Bryan, Garnier & Co publishes a new Research Report on Veolia Environnement

Buy, FV EUR15 vs. 13

News published on May Monday 27, 2013
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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
Please contact marketing@bryangarnier.fr  

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