Free cash flow concerns are overdone.
We reiterate our fair value estimate of EUR 21.30 per share, along with our no-moat and stable moat trend ratings, after Veolia released first-half results slightly below expectations on the bottom line and reaffirmed its 2018 and 2019 guidance. Shares are undervalued.ÂRevenue came in at EUR 12.56 billion, up by 4.1% organically, slightly slowing down from the 5.4% delivered in the first quarter. Key to that is the decline in low-margin construction activity, which should reverse, owing to an 1...
Veolia Environnement provides environmental management services to public authorities, industrial and commercial services customers, and individuals worldwide. These services include the supply of water, the treatment and recovery of municipal or industrial effluent, waste collection, processing and recycling, the supply of heating and cooling services and the optimization of industrial processes. Co.'s business operations are conducted through three divisions, each specializing in a single business sector: Veolia Eau (Water), Veolia Energie (Dalkia, Energy Services) and Veolia Proprete (Environmental Services).
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.
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