Veolia’s ‘skeleton in the attic’ vision
- From: Vol 11, Issue 3 (March 2010)
- Category: Analysis
- Region: Europe
- Country: France
- Related Companies: Agbar, Kurita Water Industries, Suez and Veolia Environnement (formerly Vivendi Environnement)
Christopher Gasson argues that Veolia has been living a lie by pretending there is growth in the long-term municipal operating contract model. It needs to make a fresh proposition to investors.
Veolia Environnement clearly needs a new direction. At the beginning of 2008, its shares were trading at €62 each. It was delivering long-term organic growth with a high degree of forward visibility. Investors could not get enough of it. Today, the shares are struggling at around €24, and all that self-confidence has evaporated.
What happened in between was the solid ...
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