Quant à EDF, sa valorisation avoisine les 40 milliards d'euros, contre un point haut à 155 milliards en 2007. Postmedia is committed to maintaining a lively but civil forum for discussion and encourage all readers to share their views on our articles. All quotes delayed a minimum of 15 minutes. (AOF) - Suez n'a pas tardé à réagir aux demandes du fonds activiste américain Amber, qui détient environ 1,9% du capital. Ce contenu a bien été ajouté à vos favoris dans votre profil ! In addition, the CEO’s annual variable compensation plan should be improved by including ROCE and Earnings per share as remuneration criterias instead of Revenues to further align with shareholders’ interests. In response to Suez's announcement, the company's shares have dropped this morning from a little over 14 to 13.26 euros (-7.01%). We encountered an issue signing you up. See here for a complete list of exchanges and delays. "Suez needs a strategic reset: The new management team of Suez now has a compelling opportunity in our view to reposition the company," Amber Capital said in a statement. Abonnez-vous à la newsletter 21 Millions. Toutefois les énergéticiens positionnés sur les énergies renouvelables s'en tirent bien. The company contemplates changes in its business models: Shaping SUEZ 2030 will be implemented across the Group’s three business segments (new reporting segments will take effect on January 1st, 2020 at the latest): Following on Veolia’s footsteps, Suez will target international revenues and industrial customers, becoming less reliant on municipal customers. It explains in a power point presentation that: “Over the past decade, Suez has been too centred on a capital-intensive top-line growth strategy in our view, mainly through internationalization while not focusing enough on value creation.”, “We believe the company has subsequently suffered from a recurring need to issue shares to fund acquisitions while earnings contribution has been limited. We have enabled email notifications—you will now receive an email if you receive a reply to your comment, there is an update to a comment thread you follow or if a user you follow comments. The plan outlines the company’s vision, to become a global leader in environmental services by 2030. Le numéro deux mondial des services à l'environnement a assuré qu'une nouvelle stratégie était actuellement à l'étude et que cette dernière serait dévoilée à l'automne, vient de révéler Reuters. The company said in a press release that businesses accounting for 15-20% of capital employed have been identified for portfolio rotation, but declined to comment on potential assets to be sold. OPTION FINANCE SAS collecte ses données auprès des sources qu'elle considère les plus sûres. “The decision to invest was rooted in the belief that the new management team has a compelling opportunity to unlock value at Suez should it implement a clear strategic reset to reposition the Company,” stated Amber Capital in a statement. “From a financial standpoint, we are of the view that the asset has reached a maturity level that suggests a limited industrial angle for Suez to exploit from hereon.”, pressures from activist fund Amber Capital, Veolia to raise price for Engie’s 29.9% stake in Suez, Belgrade’s sewage is dumped untreated into the mighty Danube, Veolia is open to discuss proposal price for Engie’s stake in Suez, More than 1 million people affected by floods in East Africa, Suez reveals the results of its strategic plan are ahead of objectives, Microsoft to replenish more water than it consumes by 2030, English rivers do not pass pollution tests, Engie asks Veolia to improve the terms of its proposal, while it remains open to other offers, Aguas de Barcelona gets restructured and appoints Rubén Ruiz Arriazu as Director General, Two French giants battle for the control of the water sector, Caixabank will not help Suez defend itself against Veolia's offer, The city of Bulawayo (Zimbabwe) will recycle water polluted with sewage to address water shortages, French Finance Minister Le Maire warns Veolia and Suez: “This conflict is useless”, Suez sells its stake in ESSAL to Canada's APUC for US$92 million, Defra sets up a taskforce to tackle raw sewage discharges into England’s water bodies, Antin to buy part of Miya from Bridgepoint for nearly €700 million, Borja Sanz: “The water sector has to take a leap forward in terms of the digitalisation of assets”, Digitalisation will allow us to reinvent sustainability in the water and wastewater sector, IFC: "The concept of a circular economy has come into mainstream thinking in the water sector", Filling Africa’s largest dam risks political tension if engineering realities are ignored, Partnership between US-Qatar aims to find buried water in Earth's deserts, Brown & Caldwell, Black & Veatch team up for next-generation Class A wastewater digester facility, Economic uncertainty to propel $52 billion trenchless technology water & wastewater opportunity. In-depth reporting on the innovation economy from The Logic, brought to you in partnership with the Financial Post. El fondo de inversión Amber Capital ha recomendado a Suez (de la que posee un 1,9%) desprenderse de Agbar, participada al 100% por Suez Environnement España. “From a financial standpoint, we are of the view that the asset has reached a maturity level that suggests a limited industrial angle for Suez to exploit from hereon.”, “Additionally, the ROCE of the asset per our estimates is significantly below the returns Suez aims to reach with its Growth CAPEX (guidance: WACC + 400 bps) and most importantly below the cost of capital of Suez. By continuing to use our site, you agree to our Terms of Service and Privacy Policy. He began his career at Société Générale New York in 2003 on the risk arbitrage desk within the bank’s equity derivatives division and where he … Dans un communiqué cité par l'agence de presse, le fonds basé à Londres indique avoir envoyé un courrier aux membres du conseil de Suez, les invitant à "réveiller la belle endormie" et à mettre fin "à la destruction de valeur". https://www.capital.fr/entreprises-marches/suez-donne-rendez-vous-a-amber-cet-automne-1345109, Ne manquez pas nos informations exclusives en vous abonnant aux, © 2020 Prisma Media - Tous droits réservés Camus told reporters that ‘The plan is to focus our financial resources on these three axes, the rotation of our assets will help us reconfigure our portfolio’. The company would like to increase the share of revenue from outside the EU from 38% in 2018 to 60%, and increase the share from industrial customers from 41% to 50%. (Reporting by Sudip Kar-Gupta, Editing by Sherry Jacob-Phillips). Amber Capital continues by saying that due to the stage of maturity of Agbar Spain and its concession model, the natural owners would be financial investors including infrastructure, private equity and pension funds. Ces informations sont protégées par des droits de propriété intellectuelle détenus par OPTION FINANCE SAS, éditeur du service d'informations boursières en temps réel AOF, et de ses contributeurs. Le capital de SUEZ est réparti de manière équilibrée entre les différents actionnaires. Il estime enfin que la gouvernance de Suez doit être améliorée et que le groupe devrait réduire la taille de son conseil d'administration, rapporte l'agence de presse. La capitalisation d'Engie (ex-GDF Suez) est tombée autour de 34 milliards après un plus haut de 98 milliards en 2008. After years of limited portfolio management, Amber Capital believes the Company needs a thorough portfolio review to rotate out of mature assets and use proceeds to reinvest, delever and buyback shares. Late last month U.S. company United Water and Spanish company Agbar surfaced as two potential candidates Suez might be considering for sale. London-based Amber Capital, which holds 1.9% of the French utility’s share capital, called for Suez to reduce the size of its board of directors to between 12 and 14 from 19 at present, and to review its portfolio of assets. Logo de Suez. By then Suez expects recurring earnings per share of 0.8 euros (up from 0.47 in 2018). Banques, celles qui vont vous faire payer ... et les fair-play / Innovations : bientôt un monde sans plastique ? Please try again. Amber Capital est un fonds d'investissement activiste, fondé en 2005 par Joseph Oughourlian et basé à Londres. This advertisement has not loaded yet, but your article continues below. Amber Capital tells French utility Suez to rethink strategy, tap here to see other videos from our team. Our Standards: The Thomson Reuters Trust Principles. At Amber Capital, he became Managing Partner in 2017 and Portfolio Manager in 2018. Amber Capital said it had sent a letter on July 18 to Suez's management, outlining its demands, as activist funds such as Elliott and others target companies across Europe. According to the alternative asset management firm, nearly 11 years later, Suez’s share price still trades below its IPO price of €14.0/Share2. London-based Amber Capital, which holds 1.9% of the French utility’s share capital, called for Suez to reduce the size of its board of directors and to review its portfolio of assets. The plans aims to increase the company’s earnings with cost cuts of 1 billion euros per year by 2023, focusing on growth from industrial customers. Amber Capital believes that Suez’s underperformance is due to poor capital allocation with a highly-capital intensive strategy that is primarily focused on revenue growth at the expense of profitability. PARIS — Shareholder activist firm Amber Capital on Thursday called for a strategy review at Suez , arguing that the French utility had underperformed rivals and could create more value for its shareholders. The strategy enhances value creation for stakeholders over the coming four years, with results as early as 2021. Suez: Amber s'invite au capital, attentif à la gouvernance, Google : comment les fondateurs ont su tirer profit de vos données personnelles, Réforme des retraites : le gouvernement donne rendez-vous aux syndicats le 7 janvier, Abonnez-vous à notre newsletter 21 Millions. Suez launched today its strategic plan for the next decade: Shaping SUEZ 2030. (Reporting by Sudip Kar-Gupta, Editing by Sherry Jacob-Phillips and Jane Merriman), Virus fears push European stocks to worst week since June, Court to decide on Vivendi, Amber calls for Lagardere meeting on Oct. 14, Qatar fund emboldens calls for governance change at Lagardere, Qatari investor backs shareholder push for Lagardere board changes, Vivendi and Amber to go to court over Lagardere's EGM refusal, CHINA SOUTH PUBLISHING & MEDIA GROUP CO., LTD, JIANGSU PHOENIX PUBLISHING & MEDIA CORPORATION LIMITED, Co-Chief Operating Officer & Co-Managing Partner. Un site du groupe Prisma Media (G+J Network), SUEZ donne rendez-vous à Amber cet automne, Toutes les infos pour investir en toute confiance dans les cryptomonnaies. Un plan de relance seulement à l’automne ? Sign up to receive the daily top stories from the Financial Post, a division of Postmedia Network Inc. London-based Amber Capital, which holds 1.9% of the French utility’s share capital, called for Suez to reduce the size of its board of directors and to review its portfolio of assets. There was an error, please provide a valid email address. Amber Capital said it had sent a letter on July 18 to Suez’s management, outlining its demands, as activist funds such as Elliott and others target companies across Europe which they feel are underperforming. PARIS, July 18 (Reuters) - Shareholder activist firm Amber Capital on Thursday called for a strategy review at Suez , arguing that the French utility had underperformed rivals and could create more value for its shareholders. The company’s guidance for 2021 includes €0.8 recurring EPS (estimated at €0.56 for 2018), €500 million recurring Free Cash Flow (estimated at €95m for 2018) and net debt at 2.8 to 3.0x EBITDA, with ROCE at least two points above 2018 level (the 2018 ROCE is estimated at 4.9%). Image: Presentation 'Unlocking the value creation potential of the “New Suez” - Amber Capital Le fonds estime que ce plan peut permettre à la nouvelle direction de Suez de générer une augmentation de la rentabilité des capitaux investis (ROCE) comprise entre 150 et 300 points de base par rapport au ratio actuel qu'il évalue à 6,2%. Amber Capital currently holds a 1.9% stake in Suez SA (“Suez”or the “Company”) on behalf of the funds the firm manages (as of 18/07/2019). This website uses cookies to personalize your content (including ads), and allows us to analyze our traffic. Mr. Fortesa joined Amber Capital at inception in 2005. © 2020 Financial Post, a division of Postmedia Network Inc. All rights reserved. (AOF) - Suez n'a pas tardé à réagir aux demandes du fonds activiste américain Amber, qui détient environ 1,9% du capital. A third focus for development will be technology and digital, currently less than 20% of revenue, which the company wants to grow to 30%. Amber Capital, which holds 1.9% stake in Suez, has sent a letter and a presentation to the members of the Board of Directors of Suez, outlining its demands, including reducing the size of its board and reviewing its portfolio of assets. Cependant sous réserve de sa faute lourde, OPTION FINANCES SAS et ses contributeurs ne garantissent aucunement l'absence d'erreur et de vices, même cachés, ni le caractère exhaustif ou le défaut de conformité à un usage quelconque de ces données et de OPTION FINANCE SAS ou de l'un de ses contributeurs, et ne pourra être tenue responsable des retards ou interruptions qui pourraient affecter l'accès à ces dernières. 365 Bloor Street East, Toronto, Ontario, M4W 3L4. London-based Amber Capital, which holds 1.9% of the French utility’s share capital, called for Suez to reduce the size of its board of directors to between 12 and 14 from 19 at present, and to review its portfolio of assets. Amber Capital said it had sent a letter on July 18 to Suez’s management, outlining its demands, as activist funds such as Elliott and others target companies across Europe. Amber propose une revue stratégique pour un "Nouveau Suez", reposant sur "plus de croissance, de meilleurs retours et un levier financier moindre". The next issue of Top Stories Newsletter will soon be in your inbox. Le capital de SUEZ est réparti de manière équilibrée entre les différents actionnaires. Choisissez votre pays pour afficher le site web spécifique à votre emplacement géographique. C'est le cas de l'espagnol Iberdrola ou de l'italien Enel. "Suez needs a strategic reset: The new management team of Suez now has a compelling opportunity in our view to reposition the company," Amber Capital said in a statement. Amber Capital believes that Suez’s underperformance is due to poor capital allocation with a highly-capital intensive strategy that is primarily focused on revenue growth at the expense of profitability. In response, Suez – in which French utility Engie has a 32% stake – said a strategy review was already underway and would be presented in the autumn. 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