Report
Louis Boujard, CFA ...
  • Philippe Ourpatian

Veolia : A reassuring post-summer road show

>Outperform rating and target price of € 43.40 confirmed - As part of Veolia's autumn communication, we organised a road show with the group’s management yesterday. We confirm our Outperform recommendation and our target price of € 43.40 based on an average between DCF (€ 43.90), sum-of-the-parts (€ 45.40) and a valuation based on historical multiples (€ 41.10). At the lunch with the group, management clearly confirmed its guidance for 2024 and answered investors ques...
Underlying
Veolia Environnement SA

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).

Provider
Oddo BHF
Oddo BHF

​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.

Analysts
Louis Boujard, CFA

Philippe Ourpatian

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