Raising Our FVE to EUR 20 From EUR 16.50 Due to Higher EBITDA Estimates Beyond 2018
We are raising our fair value estimate to EUR 20 per share from 16.50 due to higher EBITDA assumptions beyond 2018. We are upgrading our moat trend rating from negative to stable and reaffirming our no-moat rating. Our fair value estimate implies 17% upside to the current share price.ÂWe increased our 2021 EBITDA assumptions from EUR 3.7 billion to EUR 3.9 billion, owing to higher organic growth. First, we believe that after the completion of its ongoing cost-cutting plan amounting to EUR 550 m...
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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