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Suez: Oddo expects resilience, says 'buy'

( - Suez believes that Suez's H1 revenues for the first half will be down 6% in organic terms relative to H1 2019 (i.
e. at about 8.1 billion euros), with EBIT resilient at between 320-330 million euros, excluding any non-recurrent items.

Following this announcement, Oddo confirms its buy rating on the share, with a target price of 13 euros (price at 10.30 am on Tuesday: 10.18 euros, -2.5%).

These items are in line with Oddo's initial estimates of H1 results (EBIT expected at 400 million euros). Analysts have adjusted their 2020 EPS guidance down 20.1%. Meanwhile, the group is expected to post a loss at the bottom line (-585 million euros e). Finally, the group is expected to post a small recurrent loss, group share (15 million euros), they say.

Suez expects H2 sales to be close to last year's levels, albeit down slightly.

Oddo adds that taking into account H1 20 numbers, its estimate for H2 20 was too high (773 million euros) - as a result, it has reduced it to 645 million euros, meaning a 2020 EBIT that is revised to 970 million euros, against 1,097 million euros.

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