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Veolia Results Look Strong; Credit Spreads Muted Ahead Of Strategy Call In 15 Mins

UTILITIES



  • Results look solid; FY Rev in-line with consensus, Org Rev +9%, Org EBITDA +7.8% (vs. 5-7% target) with above-target synergy gains post-Suez acquisition
  • Equity price thus-far muted despite FY adj-Income ~+16% and DPS +12% YoY
  • Credit metrics also strong; Leverage of 2.7x from 2.9x at Q3, FY FCF +11% to EUR 1.1bn
  • FY targets; “solid” org rev growth, Org EBITDA +5.6% +5-6%, Earnings +>12%, leverage <3x
  • Strategy Day kicks off at 9am GMT with a presentation on 2024-2027 investment program.
  • https://webapp.spotme.com/login/veolia/strategy-day

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