At the end of 2023, Alstom is the red lantern of the CAC40, with a fall of almost 47% over the year just ended, essentially reflecting its plunge of almost 38% on October 5.

As a reminder, the transport equipment supplier reported results for the first half of 2023-24 that were deemed very disappointing, with a strongly negative free cash flow of -1.15 billion euros, a billion euros below consensus.

Oddo BHF also pointed out that "the Group has revised downwards its 2023/24 FCF target, and now expects FCF of between -500 and -750 million euros, compared with the 'significantly positive' figure previously expected (consensus: +313 million)".

We have to admit that this is a major warning, that it's not the first, and that it doesn't help our confidence in the Group's ability to generate FCF over the long term", added the research firm.

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