Jefferies reinstates Veolia at 'hold'

By Reuters News06:49 (UTC), 26 October 2026 Updated

** Jefferies reinstates its coverage on Veolia VIE.PA at "hold" saying that while the French waste and water management company "screens cheap", it is cautious on its earnings growth

** It says Veolia's core municipal water business is stagnating while the group's mix is gradually shifting away from higher-margin activities, making it harder to sustain longer-term margin growth

** It adds that Newer growth businesses continue to miss targets and remain too small to materially boost group revenue growth in the medium term

** Still, after the around 12% selloff in the last three months, Jefferies says the valuation is now more supportive

** It sets its PT at €30

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