View brochure to learn more about the content included in our new Focus report, Private Water Utilities: Global Rankings & Company Strategies.
This report is an in-depth analysis of leading privately-owned water utilities with global footprints in more than 24 countries, serving more than 310 million people. This report has been developed to support companies involved in the global private water market with detailed annual utility ranking highlights, M&A and concession activity analysis, and regional demand forecasting. Learn more about its findings at bluefieldresearch.com.
Private Water Utilities: Global Rankings & Company Strategies
1. PRIVATE WATER INSIGHT SERVICE
GREENFIELD + WATER = BLUEFIELD
FOCUS
REPORT
Private
Water
U2li2es:
Global
Rankings
&
Company
Strategies
Preliminary
Table
of
Contents
July
2015
Water Pressure // Flickr // Cropped // Hans Splinter // CC BY-ND 2.0
2. PRIVATE WATER INSIGHT SERVICE
MARKET INSIGHT
Private Water Utilities: Global Rankings & Company Strategies FOCUS REPORT
About This Focus Report
Private Water Utilities: Global Rankings & Strategies is an in-depth
analysis of leading privately-owned water utilities with global
footprints in more than 20 countries, serving more than 310 million
people.
This report is aimed at companies looking to better understand
company strategies, market attractiveness, and key drivers to
increased global expansion of private participants in water.
Key takeaways include:
• Regional demands foster mix of utility investment
strategies. Private water players are tapping municipalities’
overwhelming need for investment to fill gaps in network
coverage and treatment capacity. Bluefield’s analysis of more
than 20 countries and highlights market attractiveness for
private water participation in utilities by country.
• Annual utility ranking highlights leading private water utility
players. Bluefield’s rigorous methodology and bottom-up data
analysis of key utility metrics– population served, company
revenues, M&A – highlight consolidated and national market-
share positions of more than 65 private water players. These
profiled companies are delivering more than 20 billion cubic
meters (m3) annually of drinking water, generating over US$50
billion in revenues.
• M&A, concession activity signal shift in competitive
landscape. The global water landscape is transitioning, as
demonstrated by Bluefield’s critical analysis of more than 86
M&A transactions and 72 concessions since 2013. While
entrenched players hold onto key national positions, the
emerging global presence of Japanese and Brazilian players
indicate changes in the rankings going forward.
Bluefield Takeaways
• Where does the private sector participate most in water
utilities, under what management model?
• How is the role of the private sector as a water utility services
provider changing in key markets and high-growth regions?
• Which privately-participated utilities are market movers on a
national and global level that present bidding competition and/
or partnering opportunities?
• How are utilities’ portfolios shifting through acquisitions,
concession awards, or asset sales?
• On a company level, how are privately-participated utilities
structured in terms of asset type, geographic footprint, and
scale?
Key Questions Addressed in Report
2
3. PRIVATE WATER INSIGHT SERVICE
MARKET INSIGHT
Private Water Utilities: Global Rankings & Company Strategies FOCUS REPORT
Table of Contents
TABLE OF CONTENTS
Section 1 – Executive Summary
Section 2 – Global Private Water Utility Rankings
9. Summary
10. Summary (cont'd)
11. Global Private Water Utility Ranking & Analysis – Methodology Overview
12. Global consolidated Private Water Utility Ranking Shifts by Revenues,
2013/2014
13. Tier 1 Ranking Shifts, 2013-2014
14. Tier 2 Ranking Shifts, 2013-2014
15. Tier 3 Ranking Shifts, 2013-2014
16. Global consolidated private water utility ranking by revenues, 2014
17. Global consolidated private water utility ranking by population
18. Global consolidated private water utility rankings by volume supplied
19. Ownership Footprints Overview of Europe-headquartered Utility Groups
20. Utility Ownership Footprints Overview of Japanese Trading Houses
21. Ownership Footprints Overview of Latin American and African Utility Groups
22. Global national private water utility ranking by revenues 2013-2014
23. Global national private water utility ranking by population served
24. Global national private water utility ranking by volume supplied
25. Europe top 25 private water utilities 2013-2014
26. US top 20 national private water utilities 2013-2014
27. Latin America top 15 national private water utilities 2013-2014
28. Southeast Asia top 10 national private water utilities 2013-2014
Section 3 – Regional Trends in Private Water Utility Participation
30. Summary
31. Country Attractiveness Overview for Private Water Utility Model
32. Country Positioning: Private Participation Trend vs. Market Concentration
33. Patchwork of Models for Private Participation in Water Utilities
34. Private Water Utility Presence in Western Europe
35. Private Water Utility Presence in Southeast Asia
36. Private Water Utility Presence in the US
37. Private Water Utility Presence in Latin America
Section 4 – Strategy Trends Analysis
39. Summary
40. Private Water Utility Model – Global Footprint Overview
41. Veolia, Suez Take Divergent Paths in Global Utility Strategies
42. Incumbents retrench positions through M&A in core European markets
43. France, Spain Concession Renewals Key to Shore Up Positions
44. Japanese players pick off assets to build global utility portfolios
45. US IOUs Add Incremental Growth Through Tuck-ins
Section 2, cont.
46. Brazil Concession Awards Build Out Private Water Utility Players
47. Chile Water Scarcity, Privatization Approach Present Opportunities
48. Colombia breeds regional players with local concessions
49. Philippines Provides Model for Private Utility Growth
50. Malaysia Restructuring Clarifies Positions for Major Concessionaires
51. Concessions in Limbo to Shift Ranking Positions
Section 5 – Private Water Utility Profiles
53. Acciona Agua
54. ACEA
55. Acuatico
56. Aegea
57. Agbar/Aquadom
Affinity Water
58. Aguas Andinas
59. Aguas Nuevas
60. Aguas de Valencia
61. American States
62. American Water
63. Anglian Water
64. Aqua America
65. Cab Ambiental
66. California Water
67. Veolia – France
68. COPASA
69. Eranove
70. FCC Aqualia – Spain
71. FCC Aqualia – Spain/Con.
72. Foz do Brasil
73. Gelsenwasser
74. Grupo EPM
75. Gruppo Hera
76. Grupo INASSA
78. Groupe Saur
79. Itochu
80. Suez
81. Manila Water
82. Maynilad
83. Marubeni
84. Mitsui Corp.
85. Northumbrian Water
86. PBA Holdings
87. Pennon Group
88. Puncak Niaga
89. Aguas do Brasil
90. SABESP
91. SANEPAR
92. San Jose Water Co.
93.Severn Trent
94. South West Water UK
95. SouthWest Water
96. Southern Water
97. Suez Environment
98. SAJ Holdings
99. SODECI
100. Affinity Water
3
100. South East Water
100. Bristol Water
101. Apa Nova Bucuresti,
101. Sofiyska Voda
102. PVK Prague, SmVak
103. Rosvodokanal
103. Roscomsys
104. Thai Tap Water Supply
105. Thames Water
106. Triple A Barranquilla
107. United Water
108. United Utilities
109. Utilities, Inc.
110. Valoriza Agua
111. Veolia – France/Con.
112. Yorkshire Water
Private Water Utilities: Global Rankings & Company Strategies is part of
Bluefield’s Private Water Insight Service.
Private Water Insight Service provides clients with research and analysis on the
private sector’s growing role in the ownership & management of water production
and distribution, including the tracking of private utilities, independently owned
water systems, concessions, and investment strategies.
4. PRIVATE WATER INSIGHT SERVICE
MARKET INSIGHT
Private Water Utilities: Global Rankings & Company Strategies FOCUS REPORT
Focus Report Exhibits
Section 1 – Executive Summary
Section 2 – Global Private Water Utility Rankings
11. Global Private Water Utility Ranking & Analysis – Methodology Overview
12. Top 35 Consolidated Private Water Utilities by Revenues (Net Equity),
2013/2014
13. Tier 1 Consolidated Utility Revenue Changes and Ranking Shifts, 2013/2014
14. Tier 2 Consolidated Utility Revenue Changes and Ranking Shifts, 2013/2014
15. Tier 3 Consolidated Utility Revenue Changes and Ranking Shifts, 2013/2014
16. Top 35 Private Water Utilities by Revenues (Net Equity), 2014
17. Top 35 Consolidated Private Water Utilities by Population Served
(Net Equity), 2014
18. Top 35 Consolidated Private Water Utilities by Volume Supplied
(Net Equity), 2014
19. Ownership Footprints Overview of Europe-Headquartered Utility Groups
20. Utility Ownership Footprints Overview of Japanese Trading Houses
21. Ownership Footprints Overview of Latin American and African Utility Groups
22. Top 50 National Private Water Utilities by Revenues, 2013-2014
23. Top 50 National Private Water Utilities by Population Served, 2014
24. Top 50 National Private Water Utilities by Volume Supplied, 2014
25. Europe Top 25 National Private Water Utilities by Revenues, 2013-2014
25. Europe Top 25 National Private Water Utilities by Population Served,
2013-2014
25. Europe Top 25 National Private Water Utilities by and Volume Supplied,
2013-2014
26. US Top 20 National Private Water Utilities by Revenues, 2013-2014
26. US Top 20 National Private Water Utilities by Population Served, 2013-2014
26. US Top 20 National Private Water Utilities by Volume Supplied, 2013-2014
27. Latin America Top 15 National Private Water Utilities by Revenues, 2013-2014
27. Latin America Top 15 National Private Water Utilities by Population Served,
2013-2014
Section 2, cont.
27. Latin America Top 15 National Private Water Utilities by Volume Supplied, 201-2014
28. Southeast Asia Top 10 National Private Water Utilities by Revenues, 2013-2014
28. Southeast Asia Top 10 National Private Water Utilities by Population Served, 2013-2014
28. Southeast Asia Top 10 National Private Water Utilities by Volume Supplied, 2013-2014
Section 3 – Regional Trends in Private Water Utility Participation
31. Country Attractiveness Overview for Private Water Utility Model
32. Country Positioning: Private Participation Trend vs. Market Concentration
33. Patchwork of Models for Private Participation in Water Utilities
34. Private Water Utility Presence in Western Europe
35. Private Water Utility Presence in Southeast Asia
36. Private Water Utility Presence in the US
37. Private Water Utility Presence in Latin America
Section 4 – Strategy Trends Analysis
40. Private Water Utility Model – Global Footprint Overview
41. Veolia, Suez Take Divergent Paths in Global Utility Strategies
42. Market Entrant M&A Overview
43. Concession Tender Results, 2014-2015
44. Global Utility Footprint Overview/Utility Portfolio, Population Served
45. Large Scale Water IOU M&A, 2011-2014*
46. Private Contract Awards Population Served
47. Chile Footprint – Leading International Players
48. EPM, Inassa Geographic Footprint
49. Manila Water, Maynilad Philippines Footprint
50. Malaysia Private Concessionaires Footprint
51. Major Concessions at Risk
Section 5 – Private Water Utility Profiles
• Headquarters
• Revenues (US$ millions)
• Shareholding (%)
• Background & Positioning
• Geographic Footprint
• Portfolio Evolutions
• Recent M&A
• Population Served (millions)
• Water Supplied (m3)
• Water Treatment Plants (#): Water &
Wastewater
• Wastewater Treatment Plants (#)
• Networks Infrastructure (km): Water &
Wastewater
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5. PRIVATE WATER INSIGHT SERVICE
MARKET INSIGHT
Private Water Utilities: Global Rankings & Company Strategies FOCUS REPORT
Purchasers receive the report’s complete Global Private Water Rankings Data
Appendix, which includes:
Appendix: Global Private Water Utilities
55
Water utility business metrics
• Revenues, 2011–2013
• # of Customers, 2011–2013
• Population Served
• # of Employees
• Capital Improvements, 2013
Markets Summary
• # of Global Private Water Leaders present
• Private utility population served
• Private water player capacity additions by
segment
M&A Transactions, 2010–2014
• Announced Date
• Target Name
• Target State
• Type of Transaction
• Acquirer Name
• Announced Total Value (US$)
Water concession contracts
• Contract type
• Location
• Population served
• Years
• Concessionaire
6. PRIVATE WATER INSIGHT SERVICE
MARKET INSIGHT
Private Water Utilities: Global Rankings & Company Strategies FOCUS REPORT
666
Chile: Early-privatizing market, key
regional entry point for European
(Agbar), Japanese players
(Marubeni)
The private water utility model is concentrated in four regions led by Europe, followed by Latin
America, with an increasing level of private participation in Southeast Asia.
Brazil: Rapidly
scaling private
concession model led
by Odebrecht
Ambiental, Àguas do
Brasil, Aegea
Central/Southern Europe:
France, Spain hub for global
leaders Veolia, Suez,
Aqualia – trend towards
increased municipalization
Eastern Europe: Select
cities within EU licensed
concessions (Prague,
Ostrava, Bucharest,
Gdańsk)
Private Water Utility Model – Global Footprint Overview
England: Host of largest
group of private utilities
through monopoly market
structure
Malaysia: Concession
restructure solidifies
position of Ranhill, PBA
Holdings
Thailand: Bulk water
supply concessions deliver
scale to Thai Tap, Eastern
Water
Philippines: Manila private
concessions builds regional
player Manila Water Co.
Western Africa: France’s
Eranove holds beachhead
positions in Senegal, Ivory
Coast
USA: Led by American Water,
six players account for over half
the investor-owned utility
market
Mature (>20% Private)
Scaling (10-20% Private)
Nascent (<10% Private)
Colombia: EPM, Inassa
scaling as domestic leaders
expanding regionally
Indonesia: Acuatico
positioned with major
concessions in select
provinces
Russia: Rosvodokanal,
RKS, building concession
portfolios
SAMPLE EXHIBITS
7. PRIVATE WATER INSIGHT SERVICE
MARKET INSIGHT
Private Water Utilities: Global Rankings & Company Strategies FOCUS REPORT
Global private water utility ranking by revenues 2013-2014
Sources: Utilities, Bluefield Research Estimates.
0
500
1,000
1,500
2,000
2,500
3,000
3,500
4,000
4,500
5,000
Veolia
SABESP
AmericanWater
ThamesWater
UnitedUtilities
SevernTrent
GrupoAgbar
LyonnaiseDE
AnglianWater
YorkshireWater
GroupeSaur
NorthumbrianWater
SouthernWater
FCCAqualia
COPASA
UnitedWater
ACEA
SANEPAR
GruppoHera
AquaAmerica
AguasAndinas
FozdoBrasil
CaliforniaWater
Acciona
GruppoIren
RKV
AffinityWater
Maynilad
Gelsenwasser
ManilaWater
AmericanStates
SouthEastWater
AguasdeValencia
RKS
SAAB
Aegea
PVKPrague
SouthWestWater
TripleABarranquilla
ThaiTap
CabAmbiental
ApaNovaBucharest
SmVaK
AguasNuevas
Acuatico
PBAHoldings
PhnomPenhWater
AAADominicana
RainhillUtilties
SouthWestWaterUK
US$millions
Top Private National Water Utilities by Annual Revenue
Bluefield Research has analyzed over 100 national, privately-participated utilities globally – 50
utilities serve over 1.2 million people each and generated over US$45 billion in combined annual
revenue.
6
SAMPLE EXHIBITS
8. PRIVATE WATER INSIGHT SERVICE
MARKET INSIGHT
Private Water Utilities: Global Rankings & Company Strategies FOCUS REPORT
8
SP State
51%
BOVESPA
free float
24%
NYSE free
float
25%
Headquarters: São Paulo
2014 Revenues $million: $4,832
2014 EBITDA $million: $1,134
Employees: 14,753
Systems owned/operated: 364
Population served: 25.1 million
Capital improvements 2014 $million: $1,128
São Paulo, Brazil water and sanitation utility (SABESP) is the
incumbent utility serving metropolitan Sao Paulo and nearly half
of the state’s total municipalities. The firm ranks as the world’s
fifth largest water utility and is facing increasing competition as
municipalities tender systems to smaller private operators.
0
500
1,000
1,500
2,000
2,500
0
1,000
2,000
3,000
4,000
5,000
6,000
7,000
8,000
9,000
2009 2010 2011 2012 2013 2014
Annualmillionsm3
Connectionsthousands
Water Wastewater
Supplied water Treated wastewater
SABESP (Brazil)
Company Background & Positioning
Network Infrastructure
Company Ownership
Structure
Connections, Volume Evolution
Geographic Footprint
# Water treatment plants/
m3 day
235/ 5.8mln m3/d
# Wastewater treatment
plants/m3 day
515/4.4 mln m3/d
Network pipes (kms) 70,800
CAPEX Plan 2014-2020
($mln)
$5,540
% population covered
water supply
99%
% population covered
WWT
85%
% wastewater treated 77% 0
12,000
24,000
36,000
48,000
60,000
72,000
0
100
200
300
400
500
600
2010 2011 2012 2013 2014
Networkkilometers
#Oftotalplantsoperational
# WWTPs # WTPs
Pipes (kms)
SAMPLE EXHIBITS
9. PRIVATE WATER INSIGHT SERVICE
MARKET INSIGHT
Private Water Utilities: Global Rankings & Company Strategies FOCUS REPORT
99
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Global Private Water Utilities:
Rankings & Strategies 2015
Publication Date: July 2015
This Focus Report highlights the following:
• Global ranking and in-depth analysis of
the Top 50 privately-owned water utilities
with footprints in more than 20 countries
• Bottom-up data analysis of key utility
metrics– population served, company
revenues, M&A– including national and
consolidated company positions
• Critical analysis of more than 86 M&A
transactions and 72 concessions since
2013
• Company profiles of 65 players generating
over US$50 billion in revenue, globally
• Competitive strategy analysis including
routes to market, value chain positioning,
asset purchases and tender bids
Complete the order form to the right
and fax or email a scanned copy to
Bluefield Research at +1 617 249 2082,
or sales@bluefieldresearch.com
REPORT PRICE
US$3500
10. PRIVATE WATER INSIGHT SERVICE
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Private Water Utilities: Global Rankings & Company Strategies FOCUS REPORT
10
PRIVATE WATER: STRATEGIES & OPPORTUNITIES IN WATER ASSET
OWNERSHIP & OPERATION INSIGHT SERVICE
CLIENT FOCUS: The Private Water Insight Service is designed for
companies that need to track market trends, competitive shifts, and unique
opportunities in private water asset ownership, including:
• Municipal water and wastewater operators with concessions/O&M
contracts
• Independent water (and power) providers
• Water infrastructure investors seeking to scale asset portfolios
• Water service providers seeking new industrial wastewater
opportunities
• Water technology providers targeting private water asset owners
RESEARCH COVERAGE: a 12-month cycle of data- and analytics-driven
research provided in multiple formats to support client strategies, covering:
• Market environment attractiveness for private asset ownership
• Historical trends and upcoming private sector opportunities for
concessions, PPPs, DBO, BOO, BOT, other contract types
• Private water asset portfolio rankings in terms of equity ownership,
total revenues, connections, population served, location, project type
• Player segmentation and expansion strategy analysis including entry
into emerging markets, vertical integration, and service/segment
diversification initiatives
METRICS: primary research and analysis is supported by proprietary
market, project and company databases updated continuously:
• Private water asset portfolio database (water, wastewater,
desalination/concession, PPP, DBO, etc.)
• Comparative data driving private water valuations: tariffs, NRW,
connections, volume, cost structures
• M&A transaction database tracking water asset deals
• Country-specific private water sector data (PPPs, infrastructure
spending, private ownership penetration, tariffs)
Insight Service Description
SELECT LIST OF COMPANIES COVERED:
PRIVATE WATER SEGMENTS COVERED:
Ownership
Structures
Valuation
Drivers
M&A
Activity
Regulatory
Drivers
Rankings
MARKET SEGMENTS COVERED:
Regional Analysis
• Asia Pacific
• China
• Europe
• Latin America
• MENA
• North America
• Sub-Saharan Africa
Water Treatment
Desalination
Utility
Concessions
Independent
Water
Producers
Independent
Water & Power
Producers
Wastewater Treatment
Water Reuse