Veolia Environnement SA

VIE: XPAR (FRA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	€46.00	Xfbwmt	Wwcmqqkx

Veolia Released Good First-Half Results; Shares Undervalued

Tancrede Fulop

Aug 3, 2022

No-moat Veolia released good first-half results, slightly above consensus it polled and confirmed its 2022 guidance. Still, we should tweak our EUR 34.20 fair value estimate downward by a high-single-digit rate on the net debt increase from the Suez acquisition, above our expectations, and higher cost pressures than we expected. This will leave good upside to the current share price.

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