Veolia Environnement: H1 2013 results – First read
BUY, Fair Value EUR15 (+46%)
At first read, Veolia released solid operational results, showing a strong sequential inflection point in Q2, with EBITDA growing +0.5% lfl, versus a 7% drop in Q1. This is mainly linked with the uptick in waste volumes (-1.1% in H1, vs. -3.5% in Q1). However, EBITDA came in 2.4% short of expectations due to a weak “Others” segment; all other (main) divisions are roughly in-line. Cost-cutting starts to filter through to the P&L, with a net positive contribution of EUR44m in Q2 (vs. EUR31m in Q1).
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