Suez's Profit Warning Reflects Poor Organic Growth Potential; Slashing Our FVE to EUR 11.50
We reiterate our no-moat, stable trend ratings after Suez issued a profit warning on its 2017 and 2018 results. We believe this indicates much lower organic growth potential than we and the market had factored in so far. Consequently, we slash our 2017-21 net income forecast by 20% and our fair value estimate by 25% to EUR 11.50. The profit warning also indicates that efforts dedicated to the GE Water integration might have reduced efficiency in tackling other divisions' operational issues. Mana...
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