Alstom’s stock posted the largest single-day drop of any listing on the Paris Stock Exchange’s CAC 40 index in 17 years when it plunged by 38 per cent on Oct. 5
French train maker Alstom, after previously projecting 'significantly positive' full-year free cash flow, now expects to post negative free cash flow of between €500-million and €750-million for the 2023-24 fiscal year that ends next March 31., the giant French train maker that bought Bombardier’s rolling stock business in 2021 and counts Caisse de dépôt et placement du Québec as its biggest shareholder.
The recent stock rout pushes the overall decline in Alstom’s share price to more than 70 per cent since it bought Berlin-based BT nearly three years ago. Alstom took the train maker off its Montreal-based parent’s hands as the latter divested of key assets to slash its. At the time, the Caisse converted its one-third ownership stake in BT into Alstom shares, leaving the Quebec pension fund manager with 17.5 per cent of the merged entity.
“The recent negative development highlights the complexity of Alstom’s operations, in part reflecting the nature of the business, in addition to the ongoing challenges related to the integration of BT and the delivery of its outstanding loss-making contracts, which continue to entail execution risks,” Moody’s said.
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