Suez Unveils Higher One-Off Costs Linked to the GE Water Integration; Shares Are Fairly Valued
Suez held an education day on Dec. 13 regarding the integration of GE Water. Related nonrecurring costs are higher than the firm announced in March, leading us to cut our 2017-18Â net income by 10% on average. We reiterate our fair value estimate of EUR 15.40 per share, along with our no-moat and stable trend ratings. Shares are fairly valued. The higher one-off costs reflect our expectation that the integration of GE Water will be more complicated than initially anticipated. We see no value crea...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).
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