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Bureau Veritas SA BVI

Morningstar Rating
€27.37 +0.34 (1.26%)
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Company Report

Bureau Veritas Earnings: Positive Outlook for 2024

Narrow-moat Bureau Veritas closed out 2023 strongly, reporting organic revenue growth of 8.5% for the full year, with revenue growth accelerating in the fourth quarter. Operating margin improvement was less impressive, but at least it moved in the right direction after it increased by 20 basis points organically year over year. We reiterate our EUR 30 fair value estimate and see attractive upside potential from the prevailing share price.

Price vs Fair Value

BVI is trading at a 9% discount.
Price
€27.37
Fair Value
€86.00
Uncertainty
Low
1-Star Price
€82.80
5-Star Price
€31.00
Economic Moat
Zzzckn
Capital Allocation
Kdnylsgcz

Bulls Say, Bears Say

Bulls

The TIC market is growing structurally as a result of intensifying regulation, outsourcing by public bodies, increasingly sophisticated consumer products (such as wearable tech), and growing demand for testing from middle-class consumers in emerging markets.

Bears

Material exposure to the oil and gas sector could negatively affect the company’s ability to grow as quickly as hoped over the next few years.

Is it the right time to buy, sell, or hold?
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Trading Information

Previous Close Price
€27.03
Day Range
€26.8327.42
52-Week Range
€20.6727.42
Bid/Ask
€27.26 / €27.40
Market Cap
€12.42 Bil
Volume/Avg
1.1 Mil / 744,995

Key Statistics

Price/Earnings (Normalized)
17.80
Price/Sales
1.93
Dividend Yield (Trailing)
2.81%
Dividend Yield (Forward)
2.81%
Total Yield
2.81%

Company Profile

Bureau Veritas is involved in the testing, inspection, and certification, or TIC, industry. The company’s primary activities involve testing products or materials, inspecting sites/equipment, and certifying products and systems to maintain global standards. BV is one of only a handful of companies in the TIC sector that operate globally across numerous industries, including marine, industry, commodities, construction, and consumer products. BV listed in 2007, prior to which it was privately owned by the Wendel Group, who retain a significant holding.
Sector
Industrials
Industry
Consulting Services
Stock Style Box
Mid Core
Total Number of Employees
82,589

Competitors

Valuation

Metric
BVI
ITRK
SGSN
Price/Earnings (Normalized)
17.8019.1415.66
Price/Book Value
6.655.7553.54
Price/Sales
1.932.122.31
Price/Cash Flow
13.4913.1513.61
Price/Earnings
BVI
ITRK
SGSN

Financial Strength

Metric
BVI
ITRK
SGSN
Quick Ratio
1.420.911.18
Current Ratio
1.430.931.21
Interest Coverage
8.619.5412.17
Quick Ratio
BVI
ITRK
SGSN

Profitability

Metric
BVI
ITRK
SGSN
Return on Assets (Normalized)
7.88%10.10%10.17%
Return on Equity (Normalized)
31.80%29.14%146.09%
Return on Invested Capital (Normalized)
12.41%14.83%14.72%
Return on Assets
BVI
ITRK
SGSN
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BVRDF
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BVVBY
Bureau Veritas SA ADRScmwqf$13.4 Bil

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