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Alstom remains a 'Buy' despite recent underperformance and ongoing operational challenges, with a maintained €21/share price target. ALSMY's €100B+ backlog offers significant upside, but persistent low margins, project delays, and weak cash conversion justify the market's discount. Management targets EBIT margins of 6.5% and positive FCF by 2026-2027E, with dividends expected to resume in 2027E at 1-2%.