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 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