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Bureau Veritas SA BVI

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Stock XPAR Rating as of
€28.86 +2.14 (8.01%)
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As of Delayed Price Closed
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Company Report

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Bureau Veritas Earnings: Tailwinds in ESG-Related Services Lead to Strong Growth

Benjamin Slupecki

Narrow-moat Bureau Veritas' successful run continued in the second quarter of 2024 as it posted organic revenue growth of 10%, citing their 28 strategy. Management upgraded their guidance to high-single-digit organic revenue growth from a mid- to high single digit previously and guided for improved adjusted operating margins, although they did not give a figure. We reiterate our EUR 30 fair value estimate and see the stock as fairly valued following the July 26 price increase.

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Price vs Fair Value

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BVI is trading at a 27% premium.
Price
€26.72
Fair Value
€77.00
Uncertainty
Low
1-Star Price
€18.40
5-Star Price
€48.00
Economic Moat
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Capital Allocation
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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.

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

Previous Close Price
€28.98
Day Range
€27.94–29.24
52-Week Range
€20.67–29.24
Bid/Ask
€28.50 / €28.98
Market Cap
€12.89 Bil
Volume/Avg
2.0 Mil / 712,500

Key Statistics

Price/Earnings (Normalized)
20.66
Price/Sales
2.08
Dividend Yield (Trailing)
3.11%
Dividend Yield (Forward)
3.11%
Total Yield
3.11%

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
81,511
Website
https://group.bureauveritas.com

Competitors

Valuation

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Metric
BVI
ITRK
SGSN
Price/Earnings (Normalized)
 20.6620.7825.83
Price/Book Value
 6.265.8629.90
Price/Sales
 2.082.342.70
Price/Cash Flow
 14.2814.8516.59
Price/Earnings
BVI
ITRK
SGSN

Financial Strength

Metric
BVI
ITRK
SGSN
Quick Ratio
 1.671.021.20
Current Ratio
 1.671.091.23
Interest Coverage
 8.4010.4010.56
Quick Ratio
BVI
ITRK
SGSN

Profitability

Metric
BVI
ITRK
SGSN
Return on Assets (Normalized)
 8.25%10.16%9.70%
Return on Equity (Normalized)
 31.39%28.28%146.30%
Return on Invested Capital (Normalized)
 12.79%14.92%14.10%
Return on Assets
BVI
ITRK
SGSN
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Consulting Services Industry Comparables

Screen With Investor
1-Day Chart
Name
Price
Morningstar Rating for Stocks
Capital Allocation
Economic Moat
Market Cap
Experian PLC
EXPGF
—Fntv$41.2 Bil
 Experian PLC ADR
EXPGY
SrwwjfcZzmg$41.2 Bil
 Verisk Analytics Inc
VRSK
HlfbgtmbQbydg$39.9 Bil
 Equifax Inc
EFX
RkwbwqqqtTbc$33.6 Bil
 SGS AG
SGSOF
—Bhrh$20.3 Bil
 SGS AG ADR
SGSOY
—Rrqx$20.3 Bil
 Booz Allen Hamilton Holding Corp Class A
BAH
—Kdby$19.9 Bil
 TransUnion
TRU
QksmjtqwpvKxb$16.8 Bil
 Bureau Veritas SA
BVRDF
—Zdnxn$12.9 Bil
 Bureau Veritas SA ADR
BVVBY
—Dxkyhvf$12.9 Bil

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