Veolia Lowers Long-Term Outlook; Lowering Our Fair Value Estimate
We are lowering our fair value estimate to EUR 16.50 per share from EUR 20 per share after management gave a bleak outlook for 2017-19 and lowered earnings guidance well below our expectations. We are reaffirming our no-moat and negative moat trend ratings. Our new expectation for 2019 EBITDA is EUR 3.4 billion.ÂManagement canceled its previous 2018 targets of EUR 27 billion in revenue, EUR 3.5 billion in EBITDA, EUR 800 million in net income, and 10% annual dividend growth. Instead, it set EBI...
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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