Suez's Valuation Premium to Veolia Is Unwarranted, in Our Opinion
We are raising our fair value estimate for Suez to EUR 14.90 per share from EUR 14, chiefly because of higher EBITDA estimates at Suez's European waste business. We maintain our no-moat and stable moat trend ratings. We think that Suez is fairly valued at the current share price and that its premium to peer Veolia is unjustified.ÂThe increase in our fair value estimate is chiefly driven by higher EBITDA estimates at the European waste business division. We anticipate 1.4% industrial production ...
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.
Unfortunately, this report is not available for the investor type or country you selected.
Browse all ResearchPool reportsReport is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.