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Veolia

French utility Veolia is a leading player in providing environmental services to local urban authorities and industrial companies. Currently around 65% of revenues are derived from public authorities. With its new strategic plan, and the planned divestment of the transport business, Veolia will focus on water, waste and energy services. With the planned sale of the transport business, Transdev, where an exit should be achieved by latest end 2018, VE has three main operating divisions. Veolia Water (~45% of FY16 revenue), Veolia Waste (Environmental Services, ~35% of FY16 revenue) and Veolia Energy Services (~20% of FY16 revenue). Within Veolia Energy Services, Veolia now owns 100% of Dalkia International with former partner EDF owning Dalkia France. Veolia Water distributes and purifies water and treats waste water, Veolia Waste collects and recycles solid waste. The Energy Services business is seen as a promising growth platform. Although VE concentrates its activities in France (~25% of EBITDA) and in Europe (~63% [including France] of EBITDA), the company has a diverse global portfolio which it is seeking to concentrate in 40 countries. (16 Aug 2017)

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Focused

Veolia 1H18: Where's The Fundamental Growth?

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Veolia: 1Q18 EBITDA Driven By Cost Cuts - Again

Worth Watching: 03 May 2018, 11:58 AM ET - Veolia (Baa1/BBB+) reported rising headline numbers for 1Q18, with revenue up by 4% to €6.4 bn and EBITDA increasing by 3% to €876 mn. Note that 2017 numbers have been restated to account for the effects of IFRS 5 (discontinued operations – in ..
Focused

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Veolia FY17: Is The Trend Sustainable?

Earnings Note: 23 Feb 2018, 1:17 PM ET - Veolia FY17 results showed an improving trend, but we need to see that trend sustained.

2018 Outlook: Euro Utilities, Brave New World

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UK Utilities: Pummelled By Price Cap Uncertainty

Sector Analysis: 04 Oct 2017, 10:30 PM ET - UK utility share prices were pummelled on Wednesday after the government resurrected the prospect of price caps on the standard variable tariff. We cut Centrica and SSE to Underperform.
Focused

Veolia 1H17: Cost Cuts Support EBITDA - Again

Earnings Note: 31 Jul 2017, 1:48 PM ET - While results were better than expected, once again EBITDA was only maintained through cost cutting rather than underlying business improvement. Maintain Underperform.

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Vattenfall: The Heat Is On

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Sector Analysis: 15 Jun 2017, 10:32 PM ET - We focus on the 2016 generation portfolios of the major European utilities in our annual look at this business segment, which still, on average, makes up more than a third of company EBITDA.

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Sector Analysis: 11 May 2017, 10:03 PM ET - We cut both Centrica and SSE to Underperform as political uncertainty rises for the UK utilities.
Focused

Veolia: Positive Start To 2017

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UK Utilities: Price Caps Rear Their Ugly Head

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