Veolia Environnement SA

VIE: XPAR (FRA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	€34.00	Zsjzz	Jlftkqcgd

Veolia: US Deep Dive Highlights Its Good Positioning and High Profitable Growth Potential

Tancrede Fulop

Apr 22, 2024

No-moat Veolia held a presentation of its US business in New York on April 18, a field trip to its largest water treatment facility in New Jersey and to its largest US hazardous waste facility on April 19 in Port Arthur. We attended all of those, along with a few investors and another sell-side analyst. We confirm our EUR 32.50 per share fair value estimate. Shares are undervalued as the market neglects Veolia’s structural growth drivers.

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