Suez Environnement: Q1 2013 results – EBITDA in-line with our expectations, 1% above consensus
NEUTRAL, Fair Value EUR10.5 (+7%)
This morning Suez Environnement reported Q1 2013 results. While total sales are 2.7% lower than our forecasts (mainly explained by the performance of the Waste business), EBITDA was bang in-line with our expectations and 1% above consensus. Given the recent share price weakness, we believe market participants had expected worse. Water volumes declined in Spain and we will seek more explanations during the conference call. All 2013 financial targets are maintained.
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