil & Gas

Dow Oil & Gas is committed to maximizing value for our customers by offering innovative, customized solutions tailored to the ever-evolving needs of the oil and gas industry. Backed by the proven resources of The Dow Chemical Company, Dow Oil & Gas offers advanced chemical innovation, intimate industry knowledge and exceptional service. More information can be found at www.DowOilandGas.com.

About Alstom

Alstom is at the forefront of carbon capture technology development. Since 2006, as part of its multi-product strategy, Alstom has announced agreements to test CO2 capture technologies with AEP, Statoil, Vattenfall, E.ON, Total, The Dow Chemical Company, PGE Elektrownia and Transalta. Alstom is mobilising hundreds of employees and has invested hundreds of millions of dollars in support of its goal to make carbon capture technology commercially available within six years. To date, Alstom has started operation at six CO2 capture pilot projects, with EPRI and We Energies in Wisconsin, USA, AEP Mountaineer in the USA, E.ON in Sweden, Vattenfall in Germany, Total in France, and Dow in the USA. Alstom is a global leader in the world of power generation and rail infrastructure and sets the benchmark for innovative and environmentally friendly technologies. Alstom builds the fastest train and the highest capacity automated metro in the world, and provides turnkey integrated power plant solutions and associated services for a wide variety of energy sources, including hydro, nuclear, gas, coal and wind. The Group employs around 76 500 people in 70 countries and had sales of EUR19.7 billion in 2009/2010.

www.alstom.com/power

About EDF

The EDF Group, one of the leaders in the European energy market, is an integrated energy company active in all businesses: generation, transmission, distribution, energy supply and trading. The Group is the leading electricity producer in Europe. In France, it has mainly nuclear and hydraulic production facilities where 95 % of the electricity output is CO2-free. EDF's transmission and distribution subsidiaries in France operate 1,285,000 km of low and medium voltage overhead and underground electricity lines and around 100,000 km of high and very high voltage networks. The Group is involved in supplying energy and services to more than 38 million customers around the world, including more than 28 million in France. The Group generated consolidated sales of EUR 66.3 billion in 2009, of which 49 % in Europe excluding France. EDF is listed on the Paris Stock Exchange and is a member of the CAC 40 index.

www.edf.com

SOURCE: Alstom


The Dow Chemical Company
Lisa Gill, 281-966-4822
[e-mail]
or
Alstom
Tim Brown, 860-713-9530 (Cell)
[e-mail]

[ariane] 24/5/2010 09:28

Areva T&D: Wins EUR90 Million UAE Substation Contract
PARIS (Dow Jones)

French nuclear group Areva SA (CEI.FR) Monday said its power transmission and distribution unit, which it is selling, won an order worth around EUR90 million in the United Arab Emirates.

MAIN FACTS:

- the unit will deliver a 400/132 kV GIS substation, which will strengthen power supply for the fast-growing Northern Emirates region. It will be located in Ajman, where population is expected to jump from 250,000 in 2010 to 2.2 million in 2030, according to estimates from the UAE Ministry of Economy.

- The project is scheduled to be completed by 2012.

- Areva is selling its transmission and distribution unit to a French consortium of Alstom SA (ALO.FR) and Schneider Electric (SU.FR), which plans to split it between them, with Alstom taking the transmission part and Schneider the distribution. Areva didn't say to which of transmission or distribution this new UAE contract corresponds.

- By Paris Bureau, Dow Jones Newswires; [phone];

[waldron] 20/5/2010 17:27

Alstom : support à 35.1.

Buzzer ! 0 Imprimer..Sujets :Bourse.Le jeudi 20 mai 2010, à 18h 04
Sur les 5 derniers jours, le titre s'est effondré de 8.59%. Depuis le début de l'année, il est en baisse de 20.48%.

Du point de vue de l'analyse technique : le RSI est inférieur à sa zone de neutralité des 50. Le MACD est inférieur à sa ligne de signal et négatif. La configuration est baissière à court terme. Enfin, le titre est inférieur à sa moyenne mobile 50 jours.
A noter que les volumes sont en baisse depuis quelques jours.

Graphiquement : les niveaux de résistances se situent sur : 41.4 puis 42.1. Tandis que les prochains supports sont sur : 36.1 puis 35.1.

Notre préférence : Le titre Alstom (ALO) est baissier tant que 42.1 est résistance.

Le point d'invalidation de notre scénario est situé sur : 42.1.
Cours de référence : 39.

[waldron] 19/5/2010 14:50

Agence Option Finance

19/05/2010 14:05

ALSTOM : ING reste à l'Achat

Selon une source de marché, ING a maintenu sa recommandation Achat et son objectif de cours de 54

[waldron] 19/5/2010 14:49

19/05/2010 - 13:17 - (Bolsamania) - Les analystes de Citigroup ont rabaissé aujourd'hui leur objectif de cours sur Alstom de 65 à 55 euros, tout en restant à l'achat. Le bureau d'analyse a également revu à la baisse ses prévisions de bénéfices 2011 et 2012, en ligne avec l'objectif du groupe de réaliser une marge opérationnelle comprise entre 7% et 8% pendant les deux prochaines années. Il intègre dans ses prévisions l'impact de l'acquisition d'Areva Transmission.

Pour sa part, ING a maintenu son conseil d'achat sur le dossier, avec un objectif de cours de 54 euros. Le broker pense que le creux des commandes est passé et que le démarrage d'un nouveau cycle de l'énergie est en cours. Dans la mesure où l'Ebit d'Alstom est dégagé à 78% par la branche énergie, l'action reste l'une des valeurs préférées de l'analyste.

Quant à Société Générale, le broker reste à conserver sur Alstom et rabaisse son objectif de prix de 47 à 45 euros. Lors de la conférence EPG réunissant des producteurs d'énergie en Floride, le P-DG Patrick Kron a admis qu'il s'était attendu à un meilleur second semestre 2009/2010 après la tendance positive observée au semestre précédent. Mais la plupart des contacts n'ont pas donné lieu à des contrats. Le schéma n'a pas changé au premier semestre 2010/2011, avec les utilities toujours en mode "wait and see" en raison des incertitudes économiques et réglementaires.

[waldron] 19/5/2010 14:47

Plus nuancé, Citigroup a réduit son objectif de cours de 65 à 55 euros tout en réitérant sa recommandation d'Achat. Le broker a revu à la baisse ses prévisions de résultats 2011 et 2012, en ligne avec l'objectif du groupe de réaliser une marge opérationnelle comprise entre 7% et 8% durant les deux prochaines années. Le bureau d'études a également intégré dans ses prévisions l'impact de l'acquisition d'Areva Transmission.
Il reste à l'achat sur la valeur en raison de sa valorisation relativement bon marché. Pour autant, il juge peu probable un rebond du titre avant une réelle reprise des commandes.
Prudente, Société Générale a réduit son objectif de cours de 47 à 45 euros