Research, Charts & Company Announcements
Research Tree provides access to ongoing research coverage, media content and regulatory news on VEOLIA ENVIRONNEMENT. We currently have 10 research reports from 2 professional analysts.
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FY16 roughly in line but the outlook disappoints
23 Feb 17
Veolia released FY16 numbers. Revenues were down 2.3% to €24,390m (and -0.4% at CER), EBITDA up 2% to €3,056m (+4.3%), current EBIT up 5.2% to €1,384m (+8.5% at CER) and net income reached €382.2m. Net debt at the end of FY16 was €7,811m vs €8,170m a year ago and €8,880m in Q3. The dividend proposed is €0.80 (vs €0.73 for FY15). The outlook for the current year calls for a resumption of revenue growth, stable to slightly increasing EBITDA and cost savings of at least €250m, with a stronger EBITDA growth in FY18 and FY19 leading to an EBITDA of €3.3-3.5bn.
Q3 16: weak top-line, compensated by cost cutting
03 Nov 16
Veolia released Q3 16 results. Revenues reached €18,288m (-3.2%, -1.2% at CER), EBITDA €2,206m (+2.7% and +5.1% at CER), EBIT €979m (+4%, +7.3% at CER) and net result €421m (+2.9%, +8.8% at CER). Net debt at 30 September reached €8.88bn (vs €8.98bn last year and €8.68bn at 30 June). The group reiterated its yearly targets, with a lower turnover goal though (flat turnover vs « slight increase », increase in EBITDA, free cash flow of at least €650m, net current result of at least €600m) and its FY18 targets announced in December last year.
Veolia is best Utility Company in Europe. Period
21 Sep 16
Veolia H1 2016 Top-Line growth was -1% L-f-L as Company had no new Orders and Sales were negatively impacted by drop in Construction billing (should slip to EUR 2 Bln from current EUR 2.5 Bln p.a. over the time) and lower Energy prices H2 2016 will be above H1 2016 at Veolia, thanks to EUR +200 Mln of new Orders (plus another EUR 300 Mln effective in 2017 = EUR 500 Mln total) and EUR -130 Mln of extra cost-cutting (after EUR -120 Mln in H1 2016 = EUR -300 Mln total this year) We expect 2016 Ebit at EUR 3.15 Bln (from EUR 3 Bln in 2015) and EUR 3.5 Bln in 2017 (both figures are revised up from EUR 3.1 Bln in 2016 and EUR 3.3 Bln in 2017 when we last met Company in May 2016) - Ebitda Margin was 13.2% in H1 2016 and will reach 13.5% by end of 2016 from 12.4% in H1 2015 (+ 110 Bps is massive for an Utility Company !)
H1 16 : a good set of results supporting our valuation
01 Aug 16
Veolia released H1 16 numbers. Revenues were down 2.9% to €11,956m (-1% at CER), EBITDA up +3.2% to €1,580m (+5.6% at CER), current EBIT up +5.3% to €749.7m (+8.2% at CER) and current net up +6.4% to €341.8m (+10.1% at CER). Net debt debt stood at €8,678m at the end of Q2 (€9.2bn a year ago, €8.3bn in Q1). The group confirmed its FY outlook (revenues and EBITDA growth, free cash flow over €650m, current net income over €600m). Lastly, the group announced the disposal of a 20% stake (from 50%) in Transdev to Caisse des Dépots (the co-owner of Transdev), with an option to sell the remaining 30%.
Small acquisition in the US in the industrial waste segment
15 Jun 16
Veolia has announced it has acquired in the US Chemours’ Sulfur Products division, which specialises in the recovery of sulphuric acid and gases in the refining process. These are regenerated into clean acid and steam which are used in a wide range of industrial activities. The turnover acquired is US$262m with 250 employees for a consideration of US$325m.
Q1 16 results in line
04 May 16
Revenues were down 3.4% to €6,089m (-1.7% at constant scope and forex), EBITDA up 3% to €840m (+5% on a constant basis), EBIT up 4.2% to €413m (+7.5%) and net income up 16% (excluding last year’s capital gains) to €173m. Net debt amounted to €8,265m vs €8,170m at year-end 2015 and €8,970m in Q1 15.
N+1 Singer - Morning Song 21-03-2017
21 Mar 17
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N+1 Singer - Augean - Double digit growth in ’16, good start to ‘17
21 Mar 17
Augean reported another year of double digit growth for 2016, with profits in line with our forecasts. Sales grew by 21% excluding landfill tax, while adjusted PBT grew by 18% to £7.1m before amortisation of acquired intangibles. DPS was increased by 54% to 1.0p, 25% ahead of our estimate. The business units made further strategic progress, with revenues from their top 20 customers increasing from 42% to 43% of the total, of which 88% was under contract or a framework agreement, increasing forward visibility. There has been an encouraging start to 2017 and management is confident of delivering another year of profits growth. The shares trade on undemanding single digit multiples, offering good value.