ALSTOM bitte um Einschätzung

Ich Frage mich schon was es der DB bringt 56 Seiten Altpapier zu produzieren.
Will da jemand Frankreich ans Bein pinkeln?

Ich geb hier nur mal die erste Seite wieder:
Deja-vu all over again* - Sell
Despite August’s successful recapitalization Alstom faces Euro 1.8bn of
debt repayments within 20 months and has neither the cash nor the
committed funding. The current share price appears to price in at least
achievement of the ambitious FY06E margin target, which is 43% above
FY01’s historical peak. We see considerable scope for -ve surprise with
November 18’s H1 results and recommend investors Sell Alstom shares.

Refinancing looms yet again
Borrowing facilities of Euro 1.8bn mature in 2006 as does Alstom’s Euro
8.0bn bonding facility. Despite three rights issues in 26 months Alstom
does not have sufficient long term funding in place in our view. If the
group’s operational performance does not markedly improve in the next
20 months, lenders may demand a fourth recapitalization.

Operational targets ambitious in our view
We consider our FY06E operating income margin forecast of 5.3%
cautious compared to the targeted 6.0% but ambitious compared to
FY01’s historical peak of 4.2%, especially given recent Euro strength.
Management’s free cashflow targets also appear demanding in our view.

Irrational enthusiasm required to justify the current share price
Alstom shares are not getting any easier to value. To forecast uncertainty,
high debt levels, a significant pension deficit, material provisions (due to
materialize as cash outflows) and difficult to value non-core assets we
now add Euro 0.7bn of cash collateral and overhang risk relating to the