Report
Xavier Regnard

VEOLIA: Attractive perspectives and improving strategic orientations | BUY - Top Picks | EUR28 vs. EUR25,9 (+8%)

VEOLIA - BUY - Top Picks | EUR28 vs. EUR25,9 (+8%)
Attractive perspectives and improving strategic orientations

Reduce mature or commoditized businesses…
…and accelerate in high value added solutions
Attractive and credible guidance
We upgrade our FV from EUR25.9 to EUR28.0
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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