Earnings OutlookThere is limited room for EPS upgrades for now, making a meaningful short-term share price rebound contingent on a significant and quick re-rating.
Market PositionThe scope for EPS upgrades is limited, and a lack of re-rating catalysts means the shares may not outperform European utilities.
Risk AssessmentVolatile macro environment makes the balance of risks on Veolia's earnings skewed to the downside.