Alstom Valuation

Is AOMF.F undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

4/6

Valuation Score 4/6

Below Fair Value
Significantly Below Fair Value
Price-To-Sales vs Peers
Price-To-Sales vs Industry
Price-To-Sales vs Fair Ratio
Analyst Forecast

Share Price vs Fair Value

What is the Fair Price of AOMF.F when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: AOMF.F ($22.55) is trading below our estimate of fair value ($26.6)

Significantly Below Fair Value: AOMF.F is trading below fair value, but not by a significant amount.

Key Valuation Metric

Which metric is best to use when looking at relative valuation for AOMF.F?

Key metric: As AOMF.F is unprofitable we use its Price-To-Sales Ratio for relative valuation analysis.

The above table shows the Price to Sales ratio for AOMF.F. This is calculated by dividing AOMF.F's market cap by their current revenue.
What is AOMF.F's PS Ratio?
PS Ratio	0.6x
Sales	€17.95b
Market Cap	€9.95b

AOMF.F key valuation metrics and ratios. From Price to Earnings, Price to Sales and Price to Book to Price to Earnings Growth Ratio, Enterprise Value and EBITDA.
Key Statistics
Enterprise Value/Revenue	0.7x
Enterprise Value/EBITDA	11x
PEG Ratio	n/a

Price to Sales Ratio vs Peers

How does AOMF.F's PS Ratio compare to its peers?

The above table shows the PS ratio for AOMF.F vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
Company	Forward PS	Estimated Growth	Market Cap
Peer Average	1.9x
ALSN Allison Transmission Holdings	3.2x	4.3%	US$10.1b
OSK Oshkosh	0.7x	1.2%	US$6.9b
FSS Federal Signal	3.3x	8.2%	US$6.0b
TEX Terex	0.7x	4.4%	US$3.5b
AOMF.F Alstom	0.6x	4.8%	US$9.9b

Price-To-Sales vs Peers: AOMF.F is good value based on its Price-To-Sales Ratio (0.6x) compared to the peer average (1.9x).

Price to Sales Ratio vs Industry

How does AOMF.F's PS Ratio compare vs other companies in the US Machinery Industry?

22 Companies	Price / Sales	Estimated Growth	Market Cap
HY Hyster-Yale	0.2x	-0.6%	US$975.88m
WNC Wabash National	0.4x	0.5%	US$835.97m
TWI Titan International	0.2x	2.2%	US$445.76m
PKOH Park-Ohio Holdings	0.3x	3.9%	US$418.49m

22 Companies		Estimated Growth	Market Cap

No more companies

Price-To-Sales vs Industry: AOMF.F is good value based on its Price-To-Sales Ratio (0.6x) compared to the US Machinery industry average (1.6x).

Price to Sales Ratio vs Fair Ratio

What is AOMF.F's PS Ratio compared to its Fair PS Ratio? This is the expected PS Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

AOMF.F PS Ratio vs Fair Ratio.
Fair Ratio
Current PS Ratio	0.6x
Fair PS Ratio	1x

Price-To-Sales vs Fair Ratio: AOMF.F is good value based on its Price-To-Sales Ratio (0.6x) compared to the estimated Fair Price-To-Sales Ratio (1x).

Analyst Price Targets

What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?

The above table shows the analyst AOMF.F forecast and predictions for the stock price in 12 month’s time.
Date	Share Price	Average 1Y Price Target	Dispersion	High	Low	1Y Actual price	Analysts
Current	US$22.55	US$24.84 +10.2%	23.8%	US$34.85	US$9.51	n/a	18
Dec ’25	US$22.20	US$24.73 +11.4%	24.4%	US$34.92	US$8.47	n/a	18
Nov ’25	n/a	US$23.73 0%	26.7%	US$35.85	US$8.69	n/a	18
Oct ’25	US$20.92	US$23.52 +12.4%	27.9%	US$36.56	US$8.86	n/a	18
Sep ’25	n/a	US$23.35 0%	27.8%	US$36.07	US$8.74	n/a	17
Aug ’25	US$18.35	US$23.14 +26.1%	28.1%	US$35.83	US$8.69	n/a	17
Jul ’25	US$17.15	US$21.56 +25.7%	30.9%	US$35.43	US$8.59	n/a	16
Jun ’25	US$19.70	US$21.70 +10.2%	33.5%	US$35.74	US$8.66	n/a	14
May ’25	US$16.53	US$19.93 +20.6%	33.9%	US$35.13	US$8.52	n/a	18
Apr ’25	US$15.45	US$20.69 +33.9%	34.3%	US$35.60	US$8.63	n/a	17
Mar ’25	US$13.12	US$20.55 +56.6%	34.2%	US$35.78	US$8.67	n/a	19
Feb ’25	US$12.70	US$20.55 +61.8%	34.2%	US$35.78	US$8.67	n/a	19
Jan ’25	US$13.47	US$22.62 +68.0%	35.2%	US$36.22	US$9.33	n/a	19
Dec ’24	US$12.55	US$24.04 +91.5%	32.7%	US$36.01	US$9.28	US$22.20	18
Nov ’24	US$13.82	US$25.82 +86.8%	27.6%	US$34.87	US$12.68	n/a	17
Oct ’24	US$24.12	US$33.00 +36.8%	15.8%	US$40.60	US$17.63	US$20.92	17
Sep ’24	US$26.99	US$34.89 +29.3%	11.0%	US$41.32	US$26.10	n/a	17
Aug ’24	US$31.15	US$35.19 +13.0%	11.7%	US$41.79	US$24.74	US$18.35	17
Jul ’24	n/a	US$34.57 0%	12.8%	US$41.60	US$24.08	US$17.15	18
Jun ’24	US$27.14	US$33.44 +23.2%	14.2%	US$41.09	US$23.79	US$19.70	19
May ’24	US$25.60	US$32.58 +27.3%	20.7%	US$41.63	US$15.34	US$16.53	19
Apr ’24	US$25.69	US$32.78 +27.6%	20.0%	US$40.61	US$14.96	US$15.45	19
Mar ’24	US$29.37	US$32.78 +11.6%	20.0%	US$40.61	US$14.96	US$13.12	19
Feb ’24	US$29.87	US$33.16 +11.0%	20.1%	US$41.22	US$15.19	US$12.70	19
Jan ’24	US$24.50	US$31.72 +29.4%	21.4%	US$39.94	US$14.72	US$13.47	19
Dec ’23	US$25.23	US$31.43 +24.6%	21.5%	US$39.24	US$14.46	US$12.55	19

Analyst Forecast: Target price is less than 20% higher than the current share price.