(News Bulletin 247) – Berenberg renewed its buy recommendation and its target price of 36.5 euros on Veolia Environnement on Wednesday, still deeming the stock ‘undervalued’.
In a research note, the analyst says he welcomes the transparency shown by the environmental services group during its last investor day regarding the distribution of its revenues and profits between each of its activities.
According to the intermediary, these clarifications allowed him to add more details to his valuation model, in particular by shedding new light on the sum-of-the-parts method, which he believes has reinforced his calculation of a target price of 36.5 euros.
Berenberg points out that Veolia is now one of his three favorite stocks in the utilities sector in Europe.
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