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Alcatel Mar 06
Standard & Poors, March 2006
Abstract
Strong liquidity, with -5.2 billion in cash and cash equivalents, compared with -3.7 billion gross debt after derivatives. Improved ability to face industry changes due to significant restructuring of its cost base over the past few years. A wide range of products and technologies, some with word-leading market positions, that makes Alcatel an integral supplier for its customers. A diversified customer base, and a large share of sales to incumbent operators of good credit quality. Economies of scale in a highly capital-intensive and competitive industry. Strong price pressure due to a fairly large number of competitors in a much reduced telecoms equipment industry. Rapid technological changes that lead to increased competition and potentially rapid adverse changes in demand patterns. Poor...
Companies mentioned in this report are: Alcatel-Lucent
Action: Review
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Research Type: Full Analysis
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