(CercleFinance.com) – Bank of America maintained its buy recommendation on Veolia on Friday, which it matches with an unchanged price target at 38.5 euros.
In a research note released during the day, the financial intermediary welcomes the “reassuring” message delivered by the environmental services group concerning the integration of Suez.
At its investor meeting, Veolia stressed that the project was ahead of schedule, still expecting the realization of 500 million euros in cumulative cost synergies as part of the merger, BofA points out.
The group has also confirmed its objective of an adjusted net profit of 1.5 billion euros by 2024, adds the analyst, a figure 5% higher than the current market consensus.
Despite a solid performance since the start of the year, the stock is still trading on the basis of undemanding valuation multiples, he continues, highlighting a PER of 15x for 2023 and 13x for 2024.
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