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Veolia: Oddo still a buyer

( - Oddo maintains its Outperform rating on Veolia shares, along with its target price of 43.
4 euros.

Suez has announced that it has signed an irrevocable purchase agreement with Veolia to acquire Suez's former UK waste management business for an enterprise value of 2 billion pounds (about E2.3bn), Oddo says.

The analyst says that overall the speed of execution of all the remedies demonstrates Veolia's commitment to finalise the consequences of the Suez acquisition, create value for its shareholders and regain financial leeway.

At the current price, Oddo maintains its Outperform rating on the stock, along with its target price of 43.4 euros, based on an average between a DCF (E43.6), sum-of-the-parts (E42.3) and valuation based on historical multiples (E44.4).

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