Suez's 3Q Results in Line With Our Full-Year Expectations; Positive Read-Across for Veolia
Suez published third-quarter results that were slightly below consensus expectations, though in line with our full-year expectations. We reaffirm our EUR 15.40 fair value estimate along with our no-moat and stable moat trend ratings. The shares appear fairly valued. Acceleration of organic revenue growth implies a positive read-across for Veolia, which we prefer over Suez because of its stronger fundamentals and higher dividend growth through 2021.Suez's EBIT grew 1.4% organically for the nine ...
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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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.
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