Increased Cost-Cutting Plan Offset by Gloomier Backdrop Than Expected; Shares Fairly Valued
Suez has released 2017 results in line with preliminary figures disclosed at the January profit warning and increased its annual cost-cutting plan by EUR 50 million to EUR 200 million through 2020. However, management did not change its 2018 or medium-term guidance, stating that the plan will secure its 2018 guidance. At a glance, the plan will offset a tougher backdrop than expected. We retain our EUR 11.50 fair value estimate and our no-moat, stable trend ratings. Shares look fairly valued.As...
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