Veolia Environnement: H1 2013 results – First read

BUY, Fair Value EUR15 (+46%)

News published on August Monday 5, 2013
Share on

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).


Full report available to subscribers
Please contact marketing@bryangarnier.fr  

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