Suez Environnement: H1 2013 results - First read
NEUTRAL, Fair Value EUR10.5 (+2%)
Suez Env. posted solid H1 results in a challenging environment. EBITDA was in-line with expectations, but higher EBIT and lower taxes led net income to EUR132m vs. BGe EUR97m (+35.9% diff.). Waste volume showed a marginal inflection point (-3.6% in Q2 vs. -4.0% in Q1). Water volumes remain hampering, especially in Spain (-5.6% in H1). Despite a EUR30m increased target for savings, FY13 EBITDA guidance of EUR2.55bn is retained.
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