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Morningstar’s Analysis

Valuation
Currency in EUR
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1-Star Price

PREMIUM

5-Star Price

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Economic Moat

PREMIUM

Capital Allocation

PREMIUM

Suez's Strong Second-Quarter Results Are Positive for Veolia

Tancrede Fulop, CFA Senior Equity Analyst

Analyst Note

| Tancrede Fulop, CFA |

We maintain our fair value estimate of EUR 19.85 (in line with the takeover price from Veolia) after Suez released a strong set of first-half results and maintained its full-year guidance. This earnings report is positive for Veolia on a pro forma basis since it will acquire the bulk of Suez by year-end and on a stand-alone basis due to the positive read-across. Veolia shares are undervalued.

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Company Profile

Business Description

Suez Environnement became the second-largest global water company after spinning off from GDF Suez in 2008. The European water segment operates municipal water distribution and treatment systems, mainly in France and Spain. The European waste segment operates hazardous and nonhazardous landfills, as well as a network of incinerators throughout Europe. The company's international segment designs, builds, and operates water and waste infrastructure outside Europe.

Contact
Tour CB21, 16, place de l’Iris
Paris, 92040, France
T +33 158812000
Sector Utilities
Industry Utilities - Regulated Water
Most Recent Earnings
Fiscal Year End Dec 31, 2021
Stock Type
Employees 86,195