Veolia Posts Weak Revenue Growth; Cost Savings Continue
We are reaffirming our EUR 20 fair value estimate, along with our no-moat and negative moat trend ratings, after Veolia reported year-to-date results. Veolia reported EBITDA of EUR 2,206 million, up 5.1% from the year-ago period. Management reaffirmed 2018 targets of EUR 27 billion in revenue, EUR 3.5 billion in EBITDA, EUR 800 million in net income, and EUR 1 billion in free cash flow, in line with our expectations.ÂRevenue growth was disappointing, declining 3.2%, or 1.2% at constant exchange...
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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