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Suez's Solid Nine-Month Results a Positive for Veolia

Tancrede Fulop, CFA Senior Equity Analyst

Analyst Note

| Tancrede Fulop, CFA |

We maintain our fair value estimate of EUR 19.85 (in line with the takeover price from Veolia) after Suez released strong nine-month results and raised its full-year EBIT guidance. This print is positive for Veolia on a pro-forma basis since it will acquire the bulk of Suez by year-end after clearance of the European Union antitrust authorities expected by mid-December. 

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Company Profile

Business Description

Suez Environnement became the second-largest global water company after spinning off from GDF Suez in 2008. The European water segment operates municipal water distribution and treatment systems, mainly in France and Spain. The European waste segment operates hazardous and nonhazardous landfills, as well as a network of incinerators throughout Europe. The company's international segment designs, builds, and operates water and waste infrastructure outside Europe.

Tour CB21, 16, place de l’Iris
Paris, 92040, France
T +33 158812000
Sector Utilities
Industry Utilities - Regulated Water
Most Recent Earnings
Fiscal Year End Dec 31, 2021
Stock Type
Employees 86,195