Suez : Good-quality Q1 19 figures and 2019 guidance confirmed
>Buy recommendation and target price of € 15.6 maintained - Based on Suez’s Q1 2019 results, which were broadly in line with our expectations, we are maintaining our price target at € 15.60, based on an average between a DCF (€ 15.9, with a WACC of 4.21%, a perpetual growth rate unchanged at 1.80%) and an SOTP (€ 15.32). At the current share price, the 2019 valuation multiples are broadly in line with the current year’s historical average (EV/EBITDA 5.6x and EV/EBIT 1...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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