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|09/08/2016 12:00:00||PR Newswire||Veolia builds training facility at its Pennsylvania nuclear services site|
|03/08/2016 13:00:00||PR Newswire||New London, Connecticut Extends Partnership with Veolia and Implements New Utility Billing Program|
|13/07/2016 13:00:00||PR Newswire||Sustainable Partners selects Veolia to boost performance of Lowell, Michigan, waste-to-energy facility|
|28/06/2016 19:40:00||PR Newswire||Milwaukee Metropolitan Sewerage District extends 10-year contract with Veolia for management of wastewater collection and treatment facilities|
|09/06/2016 13:39:00||PR Newswire||Boston Medical Center Avoids 8,500 tons of Carbon Annually by Leveraging Veolia's "Green Steam" Energy|
|12/05/2016 14:00:00||PR Newswire||Covanta and Veolia Partner to Develop the Rookery South Energy Recovery Facility in Bedfordshire, UK|
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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.
FY15 results confirm the group is back to normality
25 Feb 16
Veolia's FY15 results were disclosed. Revenues were up 4.5% to €24,965m (and +1.4% at CER), EBITDA up 11.3% to €2,997m (+8.1% at CER and +5.3% comparable at CER), current EBIT up 25% to €1,315m (+20.3% at CER, +18.6% comparable). Net debt reached €8,170m (vs €8,977m in Q3 and €8,311m a year ago). The dividend proposed will be €0.73 (vs €0.70). The outlook for the current year calls for revenue and EBITDA growth, a free cash flow of at least €650m and net income of at least €600m, in line with the trajectory of the 2016-18 business plan, which aims at reaching revenues of €27bn, an EBITDA of €3.5bn and net income of €800m at year-end 2018 with a c.€1bn free cash flow.
Business plan 2016-18: no big surprise, but some additonal comfort
14 Dec 15
Veolia held its investors day and presented its business plan for 2016/18. The main targets are to reach a turnover of €27bn, an EBITDA of c.€3.5bn, a net current result of c.€800m, a net free cash-flow of c.€1bn by 2018. The dividend proposed for 2015 is €0.73 and is expected to rise by +10% yearly. The plan includes, in particular, an additional €600m amount in savings over the next three years.
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Fighting the waves
25 Oct 16
Management action in response to a tough trading climate and falling profits should contribute to a sound recovery in profits next year. Following share price weakness, the group is valued at a substantial discount to both the broking market leader Clarkson and to other peers. Meanwhile, if the dividend can be held, the shares offer a well above-average yield, pending an eventual improvement in trading conditions.
21 Oct 16
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FY17 expectations unchanged. Interim dividend maintained
25 Oct 16
Interims reflect tough markets which impacted Technical. Shipbroking delivered a resilient result and Logistics has performed well. The interim dividend has been held at 9.0p. The group anticipate an improvement in H2. The Board’s expectations for the year are unchanged based upon the strength of the order book due in H2, its ongoing market coverage and the benefits of action taken previously. We have retained our FY2017 PBT forecast of £8.7m and a maintained dividend. We reiterate our Buy and adjust our TP to 450p.
Doing things differently
25 Oct 16
Growing pains have impacted on its operational performance (EBIT margins 5.8% FY15 vs 12.2% FY13) and the HSS Hire valuation is at distressed levels (price to book 0.4x vs 1.3x at the time of the float). As the top-line catches up with the expanded cost base and the roll-out of the NDEC leads to greater efficiencies, margins and returns will rebound. Historical experience has shown that price to book ratios typically match these improvements (see Ashtead FY08-FY15, price to book expanded +196%). Therefore, we see scope for material upside in the share price as the expected operational recovery to progress. Our 12 month target of 115p equates to a 0.8x price to net operating assets
Risks discounted leaving significant upside
18 Oct 16
FY 2016 sales grew strongly at +22% but EPS growth lagged at +3% (our revised forecast -1%) as staff attrition and significant investment in new services held back profitability. Conversion of profit into cash improved significantly, at 240% in H2, as shorter payment terms and a lower level of extensions also benefited. We make no major changes to our forecasts and reiterate our view that Utilitywise is at the forefront of a changing energy market, supported by investment in innovative technology. The current valuation is entirely focused on the short-term challenges and ignores the growth potential supported by the new services.