Bryan, Garnier & Co publishes a new Research Report on Veolia Environnement
Buy, FV EUR15 vs. 13
Free cash flow revolution
We are reiterating our BUY recommendation on Veolia Environnement with a Fair Value raised to EUR15 per share vs. EUR13: (i) 40% of our 2014 EBIT estimates depends on the reduction in the cost structure, (ii) the cash generation profile is clearly moving towards positive post-dividend FCF on a sustainable basis (near break-even as of 2013), (iii) adjusted net debt should be below 3x EBITDA as of 2013 and continue to improve in coming years.
Full report available to subscribers
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