Bureau Veritas SA

BVI: XPAR (FRA)

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Bureau Veritas Earnings: Full-Year Results Bolster Our Belief in LEAP 2028 Strategy

Ben Slupecki

Feb 25, 2025

Wide-moat Bureau Veritas delivered results in line with guidance, growing organic revenues by 10% in 2024, aided by active portfolio management to take advantage of a strong market for testing, inspection, and certification firms. Management issued its outlook for 2025, anticipating organic growth in the mid to high single digits, below 2024 guidance and results. It also anticipates consistent adjusted operating margin improvement, in line with 2024 and the midterm objectives. When released, we will incorporate full-year results but expect no change to our EUR 40 fair value estimate. Shares remain undervalued.

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Bureau Veritas SA

Bureau Veritas Earnings: Full-Year Results Bolster Our Belief in LEAP 2028 Strategy

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