Veolia Environnement: Solid operating performance, restructuring ahead of schedule

BUY, Fair Value EUR13 (+37%)

News published on February Thursday 28, 2013
Share on
Veolia released FY12 results this morning. Operating performance was solid, with +2.9% EBITDA growth in Q4, a sequential improvement vs. Q3 (+1.9%). Cost cutting contributed EUR60m to the EBIT, above expectations. YE12 leverage reached 3.26x vs. 3.88x at YE11. Net debt is expected to reach EUR9-8bn by YE13 (BGe pro forma is EUR7.8bn) and net debt adjusted of loans to JVs should range EUR6-7bn by YE13. Veolia will pay a EUR0.7 DPS in 2013 and 2014. All mid-term targets are reiterated (>3% sales and >5% EBITDA growth p.a.). FCF before dividends and disposals were positive (EUR89m). Reiterate Buy.

Full report available to subscribers
Please contact

The Essentials

Everything you need to know about investment banking dedicated to growth
Recent Transactions Highlights
From M&A, to IPOs see what’s been happening at Bryan, Garnier & Co this year
Join our Team
Bryan, Garnier & Co is always looking for talent in all our divisions, at all levels
Explore our opportunities