Veolia: Oddo BHF remains positive after results

(CercleFinance.com) - Oddo BHF confirms its 'outperform' rating on and target price of E43.
4 for Veolia shares, following 2023 results that are in line with its expectations and the utilities group's delivery of its trajectory through to 2027.

2023 confirms the continuation of the group's growth profile. We consider the strategic framework to be prudent in terms of EBITDA CAGR, in a context of demand for environmental services, and in line with our estimates, the analyst says.

The broker also considers that the current valuation still represents an obvious entry point, with 2024/26 EV/EBITDA multiples at a 29.4% discount to their historical average (8.1x).


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