Recent Expansion of Veolia's Valuation Discount to Suez Is Unjustified
We reiterate our fair value estimates of EUR 21.50 per share for Veolia and EUR 14.90 per share for Suez. We think the former is undervalued while the latter is overvalued. The recent widening of Veolia's valuation discount to Suez is not justified by fundamentals. We think Veolia has the highest upside potential in the short term among the European utilities we cover.Veolia's 13% valuation discount to Suez in terms of 2017 P/E is unjustified, in our view. First, Veolia historically has traded ...
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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