reports
- Tancrede Fulop
Increased Cost-Cutting Plan Offset by Gloomier Backdrop Than Expected;...
Suez has released 2017 results in line with preliminary figures disclosed at the January profit warning and increased its annual cost-cutting plan by EUR 50 million to EUR 200 million through 2020. However, management did not change its 2018 or medium-term guidance, stating that the plan will secure its 2018 guidance. At a glance, the plan will offset a tougher backdrop than expected. We retain our EUR 11.50 fair value estimate and our no-moat, stable trend ratings. Shares look fairly valued. ...
- Tancrede Fulop
Suez's Profit Warning Reflects Poor Organic Growth Potential; Slashing...
We reiterate our no-moat, stable trend ratings after Suez issued a profit warning on its 2017 and 2018 results. We believe this indicates much lower organic growth potential than we and the market had factored in so far. Consequently, we slash our 2017-21 net income forecast by 20% and our fair value estimate by 25% to EUR 11.50. The profit warning also indicates that efforts dedicated to the GE Water integration might have reduced efficiency in tackling other divisions' operational issues. Ma...
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