Bankinter | The company has been awarded a new contract to supply 22 regional trains for French operator SNCF Voyageurs, in consortium with Alstom. CAF will design and manufacture the trains at its plant in Alsace and Alstom will supply equipment
Analysis team’s view: A new contract in France representing around 1.6% of the total order book and 1.9% of the railway order book. This contract confirms the positive performance of the Order Book, which remains at practically historic highs at the end of 9M2025 (€15.579 billion, up 6% year-on-year; €13.262 billion in Rail). Therefore, the railway portfolio represents 4.1x 2024 sales, ensuring volumes for the coming years. The company has accumulated a 54.5% revaluation in the year, which limits the potential of our valuation and leads us to maintain our Neutral recommendation. The key to an additional catalyst for the valuation will therefore lie in the evolution of margins.
