Veolia Maintains FY Targets; Positive Settlement of a Tax Litigation to Be Highly Accretive
We reiterate our fair value estimate of EUR 20.50 per share along with our no-moat, stable trend ratings after Veolia released first-quarter results slightly above consensus expectations and confirmed its full-year targets. Shares look fairly valued.ÂRevenue came in at EUR 6.8 billion, up by 3.5% organically, in line with our full-year estimate. Waste volumes increased by 2.6%, in line with the 2.5% growth delivered in fourth-quarter 2018. Waste service price increases rose by 2.7%, acceleratin...
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.
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