By Felipe Bijit
It continues to be critical to manage risk in times like these, and as such, utilities of any kind remain in our crosshairs. One such company is Veolia (VEOEY) which operates in three business lines: Water, Waste, and Energy, all future-proof businesses mostly resilient to COVID-19 and its impacts on people's behaviour. By primarily conducting its activities under concession, lease, operation, construction, and, finally, maintenance contracts, the business is asset-light on an incremental basis. Although the company has underperformed the markets since the financial crisis, we think that COVID-19 is a moment