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Alstom

Alstom is the third-largest provider of rail transport equipment and services after CRRC and Siemens. It became a standalone rail OEM after the deal with GE which saw ALO dispose of its energy activities in thermal and renewable power as well as power transmission (grid). The company operates through four divisions: Rolling Stock (43% of FY17/18 sales), Systems (21%), Services (19%) and Signalling (17%). By region, Alstom's top-line mainly came from Europe (50% of FY17/18 sales), followed by the Americas (19%), Middle-East/Africa (19%) and Asia-Pacific (12%). (21 Jun 2018)

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Focused

Alstom: 1Q18/19 Sales & Siemens-Alstom Progress

Worth Watching: 19 Jul 2018, 10:40 AM ET - Alstom kicked off its FY18/19 with solid sales and order growth in the first quarter (ending 30 June 2018) with strong results across most regions and product segments. The results allowed Alstom to confirm its FY18/19 outlook of sales of ~€8 b ..
Focused

Alstom FY17/18: A Solid Year Before The Merger

Earnings Note: 16 May 2018, 10:31 PM ET - Alstom reported a solid year with improvements to the top- and bottom-line, as well as net leverage edging lower. The oncoming year is likely  to be ALOFP's last year before its merger with Siemens.

Schneider Electric: Finally Gets Around to L&T

IG Note: 02 May 2018, 12:11 PM ET - Schneider Electric announced that it has reached an agreement to acquire the Electrical and Automation business from Larsen & Toubro (L&T), with limited impact on credit metrics. Bearing this in mind, we move to a M/P on SUFP's bonds.

US Cap Goods: Event Risk = Sector Underperformance

IG Note: 21 Mar 2018, 5:23 AM ET - The Capital Goods Index has been the worst performing sector on an excess return basis year-to-date. Sector returns severely lagged the Index in January with GE and UTX being notable underperformers to date.

US Strategy: Tariffs as Repricing Event?

Strategy Analysis: 01 Mar 2018, 9:40 PM ET - The market has been building in very low odds of a trade war event, a NAFTA withdrawal, or a significant escalation of tit-for-tat trade retaliations on a broader scale.  The odds-makers just got a fresh load of input.

CNHI 4Q17: Supportive Positive Trends

Earnings Note: 31 Jan 2018, 9:11 AM ET - CNHI reported results highlighting positive trends in end-market demand which contributed to better operating performance. Credit metrics continue to strengthen at the Capital Goods bellwether and we maintain our O/P on CNHI bonds.

US Industrial 2018 Outlook: Conglomerate Conundrum

Sector Analysis: 21 Jan 2018, 9:58 PM ET - Against the backdrop of a generally favorable global demand environment, event risk is the key 2018 credit concern for the conglomerate peer group. We focus on this topic and revisit our credit recommendations for more than two dozen firms.
Focused

Alstom: 9M17/18 Sales Update

Worth Watching: 17 Jan 2018, 9:32 AM ET - Alstom (Baa2/NR) reported positive sales growth and negative order growth for the first nine months of FY 17/18, ending 31 December 2017. 9M sales rose 5.6% YoY (+6% LFL) to €5.52 bn, with positive contributions from its largest segments - Roll ..

2017 Euro Conference: IG Autos & Cap Goods

Transcript: 19 Dec 2017, 11:25 PM ET - In this presentation we discuss four trends in the Auto and Capital Goods sectors – Automation, Electrification, Autonomous driving and Renewable Energy – and the steps being taken to adapt corporate strategies and evolve with the times.
Focused

Alstom 1H18: Stable Backlog despite Order Declines

Worth Watching: 15 Nov 2017, 4:14 PM ET - Alstom 1H18: Alstom reported solid 1H18 results with single-digit sales growth and margin expansion. However, orders were down in the double-digit range and the backlog had softened from the year-ago period with no large orders being booked in ..

CNH Industrial: Issuing New 10Y US$ Bonds

Worth Watching: 09 Nov 2017, 1:23 PM ET - CNH Industrial is issuing new 10-year US dollar bonds out of the CNH Industrial N.V. (parent) entity. CNH Industrial has one other US$ bond outstanding at the parent level, the 4.5% 8/2023 bond (Ba2/BBB -/BBB-), which trades at a spread of G+12 ..

September 2017 Euro Company Recommendation Changes

Euro Recommendation Changes: 01 Oct 2017, 3:20 PM ET - Our monthly report provides executive summaries for the nine companies recommendation changes made on European companies during the month of September.
Focused

Alstom/Siemens: All Aboard The Consolidation Train

IG Note: 27 Sep 2017, 8:51 PM ET - In this report we further discuss additional details made available during the investor calls and update our views on the transaction.

HY Note: Bombardier Dealt Twin Blows

HY Note: 27 Sep 2017, 8:49 PM ET - BBD’s USD and EUR bonds tumbled on the back of Tuesday’s (9-26-17) merger and anti-subsidy duties news. We expect volatility in spreads to continue but would recommend investors not sell into the weakness.
Focused

Alstom/Siemens: Rail Unit Merger, Bomb Misses Out

IG Note: 27 Sep 2017, 1:47 AM ET - Alstom and Siemens finalize the merger of their rail businesses. We move from and Underperform to a Market perform recommendation on Alstom bonds.

Rental Cases: URI M&A Stays Hot, H&E Misses

Sector Analysis: 17 Aug 2017, 12:01 PM ET - Rentals activity stays hot as favorable secular trends, consolidation of a fragmented industry, and a waiting game for tax reform and infrastructure details remains the order of the day. URI stays true to its history of M&A focus.

July 2017 Europe Company Recommendation Changes

Euro Recommendation Changes: 01 Aug 2017, 10:59 AM ET - Our monthly report provides executive summaries for the fourteen companies recommendation changes made on European companies during the month of July.
Focused

Alstom: 1Q17/18 Sales Update

IG Note: 13 Jul 2017, 12:02 PM ET - Alstom reported its sales and order book  results for 1Q17/18. Alstom said it would be involved in industry consolidation despite shunning recent rumours of an acquisition in Siemens' rail unit. We move to an Underperform in ALO bonds.
Focused

Alstom FY16/17: On Track

Earnings Note: 07 May 2017, 8:01 PM ET - Alstom achieved solid organic growth in revenues and improvement in margins and free cash flow generation in FY16/17. Competitive pressures increase in the sector. 

Trump, Trade, Germany, and the EU

Strategy Analysis: 08 Mar 2017, 11:15 PM ET - The Trump team focuses on a bilateral deal with Germany distinct from the EU and sets the stage for more tension. We frame the US-Germany trade deficit for 2016 at the industry level.  Trade edges ahead of the Fed as a risk variable?

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