VEOEY - Veolia Is Future Proof And Its High Value Businesses Remain Underappreciated
- Acquisition of Suez looks promising, with clear synergies and regulatory hurdles almost all passed.
- Performance is strong relative to 2019, with most businesses recovered to or exceeding the pre-COVID levels.
- Recycled prices are a force that is helping the waste business, despite volumes in commercial waste not being back at pre-COVID levels.
- High recycled products prices should remain elevated as the goods boom over services continues in a pandemic environment.
- Still trades cheap relative to US waste management peers, implying very low multiples for its other strong businesses.
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Veolia Is Future Proof And Its High Value Businesses Remain Underappreciated