Veolia Environnement SA

DB:VVD Stock Report

Market Cap: €20.8b

Veolia Environnement Valuation

Is VVD undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

4/6

Valuation Score 4/6

  • Below Fair Value

  • Significantly Below Fair Value

  • Price-To-Earnings vs Peers

  • Price-To-Earnings vs Industry

  • Price-To-Earnings vs Fair Ratio

  • Analyst Forecast

Share Price vs Fair Value

What is the Fair Price of VVD when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: VVD (€28.35) is trading below our estimate of fair value (€107.18)

Significantly Below Fair Value: VVD is trading below fair value by more than 20%.

Key Valuation Metric

Which metric is best to use when looking at relative valuation for VVD?

Key metric: As VVD is profitable we use its Price-To-Earnings Ratio for relative valuation analysis.

The above table shows the Price to Earnings ratio for VVD. This is calculated by dividing VVD's market cap by their current earnings.
What is VVD's PE Ratio?
PE Ratio19.1x
Earnings€1.09b
Market Cap€20.76b

Price to Earnings Ratio vs Peers

How does VVD's PE Ratio compare to its peers?

The above table shows the PE ratio for VVD vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PEEstimated GrowthMarket Cap
Peer Average19.1x
EOAN E.ON
16.8x8.9%€30.2b
MVV1 MVV Energie
12.1xn/a€2.0b
MNV6 Mainova
33.1xn/a€1.9b
WWG Gelsenwasser
14.3xn/a€1.7b
VVD Veolia Environnement
19.1x12.7%€20.8b

Price-To-Earnings vs Peers: VVD is expensive based on its Price-To-Earnings Ratio (19.1x) compared to the peer average (19.1x).

Price to Earnings Ratio vs Industry

How does VVD's PE Ratio compare vs other companies in the Global Integrated Utilities Industry?

1 CompanyPrice / EarningsEstimated GrowthMarket Cap
VVD 19.1xIndustry Avg. 17.5xNo. of Companies8PE0816243240+
1 CompanyEstimated GrowthMarket Cap
No more companies

Price-To-Earnings vs Industry: VVD is expensive based on its Price-To-Earnings Ratio (19.1x) compared to the Global Integrated Utilities industry average (17.6x).

Price to Earnings Ratio vs Fair Ratio

What is VVD's PE Ratio compared to its Fair PE Ratio? This is the expected PE Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

VVD PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio19.1x
Fair PE Ratio20.9x

Price-To-Earnings vs Fair Ratio: VVD is good value based on its Price-To-Earnings Ratio (19.1x) compared to the estimated Fair Price-To-Earnings Ratio (20.9x).

Analyst Price Targets

What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?

The above table shows the analyst VVD forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
Current€28.35
€35.31
+24.6%
10.4%€45.30€28.00n/a17
Nov ’25€29.35
€35.41
+20.6%
10.3%€45.30€28.00n/a17
Oct ’25€29.47
€34.99
+18.7%
11.0%€45.30€28.00n/a15
Sep ’25€29.98
€34.99
+16.7%
10.2%€43.40€28.00n/a15
Aug ’25€28.27
€34.99
+23.8%
10.5%€43.40€28.00n/a15
Jul ’25€28.85
€34.96
+21.2%
10.8%€43.40€28.00n/a14
Jun ’25€30.76
€34.45
+12.0%
12.1%€43.40€25.00n/a15
May ’25€29.29
€34.55
+17.9%
12.3%€43.40€25.00n/a15
Apr ’25€30.10
€33.89
+12.6%
13.1%€43.40€25.00n/a15
Mar ’25€28.99
€33.97
+17.2%
13.4%€43.40€25.00n/a15
Feb ’25€30.08
€33.61
+11.7%
13.7%€43.40€25.00n/a14
Jan ’25€28.67
€32.70
+14.1%
14.7%€43.40€25.00n/a14
Dec ’24€28.90
€32.55
+12.6%
15.2%€43.40€25.00n/a13
Nov ’24€25.96
€32.42
+24.9%
14.8%€43.40€25.00€29.3513
Oct ’24€27.85
€32.90
+18.1%
14.1%€43.40€25.00€29.4713
Sep ’24€28.72
€33.55
+16.8%
14.3%€43.40€25.00€29.9813
Aug ’24€29.26
€33.58
+14.8%
14.1%€43.40€25.00€28.2713
Jul ’24€28.66
€33.58
+17.2%
14.1%€43.40€25.00€28.8513
Jun ’24€27.87
€33.23
+19.2%
14.3%€43.40€25.00€30.7614
May ’24€28.74
€32.88
+14.4%
14.6%€43.40€25.00€29.2914
Apr ’24€28.50
€31.77
+11.5%
18.4%€43.40€22.50€30.1014
Mar ’24€27.96
€31.47
+12.5%
18.6%€43.40€22.50€28.9914
Feb ’24€27.15
€31.18
+14.8%
18.9%€43.40€22.50€30.0814
Jan ’24€24.08
€30.58
+27.0%
22.1%€43.40€21.00€28.6713
Dec ’23€24.72
€31.24
+26.4%
21.8%€43.40€21.00€28.9015
Nov ’23€23.05
€30.03
+30.3%
25.7%€43.40€16.70€25.9615

Analyst Forecast: Target price is more than 20% higher than the current share price and analysts are within a statistically confident range of agreement.

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