We do not expect much from either Suez’ or Veolia’s Q3-15 earnings publications, given we do not anticipate any major changes to the global trends observed in H1-15. Lower energy and recycling prices will remain the main headwinds for both groups while waste volumes treated in Europe are set to contribute modestly. As usual, cost-cutting programmes will remain the main earnings growth driver. We continue to favour Suez over Veolia during Q4-15.
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