Suez's Core Earnings Rebound While International Investments Still Growing
We are reaffirming our EUR 14 per share fair value and stable no-moat rating for Suez Environnement after the group rebounded from a tough first half. Adjusted EBITDA is now nearly flat compared with 2015 at EUR 1.96 billion and on track to meet our full-year forecast.Weather had been a drag on water volumes and earnings in its core Water Europe segment, especially on a year-over-year basis with favorable weather in 2015. That reversed somewhat in the third quarter, especially outside of France...
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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