Veolia Environnement: 9M13 results – First read – Below expectations; consensus expectations remain at risk

NEUTRAL, Fair Value EUR14.5 (+19%)

News published on November Thursday 7, 2013
Share on

Veolia reported weak Q3 numbers this morning, with EBITDA 1.7% below expectations. Current FY13 EBITDA consensus of EUR1.86bn implies 12% EBITDA growth in Q4 (vs. -8.0% in 9M13), which appears extremely optimistic to us, despite the increasing contribution of the cost-cutting measures. Flat EBITDA in Q4 would bring FY13 EBITDA to EUR1.8bn, which would imply a 3.0% downward revision. We maintain our cautious stand in the short term, awaiting for a more attractive entry point, as we believe the medium-term story remains intact.

Full report available to subscribers
Please contact   

The Essentials

Everything you need to know about investment banking dedicated to growth
Stay Informed
Get our news
Join our Team
Bryan, Garnier & Co is always looking for talent in all our divisions, at all levels
Explore our opportunities