Veolia Environnement S.A.

Veolia Environnement provides environmental management services to public authorities, industrial and commercial services customers, and individuals worldwide. These services include the supply of water, the treatment and recovery of municipal or industrial effluent, waste collection, processing and recycling, the supply of heating and cooling services and the optimization of industrial processes. Co.'s business operations are conducted through three divisions, each specializing in a single business sector: Veolia Eau (Water), Veolia Energie (Dalkia, Energy Services) and Veolia Proprete (Environmental Services).
  • TickerVIE
  • ISINFR0000124141
  • ExchangeEuronext Paris
  • SectorGas, Water & Multi-utilities
  • CountryFrance
ING
Alyssa Gammoudy ...
  • Hendrik Wiersma
  • Jeroen van den Broek
  • Nadège Tillier
  • Suvi Platerink Kosonen
  • Timothy Rahill

Coffee, Croissants & Credit/Erste, Heineken, LVMH, Suez and Veolia

Financials: Erste's CEO indicates insolvencies to rise next year, has frontloaded loan loss provisions

Dave Nicoski ...
  • Ross LaDuke

Int'l Insights: Bullish Stocks

EAFE > EM; Add exposure to Japan Continue to favor EAFE over EM. As long as the U.S. dollar remains elevated, we believe developed international (EAFE) will remain in a leadership position relative to EM (MSCI EM). Below we highlight attractive and actionable themes within developed int'l: • Japan, Switzerland, Australia, Canada. Major Japanese indexes have been underperforming for nearly two years but are making bullish price and RS inflections and exhibit early signs of bottoming. Switzerland, Australia, and Canada are all trading at multi-year highs and are among the most attractive co...

Dave Nicoski ...
  • Ross LaDuke

Int'l Insights: Bullish Developed Markets Stocks

Favor EAFE over EM The U.S. dollar remains elevated and as long as this remains the case we believe developed international equities (EAFE) will continue to outperform relative to emerging markets (MSCI EM)... see charts below. Below we highlight attractive and actionable themes within developed international: • Australia. Australia's All Ordinaries index exhibits bullish price and RS trends, a rarity when it comes to global markets considering most country-specific indexes display neutral or negative price trends. We highlight several Australian names, and would use recent broad market we...

Jérôme VINERIER

Analyse court terme - VEOLIA ENVIRONNEMENT : La tendance est baissière.

La tendance est baissière. Le rebond gagne en vigueur. Il est probable que cette reprise s'achève sur la résistance à 17,400 € et que les prix baissent à nouveau vers 16,200 €. La tendance de fond serait remise en cause en cas de franchissement de 18,000 €.

Jérôme VINERIER

Short term view - VEOLIA ENVIRONNEMENT : The trend is bearish.

The trend is bearish. The bounce is gaining strength. The bounce might end at the resistance at €17.400 and prices would fall again toward €16.200. The background trend would be questioned should prices rise above €18.000.

Jérôme VINERIER

Analyse court terme - VEOLIA ENVIRONNEMENT : La tendance de fond est clairement orientée à la baisse.

La tendance de fond est clairement orientée à la baisse. Le MACD est négatif, il confirme cette tendance. La reprise est une consolidation qui va buter sur 17,400 € prochainement. Le prochain objectif est à 16,200 €, puis 15,392 €. Le franchissement de 18,000 € remettrait en cause la suite de la baisse.

Xavier Regnard

VEOLIA BUY | EUR22 He loves me, he loves me not

VEOLIA BUY | EUR22 He loves me, he loves me not I love you… me neither A move to try and get a better price? Beware of not overpaying

Louis Boujard, CFA ...
  • Philippe Ourpatian

Veolia : A controlled deal but one which must be accepted

>Buy recommendation and € 24.0 target price maintained - Following the conference call to present Veolia’s offer to buy Engie's stake in Suez, we confirm our Buy recommendation on the share and our target price of € 24 on an unchanged basis by applying the historical average multiples over the 2000-2019 period to the 2020 estimates. The acquisition of Suez, beyond Engie's stake, opens up a new chapter in Veolia's investment case. While synergies are obviously at the h...

Louis Boujard, CFA ...
  • Philippe Ourpatian

Veolia : Une opération maitrisée mais qui doit être acceptée

>Recommandation Achat et OC 24.0 € maintenus - A l’issue de la conférence téléphonique de présentation de l’offre de rachat de la participation d’Engie au capital de Suez, nous confirmons notre opinion positive sur le titre et l’objectif de cours de 24 € sur la base inchangée de l’application des multiples historiques moyens 2000/2019 aux estimations 2020. L’acquisition de Suez, au-delà de la participation d’Engie, ouvre un nouveau chapitre de la thèse d’investissemen...

Xavier Regnard

VEOLIA: Veolia is offering to acquire Suez. A challenging move | BUY | EUR22(+15%)

VEOLIA - BUY | EUR22(+15%) Veolia is offering to acquire Suez. A challenging move An obvious move for Engie Is it really the best choice for Veolia ? Veolia has anticipated the antitrust issues A lot of work to be done

Louis Boujard, CFA ...
  • Philippe Ourpatian

ODDO : The choice of the titans: acquisition of Suez by Veolia validated by Engie?

>Veolia proposes to acquire Engie’s stake in Suez - Veolia announced that it has made a firm offer to Engie to acquire 29.9% of the Suez shares that Engie holds. This offer follows Engie's announcement, on 31 July, 2020, of the launch of a strategic review including its stake in Suez. The offer at a price of € 15.50 per Suez share, immediately realisable in cash, is open until 30 September, 2020. The proposed price represents an instantaneous premium of 26.6% to the c...

ING
Alyssa Gammoudy ...
  • Hendrik Wiersma
  • Jeroen van den Broek
  • Nadège Tillier
  • Suvi Platerink Kosonen
  • Timothy Rahill

Coffee, Croissants & Credit/Erste, Heineken, LVMH, Suez and Veolia

Financials: Erste's CEO indicates insolvencies to rise next year, has frontloaded loan loss provisions

ING
Alyssa Gammoudy ...
  • Hendrik Wiersma
  • Jeroen van den Broek
  • Nadège Tillier
  • Suvi Platerink Kosonen
  • Timothy Rahill

Coffee, Croissants & Credit/Veolia & Suez

Utilities: Veolia's merger project is considered hostile by Suez

ING
Alyssa Gammoudy ...
  • Hendrik Wiersma
  • Jeroen van den Broek
  • Nadège Tillier
  • Suvi Platerink Kosonen
  • Timothy Rahill

Coffee, Croissants & Credit/BAWAG, RBI, Erste, Swedish banks, Pernod Ricard and Veolia

Financials: Austrian banks: Covid-19 has driven risk costs higher, outlooks for 2H20 differ. No dividends from Swedish banks this year

ING
Alyssa Gammoudy ...
  • Hendrik Wiersma
  • Jeroen van den Broek
  • Nadège Tillier
  • Suvi Platerink Kosonen
  • Timothy Rahill

Coffee, Croissants & Credit/CSPP & PEPP, Telecom Italia and Veolia & Suez

Strategy: Corporate purchases under CSPP & PEPP remain low for August at just €4bn.

ING
Nadège Tillier

Veolia/Offer for Suez strategically positive but somewhat credit negative

Last night Veolia announced its intention to offer Engie €2.9bn to acquire 29.9% of Suez capital. Engie owns 32% of Suez. The offer represents a 27% premium on Suez's Friday close share price valuation. Veolia will finance this operation with cash. The company had c.€8bn of cash and cash equivalents on its balance sheet at the end of June 2020. The unsolicited offer, if accepted, is considered to be the first step to fully acquire Suez - Veolia also announced its wish to launch a voluntary tender offer on Suez's remaining share capital to create the world's biggest water and waste manageme...

Benoit Valleaux ...
  • Roland Pfaender,MBA,CFA,CCRA

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 09/01/2020

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Benoit Valleaux ...
  • Roland Pfaender,MBA,CFA,CCRA

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 01/09/2020

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Bruno Cavalier ...
  • Sylvain Goyon, CFA

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 31/08/2020 Chère cliente, cher client l’enquête Institutional Investor 2020 a désigné ODDO BHF « 1er broker dans son classement agrégé des secteurs valeurs françaises », « 2ème pour

Depuis l’épidémie de COVID, la domination du style croissance s’est renforcée. La perspective crédible d’un vaccin efficace pour la COVID-19 pourrait contribuer à modifier cette donne en faveur de la value et des cycliques. Comment ? En permettant une normalisation des perspectives, l’épargne « forcée » constituée pourrait être libérée. L’accélération de la vitesse de circulation de la monnaie, dans le contexte de création monétaire débridée, pourrait générer une hausse graduelle des ...

Bruno Cavalier ...
  • Sylvain Goyon, CFA

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 08/31/2020 Dear client, The Institutional Investor 2020 survey ranked ODDO BHF “No. 1 Aggregated France Research”, “No. 2 Overall Research France” and “No. 2 for France Sales”. The survey

Since the COVID-19 pandemic, the domination of the growth stock style has been strengthened. The credible prospect of an effective vaccine for COVID-19 could contribute to a change in this situation in favour of value and cyclicals. How? By facilitating a normalisation of the prospects, "forced" savings could be released. The acceleration of the speed of circulation of money, in the context of unbridled money creation, could trigger a gradual increase in prices and yield curves. Conse...

Sylvain Goyon, CFA

ODDO BHF Small & MIDCAP MORNING NEWS - 08/31/2020

Since the COVID-19 pandemic, the domination of the growth stock style has been strengthened. The credible prospect of an effective vaccine for COVID-19 could contribute to a change in this situation in favour of value and cyclicals. How? By facilitating a normalisation of the prospects, "forced" savings could be released. The acceleration of the speed of circulation of money, in the context of unbridled money creation, could trigger a gradual increase in prices and yield curves. Conse...

VEOLIA ENVIRONNEMENT sees an upgrade to Slightly Positive due to a better fundamental star rating

The general evaluation of VEOLIA ENVIRONNEMENT (FR), a company active in the Water industry, has been upgraded by the independent financial analyst theScreener with the addition of a star. Its fundamental valuation now shows 3 out of 4 possible stars while its market behaviour can be considered as moderately risky. theScreener believes that the additional star(s) merits the upgrade of its general evaluation to Slightly Positive. As of the analysis date June 5, 2020, the closing price was EUR 21.98 and its potential was estimated at EUR 23.36.

Ford Equity International Rating and Forecast Report

Ford Equity International Research Reports cover 60 countries with over 30,000 stocks traded on international exchanges. A proprietary quantitative system compares each company to its peers on proven measures of business value, growth characteristics, and investor behavior. Ford's three recommendation ratings buy, hold and sell, represent each stock’s return potential relative to its own country market.. The rating reports which are generated each week, include the fundamental details behind each recommendation and reflect the fundamental and price data as of the last trading day of the we...

Expert Corporate Governance Service (ECGS)

Veolia Environnement – AGM 22 April 2020

Due to the coronavirus crisis, the company issued a press release on April 1, 2020 to reduce the dividend by half to €0.50 per share from €1 previously. Under these conditions, ECGS, which had been recommending a negative vote for several years, considering that the dividend was too high and generated a risk (lack of self-financing and new investments, risk of the impact of a rise in interest rates on the net result), considers that the new amount seems acceptable (resolution 4).   This press release also proposes to review the method of calculation of the financial quantifiable portion of t...

Veolia Environnement - Assemblée Générale des actionnaires du 22 avril 2020

En raison de la crise du coronavirus, la société a publié un communiqué le 1er avril 2020 afin de réduire le dividende de moitié à 0,50 € par action contre 1 € précédemment. Dans ces conditions, Proxinvest, qui recommandait un vote négatif depuis plusieurs années en estimant que le dividende était trop élevé et générait un risque (manque d'autofinancement et d'investissements nouveaux, risque de l'impact d'une remontée des taux d'intérêt sur le résultat net), estime que le nouveau montant semble acceptable (résolution 4). Ce communiqué propose également de revoir la méthode de calcul de la pa...

Veolia Environnement,18 Avril 2019

Le dividende proposé s'élève à 0,92 € contre 0,84 € l'an passé. Il n'est pas couvert par les bénéfices de l'exercice. L'endettement de la société est significatif. La politique de dividende du groupe semble présenter un risque et génère des interrogations sur sa durabilité. Nous préfèrerions une politique de dividende définie par un pourcentage des résultats de l'exercice à distribuer, cette distribution devant être couverte par les bénéfices. Nous préférons donc ne pas soutenir la distribution envisagée (résolution 4). Trois renouvellements sont proposés au conseil et seront approuvés en rai...

Veolia - Assemblée générale des actionnaires du 18 avril 2019

Proxinvest publiera une étude analysant les résolutions proposées lors de la tenue de l’assemblée générale des actionnaires. Vous pouvez l'acquérir dès à présent et elle vous sera adressée par ResearchPool une fois publiée.

Veolia – Proxinvest Corporate Governance Rating ® : C

Proxinvest Corporate Governance Rating ® helps investors integrate governance into their investment decision and identify governance risks and opportunities within their portfolio. Proxinvest Corporate Governance Rating ® Service rates European issuers through the analysis of four main themes : Ownership & Shareholder rights, Board & Committees, Audit & Process, Remuneration. Each theme is rated taking into account several comprehensive sub-categories. Our unique two-step process to achieve each rating includes a first step quantitative valuation and a second step qualitative filter...

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