Full Analysis: Veolia Environnement S.A. Leading positions worldwide in water and waste management. Wide diversity in business, customers, contracts, and geography. Significant improvement in profitability, thanks to ongoing restructuring efforts. Large exposure to water concessions, which provide good cash flow visibility, despite material reduction of profitability in recent years given competitive renewal processes. Increasing contribution from growing and higher margin environmental services to industrial customers and related sensitivity to economic cycles. Improved free operating cash flow generation in 2015-2016, with development of more asset-light models as well as stronger profitability. Track record of significant debt reduction over the past years. Financial policy of debt stabilization and neutral discretionary cash flows. Active debt management and sound liquidity. S&P Global Ratings' stable
