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 : Momentum unlocked?

We reiterate our Buy recommendation with a target price of € 15.60. Aside from the restoration of the market’s confidence, the key point is the upcoming strategic plan expected to be unveiled at end-2019. It should be based on enhancing the operating performance and resuming value creation, which should in turn act as a catalyst for the group's re-rating. Our analysis of the various strategic options indicates a positive risk-reward profile. - >Buy recommendation and targe...

Louis Boujard ...
  • Philippe Ourpatian

Suez : Sur la voie d’un canal haussier ?

Nous réitérons notre opinion Achat avec un OC de 15.60 €. Au-delà du retour à la confiance du marché, l’enjeu demeure le prochain plan stratégique qui sera dévoilé en fin d’année 2019. Il devra être fondé sur un socle d’amélioration de la performance opérationnelle et de retour à la création de valeur afin de constituer le catalyseur d’une revalorisation du groupe. Notre analyse des différentes options stratégiques aboutit à un risk reward positif. - >Opinion Achat et OC 1...

1 director bought

A director at Suez bought 2,000 shares at 12.815EUR and the significance rating of the trade was 53/100. 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 names of board members ...

Tancrede Fulop

Morningstar | Suez Faces a Challenging Political Backdrop in Catalonia

Suez's historical business is water distribution in France, where the group has long benefited from long-term contracts with municipalities offering comfortable margins. Since 2010, however, the group has been hit by massive contract renewals, which have significantly affected margins. The situation is now stabilizing in France since most of the contract renegotiations are over. However, the political backdrop for the water business in Spain is deteriorating, with mounting risk of a tariff cut in 2020. The other core historical business of the group is waste treatment in Europe. The business' ...

Tancrede Fulop

Suez Faces a Challenging Political Backdrop in Catalonia

We maintain our fair value estimate of EUR 11.50 per share along with our no-moat, stable trend ratings after Suez released first-quarter results in line with consensus expectations while reiterating its 2019 guidance. Shares look a bit overvalued.  Revenue came in at EUR 4.2 billion, up by 3.7% organically. EBIT came in at EUR 293 billion, up by 3.3% organically. The fastest-growing division was water technology and solutions, which delivered 8.5% organic growth. Still, one must bear in mind th...

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 : Momentum unlocked?

We reiterate our Buy recommendation with a target price of € 15.60. Aside from the restoration of the market’s confidence, the key point is the upcoming strategic plan expected to be unveiled at end-2019. It should be based on enhancing the operating performance and resuming value creation, which should in turn act as a catalyst for the group's re-rating. Our analysis of the various strategic options indicates a positive risk-reward profile. - >Buy recommendation and targe...

Louis Boujard ...
  • Philippe Ourpatian

Suez : Sur la voie d’un canal haussier ?

Nous réitérons notre opinion Achat avec un OC de 15.60 €. Au-delà du retour à la confiance du marché, l’enjeu demeure le prochain plan stratégique qui sera dévoilé en fin d’année 2019. Il devra être fondé sur un socle d’amélioration de la performance opérationnelle et de retour à la création de valeur afin de constituer le catalyseur d’une revalorisation du groupe. Notre analyse des différentes options stratégiques aboutit à un risk reward positif. - >Opinion Achat et OC 1...

Tancrede Fulop

Morningstar | Suez Faces a Challenging Political Backdrop in Catalonia

Suez's historical business is water distribution in France, where the group has long benefited from long-term contracts with municipalities offering comfortable margins. Since 2010, however, the group has been hit by massive contract renewals, which have significantly affected margins. The situation is now stabilizing in France since most of the contract renegotiations are over. However, the political backdrop for the water business in Spain is deteriorating, with mounting risk of a tariff cut in 2020. The other core historical business of the group is waste treatment in Europe. The business' ...

Tancrede Fulop

Suez Faces a Challenging Political Backdrop in Catalonia

We maintain our fair value estimate of EUR 11.50 per share along with our no-moat, stable trend ratings after Suez released first-quarter results in line with consensus expectations while reiterating its 2019 guidance. Shares look a bit overvalued.  Revenue came in at EUR 4.2 billion, up by 3.7% organically. EBIT came in at EUR 293 billion, up by 3.3% organically. The fastest-growing division was water technology and solutions, which delivered 8.5% organic growth. Still, one must bear in mind th...

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...

1 director bought

A director at Suez bought 2,000 shares at 12.815EUR and the significance rating of the trade was 53/100. 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 names of board members ...

Ahmed Ben Salem ...
  • Alexandre Iatrides
  • Alfred Glaser
  • Baptiste Lebacq
  • Benoit Valleaux
  • Bruno Cavalier
  • Christophe-Raphaël Ganet
  • Delphine Brault
  • François Maury
  • Georges Dieng
  • Jean Sassus
  • Jerôme Bodin
  • Louis Boujard
  • Philippe Ourpatian
  • Roland Pfaender
  • Steven Gould

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 04/29/2019

...

Ahmed Ben Salem ...
  • Alexandre Iatrides
  • Alfred Glaser
  • Baptiste Lebacq
  • Benoit Valleaux
  • Bruno Cavalier
  • Christophe-Raphaël Ganet
  • Delphine Brault
  • François Maury
  • Georges Dieng
  • Jean Sassus
  • Jerôme Bodin
  • Louis Boujard
  • Philippe Ourpatian
  • Roland Pfaender
  • Steven Gould

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 29/04/2019

...

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

...

Ahmed Ben Salem ...
  • Alfred Glaser
  • Antoine Boivin-Champeaux
  • Charles Lepetitpas
  • Christophe Chaput
  • Christophe-Raphaël Ganet
  • Delphine Brault
  • Emira Sagaama
  • Florent Laroche-Joubert
  • François Maury
  • Geoffroy Michalet
  • 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 – COMMENTAIRES DETAILLES 26/04/2019

...

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

...

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

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 : 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...

Charles Pinel

Suez - Assemblée générale des actionnaires du 14 mai 2019

Le mandat de Directeur Général de Jean-Louis Chaussade prend fin le 14 mai 2019. Le Conseil a nommé le 20 décembre 2018 Bertrand Camus - qui a pratiquement effectué toute sa carrière au sein de Suez - Directeur Général à compter de cette date, Jean-Louis Chaussade devenant alors Président du Conseil en remplacement de Gérard Mestrallet qui restera encore un an au conseil. Il convient de noter que le comité des nominations et de la gouvernance s'est réuni à 17 reprises en 2018. Dans ces conditions, quatre politiques de rémunération sont proposées aux actionnaires. Deux seront soutenues (résolu...

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...

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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