Suez : A confident message for 2018, hopes for 2019
>Buy recommendation and € 15.6 target price reiterated - Following a 1-day roadshow with management in Geneva, we reiterate our € 15.60 target price based on the average between a DCF valuation (€ 13.43, with a WACC of 4.40% and an unchanged infinite growth rate of 1.80%) and a SOP valuation (€ 17.70). At the current share price, the stock’s 2018 valuation multiples are roughly in line with the current year’s historical average (EV/EBITDA 5.6x and EV/EBIT 12.2x). Besi...Suez is active in each stage of the water and waste cycles. Co. is organized around three main segments: Water Europe (water distribution and treatment services, particularly under concession contracts, to individuals, local authorities and industrial clients); Waste Europe (waste collection and treatment services for local authorities and industrial clients; these services include collection, sorting, recycling, composting, energy recovery and landfilling for both non-hazardous and hazardous waste) and International (water, waste and engineering services, with a special focus on risk-management resulting from specific local environments by setting up partnerships).
Oddo Securities provides securities brokerage and research services. The company offers equity, economic, and derivatives research and credit analysis services. It focuses on insurance, automotive, building materials, pharmaceuticals, telecommunications, information technology, and agri-food industries.
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