SZEVY - Suez: Opaque Income Statements Misleading FCF Yields And Secular Decline
A Brief Introduction
Suez SA (OTCPK:SZEVY) (OTCPK:SZEVF) is a 160-year-old company. Originally, the company was created to build the Suez canal. Afterwards Suez gradually acquired multiple business lines through mergers & acquisitions. The first major merger was between Compagnie de Suez and Lyonnaise Des Eaux (A French water company). The company later merged with a utility company by the name of Gaz de France. Together they formed GDF Suez (Now traded as Engie) in 2008. At that point in time, “Suez Environnement” was spun off as a separate entity. To this day, Engie still owns