Financials Bureau Veritas SA

Equities

BVI

FR0006174348

Business Support Services

Real-time Euronext Paris 08:12:39 2024-07-04 am EDT 5-day change 1st Jan Change
26.08 EUR +1.40% Intraday chart for Bureau Veritas SA 0.00% +14.04%

Valuation

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Capitalization 1 10,392 9,769 13,190 11,135 10,375 11,669 - -
Enterprise Value (EV) 1 12,201 11,101 14,242 12,110 11,311 12,882 12,657 12,422
P/E ratio 28 x 77.7 x 31.7 x 24.1 x 20.8 x 21 x 19.2 x 17.6 x
Yield 2.41% 1.65% 1.82% 3.13% 3.63% 3.44% 3.68% 4.06%
Capitalization / Revenue 2.04 x 2.12 x 2.65 x 1.97 x 1.77 x 1.89 x 1.79 x 1.68 x
EV / Revenue 2.39 x 2.41 x 2.86 x 2.14 x 1.93 x 2.09 x 1.94 x 1.79 x
EV / EBITDA 11.5 x 13.1 x 14.1 x 10.7 x 9.71 x 10.3 x 9.53 x 8.63 x
EV / FCF 17.6 x 15.4 x 21.1 x 17.1 x 17.2 x 19.7 x 17.6 x 16.3 x
FCF Yield 5.68% 6.49% 4.75% 5.86% 5.83% 5.08% 5.7% 6.13%
Price to Book 8.14 x 7.9 x 8.06 x 5.77 x 5.35 x 5.69 x 5.17 x 4.71 x
Nbr of stocks (in thousands) 446,765 448,945 452,037 452,445 453,664 453,695 - -
Reference price 2 23.26 21.76 29.18 24.61 22.87 25.72 25.72 25.72
Announcement Date 2/27/20 2/25/21 2/24/22 2/23/23 2/22/24 - - -
1EUR in Million2EUR
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net sales 1 5,100 4,601 4,981 5,651 5,868 6,162 6,533 6,941
EBITDA 1 1,057 845.1 1,013 1,134 1,165 1,245 1,328 1,439
EBIT 1 831.5 615 801.8 902.1 930.2 984.5 1,064 1,172
Operating Margin 16.3% 13.37% 16.1% 15.96% 15.85% 15.98% 16.28% 16.89%
Earnings before Tax (EBT) 1 603.3 269.7 645.5 718 756.6 841.5 922.1 1,036
Net income 1 367.9 125.3 420.9 466.7 503.7 552.7 607.5 661.6
Net margin 7.21% 2.72% 8.45% 8.26% 8.58% 8.97% 9.3% 9.53%
EPS 2 0.8300 0.2800 0.9200 1.020 1.100 1.227 1.342 1.462
Free Cash Flow 1 692.5 720.8 676.2 709.3 659.1 655.1 720.9 761.6
FCF margin 13.58% 15.67% 13.58% 12.55% 11.23% 10.63% 11.03% 10.97%
FCF Conversion (EBITDA) 65.52% 85.29% 66.76% 62.58% 56.59% 52.61% 54.3% 52.92%
FCF Conversion (Net income) 188.23% 575.26% 160.66% 151.98% 130.85% 118.52% 118.68% 115.11%
Dividend per Share 2 0.5600 0.3600 0.5300 0.7700 0.8300 0.8855 0.9473 1.044
Announcement Date 2/27/20 2/25/21 2/24/22 2/23/23 2/22/24 - - -
1EUR in Million2EUR
Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December 2019 S2 2020 S1 2020 S2 2021 S1 2021 Q3 2021 Q4 2021 S2 2022 Q1 2022 Q2 2022 S1 2022 Q3 2022 Q4 2022 S2 2023 Q1 2023 S1 2023 Q3 2023 Q4 2023 S2 2024 Q1 2024 Q2 2024 S1 2024 S2 2025 S1 2025 S2
Net sales 1 2,623 2,200 2,400 2,418 1,246 1,317 2,563 1,290 1,403 2,693 1,457 1,500 2,957 1,404 2,904 1,424 1,540 2,964 1,440 1,532 2,969 3,174 3,167 3,377
EBITDA - - - - - - - - - 517.7 - - - - 548.5 - - 616.1 - - - - - -
EBIT 451 215.8 399.2 378.2 - - 423.6 - - 410.9 - - 491.2 - 434.2 - - 496 - - - - - -
Operating Margin 17.19% 9.81% 16.63% 15.64% - - 16.53% - - 15.26% - - 16.61% - 14.95% - - 16.74% - - - - - -
Earnings before Tax (EBT) - - - - - - - - - - - - - - - - - - - - - - - -
Net income - - - - - - - - - - - - - - 232.5 - - 271.2 - - - - - -
Net margin - - - - - - - - - - - - - - 8.01% - - 9.15% - - - - - -
EPS - - - - - - - - - - - - - - - - - 0.5900 - - - - - -
Dividend per Share - - - - - - - - - - - - - - - - - - - - - - - -
Announcement Date 2/27/20 7/28/20 2/25/21 7/28/21 10/26/21 2/24/22 2/24/22 4/21/22 7/28/22 7/28/22 10/26/22 2/23/23 2/23/23 4/20/23 7/26/23 10/25/23 2/22/24 2/22/24 4/25/24 - - - - -
1EUR in Million
Estimates

Balance Sheet Analysis

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net Debt 1 1,810 1,332 1,051 975 936 1,213 988 753
Net Cash position 1 - - - - - - - -
Leverage (Debt/EBITDA) 1.712 x 1.576 x 1.038 x 0.8604 x 0.8039 x 0.9742 x 0.7443 x 0.5231 x
Free Cash Flow 1 693 721 676 709 659 655 721 762
ROE (net income / shareholders' equity) 33.1% 22.8% 33.4% 29.4% 26.5% 30.6% 30.3% 31.8%
ROA (Net income/ Total Assets) 5.6% 4.19% 7.22% 7.7% 7.32% 8.72% 8.76% 9.15%
Assets 1 6,573 2,990 5,830 6,063 6,882 6,342 6,936 7,233
Book Value Per Share 2 2.860 2.760 3.620 4.260 4.270 4.520 4.970 5.460
Cash Flow per Share 2 1.840 1.800 1.750 1.850 1.810 1.740 1.840 1.880
Capex 1 123 88.3 115 126 144 161 170 183
Capex / Sales 2.41% 1.92% 2.3% 2.22% 2.45% 2.62% 2.6% 2.64%
Announcement Date 2/27/20 2/25/21 2/24/22 2/23/23 2/22/24 - - -
1EUR in Million2EUR
Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Trading Rating
Investor Rating
ESG Refinitiv
A-
More Ratings
Sell
Consensus
Buy
Mean consensus
OUTPERFORM
Number of Analysts
18
Last Close Price
25.72 EUR
Average target price
30.83 EUR
Spread / Average Target
+19.86%
Consensus

Quarterly revenue - Rate of surprise

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