Veolia's Nine-Month Results in Line With Expectations and Guidance Is Maintained; Shares Undervalued
We reiterate our fair value estimate of EUR 19.6 per share, along with our no-moat and stable moat trend ratings, after Veolia released nine-month results in line with our full-year expectations and reaffirmed its 2018 and 2019 guidance. Shares are undervalued.Revenue came in at EUR 12.56 billion, up by 4.7% organically, slightly accelerating from from the the first half's 4.1%. Key to that is the Global businesses division due to strong rebound in construction activity after a poor second quar...
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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