Alstom SA

ALO: XPAR (FRA)

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Alstom: Repeated Cost Overruns Undermine the Recovery Case; We Cut Fair Value Estimate by 43%

Loredana Muharremi

Nov 3, 2026

Alstom cut its fiscal 2026-27 adjusted EBIT margin guidance to around 1% from 6.5% and now expects EUR 1.5 billion of cash outflow. Further Coradia Max technical issues and certification delays drove the reset.

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Alstom SA

Alstom: Repeated Cost Overruns Undermine the Recovery Case; We Cut Fair Value Estimate by 43%

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