Veolia Environnement: Still our favourite for 2015BUY-Top Picks, Fair Value EUR20 (+8%)
The recent Q1-15 earnings report confirmed that the group is well on track to deliver what it promised some years ago when it unveiled the Convergence plan. Economic conditions in Europe remain weak as also confirmed by Suez Environment although 2015 could be slightly better than initially anticipated. To be on the safe side we have revised up only our FX impact on EBITDA and have left the other drivers unchanged (+2% on 2015 EPS). Buy rating reiterated with FV unchanged at EUR20. Still our favourite for 2015.
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