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

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...

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

...

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...

Suez - Assemblée générale des actionnaires du 14 mai 2019

Proxinvest publiera une étude analysant les résolutions proposées lors de la tenue de l’assemblée générale des actionnaires. Vous pouvez l'acquérir dès à présent et elle vous sera adressée par ResearchPool une fois publiée.

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 : 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...

Louis Boujard ...
  • Philippe Ourpatian

Suez : 2019 une guidance prudente et un plan stratégique à venir

>Recommandation Achat et OC 156.6 € maintenus - A l’issue de la publication des résultats 2018 qui sont ressortis globalement en ligne avec nos attentes, 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...

Tancrede Fulop

Morningstar | Suez Releases 2018 Results and 2019 Guidance in Line With Expectations; Shares Fairly Valued

Suez released 2018 results and 2019 guidance in line with expectations and set its dividend at EUR 0.65 per share. We maintain our EUR 11.50 fair value estimate and no-moat, stable trend rating. We believe the shares are fairly valued. Revenue was EUR 17.3 billion, roughly in line with our estimates; this implies organic growth of 3.6%, slowing from 3.8% in the first nine months. EBIT came in at EUR 1.335 billion, slightly below our EUR 1.35 billion estimate, growing 7.5% organically, in line with the first nine months. On the positive side, water technologies and solutions EBIT before purch...

2 directors bought

Two Directors at Suez bought 9,000 shares at between 11.501EUR and 11.660EUR. The significance rating of the trade was 56/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years clearly showing Close periods where trading activity is restricted under listing rules. The n...

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

...

Alain William ...
  • Antoine Boivin-Champeaux
  • Christophe-Raphaël Ganet
  • Emmanuel Matot
  • Florent Laroche-Joubert
  • François Maury
  • Georges Dieng
  • Louis Boujard
  • Philippe Ourpatian
  • Pierre Tegner
  • Rémi Adam
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 02/27/2019

This is the thirteenth update of our report on Corporate Governance large caps Europe. We have analysed 125 of the European companies covered by ODDO BHF analysts. In the Strong opportunities (1), we favour five stocks: Unibail Rodamco (Buy, target price € 190.0), AXA (Buy, target price € 28.0), Veolia (Buy, target price € 30.0), Danone (Buy, target price € 81.0) and Michelin (Buy, target price € 130.0). - Cf. report published today. - ...

SUEZ CO. reduced its risk exposure resulting in an upgrade to Slightly Positive

SUEZ CO. (FR), a company active in the Waste & Disposal Services industry, reduced its market risk and raised its general evaluation. The independent financial analyst theScreener awarded an improved star rating to the company, which now shows 1 out of 4 possible stars; its market behaviour has improved and can be considered as defensive. theScreener believes that this new assessment merits an overall rating upgrade to Slightly Positive. As of the analysis date February 8, 2019, the closing price was EUR 11.02 and its potential was estimated at EUR 13.13.

Suez

Suez

Suez

Suez

Carole Braudeau

Accor : Credit Feedback – Oddo BHF Forum 10 and 11 January

Our annual Forum in Lyon brought together 263 companies, including 41% of foreign companies, nearly 545 investors (33% foreigners), almost 6,500 one-to-one meetings. - This document gathers a brief feedback from the bond issuers and CB underlying companies in attendance. - - - - >Investment Grade - Accorhotels, Aéroports de Paris, Arkema, Buzzi Unicem, Carmila, Coface, Easyjet, Edenred, Fresenius Medical Care, Grand City Properties, Icade, JCDecaux, Klépierre, Lanxess, MT...

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

Waste Management, Inc. - Mergers & Acquisitions (M&A), Partnerships & Alliances and Investments

Summary Marketline's Waste Management, Inc. 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 Waste Management, Inc. 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...

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...

Suez - Assemblée générale des actionnaires du 14 mai 2019

Proxinvest publiera une étude analysant les résolutions proposées lors de la tenue de l’assemblée générale des actionnaires. Vous pouvez l'acquérir dès à présent et elle vous sera adressée par ResearchPool une fois publiée.

Suez – Proxinvest Corporate Governance Rating ® : B

Proxinvest Corporate Governance Rating ® helps investors integrate governance into their investment decision and identify governance risks and opportunities within their portfolio. Proxinvest Corporate Governance Rating ® Service rates European issuers through the analysis of four main themes : Ownership & Shareholder rights, Board & Committees, Audit & Process, Remuneration. Each theme is rated taking into account several comprehensive sub-categories. Our unique two-step process to achieve each rating includes a first step quantitative valuation and a second step qualitative filter...

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

Analyse court terme - SUEZ ENVIRONNEMENT SA : La tendance de fond est clairement orientée à la hausse.

La tendance de fond est clairement orientée à la hausse. Les cours progressent encore, mais le mouvement montre moins de puissance. La prochaine résistance est à 13,491 €. La rupture du support à 11,000 € invaliderait cette tendance.

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 de fond est clairement orientée à la hausse.

La tendance de fond est clairement orientée à la hausse. Les cours progressent toujours. Les objectifs suivants sont à 13,491 € et 14,159 €. La tendance serait invalidée sous le support à 11,000 €.

Jérôme VINERIER

Analyse moyen terme - SUEZ ENVIRONNEMENT SA : La tendance est baissière.

La tendance est baissière. Le rebond gagne en vigueur. Il est probable que cette reprise s'achève sur la résistance à 14,161 € et que les prix baissent à nouveau vers 10,900 €. La tendance de fond serait remise en cause en cas de franchissement de 16,296 €.

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