Veolia : A second negative market reaction to a positive publication
>Outperform rating and target price of € 43.4 maintained - Following the H1 2023 publication which was a shade above our estimates and those of the consensus, we confirm our Outperform rating and target price of € 43.4, based on an average between a DCF (€ 39.6), SOTP (€ 42.3) and a valuation based on historic multiples (€ 48.3). The share price, despite an increase since its 12-month trough of 12 October 2022 (€ 19.13), has posted since early May 2023 a “stand alone”...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).
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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