Profit warning reflects lower organic growth potential than had been priced in.
Suez released first-half results in line with our full-year expectations; reaffirmed its 2018 guidance, which is in line with our estimates; and announced the sale of 20% of its U.S. regulated water business. If cleared, we calculate that the latter would add EUR 0.2 to our fair value estimate. For now, we maintain our fair value estimate of EUR 11.5 per share and our no-moat, stable trend ratings. Shares are slightly overvalued.Top-line organic growth came in at 3% in the first half, implying ...
Suez is active in each stage of the water and waste cycles. Co. is organized around three main segments: Water Europe (water distribution and treatment services, particularly under concession contracts, to individuals, local authorities and industrial clients); Waste Europe (waste collection and treatment services for local authorities and industrial clients; these services include collection, sorting, recycling, composting, energy recovery and landfilling for both non-hazardous and hazardous waste) and International (water, waste and engineering services, with a special focus on risk-management resulting from specific local environments by setting up partnerships).
Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.
Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
We have operations in 27 countries.
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