Veolia unveiled its new four-year corporate plan last month with a commitment to a major reshuffle of its portfolio. It is a sign that CEO Antoine Frerot is becoming more bold as he puts eight years of debt reduction, cost-cutting and organisational restructuring behind him. The objective is to be the leader of the "ecological transformation" (the phrase used in France and Spain to refer to the change required in order to achieve global environmental sustainability). In financial terms, this means increasing the company's EBITDA from €4 billion in 2019 to between €4.7 and €4.9 billion by 2023 without increasing leverage beyond 3x. This should enable Veolia to increase its dividend from the current level of €1 per share to €1.30 per share in 2023.
展开▼
