Suez is active in each stage of the water and waste cycles. Co. is organized around three main segments: Water Europe (water distribution and treatment services, particularly under concession contracts, to individuals, local authorities and industrial clients); Waste Europe (waste collection and treatment services for local authorities and industrial clients; these services include collection, sorting, recycling, composting, energy recovery and landfilling for both non-hazardous and hazardous waste) and International (water, waste and engineering services, with a special focus on risk-management resulting from specific local environments by setting up partnerships).
  • TickerSEV
  • ISINFR0010613471
  • ExchangeEuronext Paris
  • SectorGas, Water & Multi-utilities
  • CountryFrance

Analysts

SUEZ CO. is slightly downgraded to Slightly Positive due to an increasingly adverse environment

The independent financial analyst theScreener just slightly lowered the general evaluation of SUEZ CO. (FR), active in the Waste & Disposal Services industry. As regards its fundamental valuation, the title confirms its rating of 3 out of 4 stars while its market behaviour remains unchanged and can be qualified as defensive. However, a marginally less favourable environment forces theScreener to downgrade slightly the title, which now shows an overall rating of Slightly Positive. As of the analysis date May 14, 2019, the closing price was EUR 12.44 and its potential was estimated at EUR 13.34.

Louis Boujard ...
  • Philippe Ourpatian

Suez : Good-quality Q1 19 figures and 2019 guidance confirmed

>Buy recommendation and target price of € 15.6 maintained - Based on Suez’s Q1 2019 results, which were broadly in line with our expectations, we are maintaining our price target at € 15.60, based on an average between a DCF (€ 15.9, with a WACC of 4.21%, a perpetual growth rate unchanged at 1.80%) and an SOTP (€ 15.32). At the current share price, the 2019 valuation multiples are broadly in line with the current year’s historical average (EV/EBITDA 5.6x and EV/EBIT 1...

Louis Boujard ...
  • Philippe Ourpatian

Suez : Un T1 19 de bonne facture et des guidances 2019 confirmées

>Recommandation Achat et OC 15.6 € maintenus - A l’issue de la publication des performances au T1 2019 ressorties en ligne avec nos attentes, nous maintenons notre objectif de cours à 15.60 €, fondé sur une moyenne entre un DCF (15.9 €, avec un CPMC à 4.21% et un taux de croissance à l’infini inchangé à 1.80%) et une SOP (15.32 €). Au cours actuel, les multiples de valorisation 2019 ressortent globalement en ligne avec la moyenne historique de l’année en cours (VE/EBI...

Expert Corporate Governance Service (ECGS)

Suez - AGM and EGM 14 May 2019

At the end of this General Meeting, Jean-Louis Chaussade will resign as Chief Executive Officer and will replace Gérard Mestrallet as Chairman of the Board of Directors. Bertrand Camus - who has spent most of his career at Suez - will be the new CEO. It should be noted that the Appointment and Governance Committee met 17 times in 2018.  Consequently, four remuneration policies are proposed at the Meeting. We support two of them (resolutions 10 and 13) but recommend opposition to the one on the compensation of the Chairman of the Board for the period from 14 May to 31 December 2019 (resoluti...

Ahmed Ben Salem ...
  • Alfred Glaser
  • Antoine Boivin-Champeaux
  • Charles Lepetitpas
  • Christophe Chaput
  • Delphine Brault
  • Emira Sagaama
  • Florent Laroche-Joubert
  • François Maury
  • Georges Dieng
  • Jean Sassus
  • Laurence Hofmann
  • Louis Boujard
  • Martial Descoutures
  • Matthias Desmarais
  • Michael Foundoukidis
  • Nicolas David
  • Philippe Ourpatian
  • Pierre Corby
  • Rémi Adam
  • Stephane Houri
  • Steven Gould
  • Sven Edelfelt
  • Virginie Rousseau
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 04/26/2019

...

SUEZ: Update following outlook change to negative

A detailed rationale for SUEZ's outlook change to negative, highlighting the impact of the group's weaker 2018 guidance on its credit profile.

Moody's changes SUEZ's outlook to negative; affirms A3/P-2 ratings

Moody's Investors Service ("Moody's") had today changed the outlook to negative from stable on the ratings of SUEZ. Concurrently, it has affirmed the A3 long-term issuer and senior unsecured ratings, the Prime-2 short-term ratings as well as the Baa2 ratings on its junior subordinate n...

Louis Boujard ...
  • Philippe Ourpatian

Suez : Good-quality Q1 19 figures and 2019 guidance confirmed

>Buy recommendation and target price of € 15.6 maintained - Based on Suez’s Q1 2019 results, which were broadly in line with our expectations, we are maintaining our price target at € 15.60, based on an average between a DCF (€ 15.9, with a WACC of 4.21%, a perpetual growth rate unchanged at 1.80%) and an SOTP (€ 15.32). At the current share price, the 2019 valuation multiples are broadly in line with the current year’s historical average (EV/EBITDA 5.6x and EV/EBIT 1...

Louis Boujard ...
  • Philippe Ourpatian

Suez : Un T1 19 de bonne facture et des guidances 2019 confirmées

>Recommandation Achat et OC 15.6 € maintenus - A l’issue de la publication des performances au T1 2019 ressorties en ligne avec nos attentes, nous maintenons notre objectif de cours à 15.60 €, fondé sur une moyenne entre un DCF (15.9 €, avec un CPMC à 4.21% et un taux de croissance à l’infini inchangé à 1.80%) et une SOP (15.32 €). Au cours actuel, les multiples de valorisation 2019 ressortent globalement en ligne avec la moyenne historique de l’année en cours (VE/EBI...

Louis Boujard ...
  • Philippe Ourpatian

Suez : The road show with the CFO confirms our confidence

>Buy rating and target price of € 15.6 maintained - Following a road show in Frankfurt with the CFO, we maintain our target price of € 15.60, based on an average between a DCF (€ 13.37, with a WACC of 4.35% and a perpetual growth rate unchanged at 1.80%) and an SOP (€ 17.91). At the current share price, 2019 valuation multiples are broadly in line with the current year’s historic average (EV/EBITDA 5.6x and EV/EBIT 12.2x). Besides the steps taken to restore confidence...

Louis Boujard ...
  • Philippe Ourpatian

Suez : Un roadshow avec la direction financière qui confirme notre confiance

>Recommandation Achat et OC 15.6 € maintenus - A l’issue d’une journée de roadshow à Francfort avec le directeur financier, nous maintenons notre objectif de cours à 15.60 €, fondé sur une moyenne entre un DCF (13.37 €, avec un CPMC à 4.35% et un taux de croissance à l’infini inchangé à 1.80%) et une SOP (17.91 €). Au cours actuel, les multiples de valorisation 2019 ressortent globalement en ligne avec la moyenne historique de l’année en cours (VE/EBITDA 5.6x et VE/EB...

Louis Boujard ...
  • Philippe Ourpatian

Suez : Cautious guidance for 2019 and a future strategic plan

>Buy recommendation and target price of € 15.6 maintained - Following the publication of 2018 results, which were broadly in line with our expectations, we maintain our price target at € 15.60, based on an average between a DCF (€ 13.37, with a WACC of 4.35%, a perpetual growth rate unchanged at 1.80%) and an SOP (€ 17.91). At the current share price, the 2019 valuation multiples are broadly in line with the current year’s historical average (EV/EBITDA 5.6x and EV/EB...

Ahmed Ben Salem ...
  • Alfred Glaser
  • Antoine Boivin-Champeaux
  • Charles Lepetitpas
  • Christophe Chaput
  • Delphine Brault
  • Emira Sagaama
  • Florent Laroche-Joubert
  • François Maury
  • Georges Dieng
  • Jean Sassus
  • Laurence Hofmann
  • Louis Boujard
  • Martial Descoutures
  • Matthias Desmarais
  • Michael Foundoukidis
  • Nicolas David
  • Philippe Ourpatian
  • Pierre Corby
  • Rémi Adam
  • Stephane Houri
  • Steven Gould
  • Sven Edelfelt
  • Virginie Rousseau
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 04/26/2019

...

Bruno Cavalier ...
  • Florent Laroche-Joubert
  • Jerôme Bodin
  • Johanna Jourdain
  • Louis Boujard
  • Matthias Desmarais
  • Philippe Ourpatian

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 03/11/2019

...

Bruno Cavalier ...
  • Florent Laroche-Joubert
  • Jerôme Bodin
  • Johanna Jourdain
  • Louis Boujard
  • Matthias Desmarais
  • Philippe Ourpatian

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 11/03/2019

...

Christophe Chaput ...
  • Emira Sagaama
  • Jerôme Bodin
  • Laurence Hofmann
  • Louis Boujard
  • Martial Descoutures
  • Matthias Desmarais
  • Philippe Ourpatian
  • Pierre Corby
  • Sven Edelfelt
  • Virginie Rousseau

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 02/28/2019

...

Christophe Chaput ...
  • Emira Sagaama
  • Jerôme Bodin
  • Laurence Hofmann
  • Louis Boujard
  • Martial Descoutures
  • Matthias Desmarais
  • Philippe Ourpatian
  • Pierre Corby
  • Sven Edelfelt
  • Virginie Rousseau

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 28/02/2019

...

SUEZ CO. is slightly downgraded to Slightly Positive due to an increasingly adverse environment

The independent financial analyst theScreener just slightly lowered the general evaluation of SUEZ CO. (FR), active in the Waste & Disposal Services industry. As regards its fundamental valuation, the title confirms its rating of 3 out of 4 stars while its market behaviour remains unchanged and can be qualified as defensive. However, a marginally less favourable environment forces theScreener to downgrade slightly the title, which now shows an overall rating of Slightly Positive. As of the analysis date May 14, 2019, the closing price was EUR 12.44 and its potential was estimated at EUR 13.34.

Suez

Suez

Suez

Suez

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ING
Hendrik Wiersma ...
  • Jeroen van den Broek
  • Job Veenendaal
  • Nadège Tillier
  • Suvi Platerink Kosonen

Coffee, Croissants & Credit/Casino, RBS, KPN and Suez

Casino (COFP) reported 1Q19 sales yesterday after close of business. Net sales for the group were down 0.5% to €8,853m, a touch ahead of consensus of €8.82bn. In France this metric came in at €4,402m, slightly behind estimates of €4.43bn. Same-store growth for France Retail, i.e. excluding Cdiscount, was flat after +1.3% in 1Q18 and +0.5% in 4Q18. This marks the worst performance since the third quarter of 2016. Casino confirms all its annual objectives. (For full stories, download report)

Carole Braudeau

Accor : Feedback Crédit Forum des 10 et 11 janvier 2019

Notre Forum annuel Oddo BHF 2019 vient de se dérouler à Lyon : il a réuni 263 sociétés, dont 41% étrangères, près de 545 investisseurs (33% étrangers), soit près de 6 500 one-to-one. - Ce document synthétise nos feed-back concernant les émetteurs obligataires présents et sous-jacents d’obligations convertibles. - - - >Investment Grade - Accorhotels, Aéroports de Paris, Arkema, Buzzi Unicem, Carmila, Coface, Easyjet, Edenred, Fresenius Medical Care, Grand City Properties,...

ING
Nadège Tillier

Suez/Good momentum but leverage needs remedies

Thanks to its US water business integration (ex GE Water Services), Suez's 1H18 revenues were up 15% to €8,351m and EBIT up 12% to €607m at constant exchange rates. The company calculates EBITDA at €1,333, representing a 4.4% gross increase. Beyond the integration of GE water business, the positive results were also supported by a good performance from the Recycling and Recovery European unit thanks to better volumes. Management announced a total of €1bn in new contracts in France. These contracts will start in 3Q18 and span between 7 and 20 years. The bad news resides in the net debt position...

ING
Hendrik Wiersma ...
  • Jeroen van den Broek
  • Job Veenendaal
  • Nadège Tillier

Coffee, Croissants & Credit/KPN, Telefónica, Orange, Suez, Terna and TenneT

KPN (KPN) reported solid 2Q18 numbers this morning. Total adjusted sales declined 1.5% to €1.4bn, or +0.5% when excluding the negative effect from regulation. Adjusted EBITDA climbed 1.3% to €577m. Ignoring the regulatory drag, the adjusted EBITDA result would have been 2.3% higher. Overall, we view this report card a supportive to spreads. (For full Story, please download report)

MarketLine Department

Lassila & Tikanoja plc - Mergers & Acquisitions (M&A), Partnerships & Alliances and Investments

Summary Marketline's Lassila & Tikanoja plc Mergers & Acquisitions (M&A), Partnerships & Alliances and Investments report includes business description, detailed reports on mergers and acquisitions (M&A), divestments, capital raisings, venture capital investments, ownership and partnership transactions undertaken by Lassila & Tikanoja plc since January2007. Marketline's Company Mergers & Acquisitions (M&A), Partnerships & Alliances and Investments reports offer a comprehensive breakdown of the organic and inorganic growth activity undertaken by an organization to sustain its competitive advan...

Expert Corporate Governance Service (ECGS)

Suez - AGM and EGM 14 May 2019

At the end of this General Meeting, Jean-Louis Chaussade will resign as Chief Executive Officer and will replace Gérard Mestrallet as Chairman of the Board of Directors. Bertrand Camus - who has spent most of his career at Suez - will be the new CEO. It should be noted that the Appointment and Governance Committee met 17 times in 2018.  Consequently, four remuneration policies are proposed at the Meeting. We support two of them (resolutions 10 and 13) but recommend opposition to the one on the compensation of the Chairman of the Board for the period from 14 May to 31 December 2019 (resoluti...

Jehanne Leroy

Proxy Report - 17/05/2018

To ensure the independence of the Board, we recommend that at least 50% of its members be independent. We regret that the Company does not comply with this recommendation since only 42% of its Board members are considered independent according to our guidelines. ITEM 12, 13 and 15: We commend the Company on the quality of its disclosure regarding executive remuneration and as such, we recommend that shareholders approve these resolutions. ITEM 14: Given the lack of a LTIP, we recommend that shareholders oppose the remuneration policy. ITEM 3: we recommend that shareholders oppose the divide...

Jehanne Leroy

Proxy Report - 17/05/2018

Proxinvest regrette que le Conseil d'administration de la société ne soit pas majoritairement indépendant. En effet ce dernier présente un taux d'indépendance de 42%, ce qui est inférieur aux recommandations de Proxinvest (50%). Cependant, Proxinvest souhaite souligner la qualité de la communication de la société, notamment concernant les rémunérations des Dirigeants mandataires sociaux. C'est la transparence de la société à ce sujet, en ligne avec les meilleures pratiques observables sur la place, qui permet à Proxinvest de soutenir les résolutions 12, 13, et 15, relatives aux rémunérations ...

Jérôme VINERIER

Short term view - SUEZ ENVIRONNEMENT SA : The background trend is clearly bullish.

The background trend is clearly bullish. Prices are still making progress but there is less power in the movement. The next resistance is at €13.491. Breaking below the support at €11.000 would invalidate the trend.

Jérôme VINERIER

Short term view - SUEZ ENVIRONNEMENT SA : The background trend is clearly bullish.

The background trend is clearly bullish. Prices are still making progress. The following targets are at €13.491 and €14.159. The trend would be invalidated below the support at €11.000.

Jérôme VINERIER

Analyse court terme - SUEZ ENVIRONNEMENT SA : La tendance est haussière.

La tendance est haussière. La baisse en cours s'apparente à une consolidation. Le support à 11,900 € pourrait relancer le mouvement haussier vers 13,491 €. La rupture de 11,000 € mettrait la tendance en danger.

Jérôme VINERIER

Analyse moyen terme - SUEZ ENVIRONNEMENT SA : Le rebond gagne en vigueur.

La tendance de fond est clairement orientée à la baisse. Le rebond gagne en vigueur. Il est trop tôt pour parler de retournement haussier. La tendance de fond serait remise en cause en cas de franchissement de 16,296 €.

Jérôme VINERIER

Analyse court terme - SUEZ ENVIRONNEMENT SA : Baisse en cours.

La tendance est haussière. La baisse en cours s'apparente à une consolidation. Le support à 11,90 € pourrait relancer le mouvement haussier vers 13,49 €. La rupture de 11,00 € mettrait la tendance en danger.

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