Report
Xavier Regnard

Cleantech & Energy transition: Veolia : still our favorite for its resilient profile

Cleantech & Energy transition
Veolia : still our favorite for its resilient profile

Weak performance but our stock picking was correct
Veolia’s profile is more resilient
Consensus expected to adjust downwards on Suez, go for Veolia
Estimates and FV slightly decreased but ratings unchanged
Underlying
Veolia Environnement SA

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).

Provider
Bryan Garnier
Bryan Garnier

Since 1996, Bryan, Garnier & Co has been growing with an absolute conviction that the investment banking landscape would experience a major revolution: most of the large local generalist banking groups will disappear to the benefit of a handful of global powerhouses, and an emerging group of independent, highly specialised boutique investment banks.

Analysts
Xavier Regnard

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