The bullish firms believe VE’s exposure to the economic cycle, combined with a €250.0 million per year ongoing cost control program and its renewed focus on disposals (€1.0 billion per year) will allow it to significantly outperform the utilities sector.  The firms also believe stronger industrial production will drive higher waste volumes collected and treated by VE.  Moreover, the firms consider management guidance to be conservative.  However, the firms believe the decrease in net debt, along with the renewed focus on cash generation will reduce fears of credit downgrade or capital increase in the near term.