Bureau Veritas S.A.

Bureau Veritas specializes in inspecting, testing, auditing or certifying products, assets (such as buildings, industrial infrastructure, equipment and ships) and management systems (particularly against ISO standards) based on regulatory or voluntarily adopted standards. Co.'s operations can be divided into eight businesses: ship classification; industry services; inspection and verification of equipment in service; construction services; certification of management systems or services; inspection and testing of consumer products; services related to customs control and international trade services; and inspection and testing of commodities.
  • TickerBVI
  • ISINFR0006174348
  • ExchangeEuronext Paris
  • SectorSupport Services
  • CountryFrance
Valérie GASTALDY

Analyse court terme - BUREAU VERITAS : La tendance de fond est clairement orientée à la baisse.

La tendance de fond est clairement orientée à la baisse. Les prix baissent à nouveau, mais le mouvement est devenu hésitant. Le prochain support est à 18,557 €. La tendance de fond serait remise en cause en cas de franchissement de 20,670 €.

Valérie GASTALDY

Short term view - BUREAU VERITAS : The background trend is clearly bearish.

The background trend is clearly bearish. Prices are falling again, but the movement has become hesitant. The next support is at €18.557. The background trend would be questioned should prices rise above €20.670.

Valérie GASTALDY

Short term view - BUREAU VERITAS : The background trend is clearly bearish.

The background trend is clearly bearish. Prices are falling again, but the movement has become hesitant. The next support is at €18.557. The background trend would be questioned should prices rise above €20.670.

Valérie GASTALDY

Analyse court terme - BUREAU VERITAS : La tendance de fond est clairement orientée à la baisse.

La tendance de fond est clairement orientée à la baisse. Les prix baissent à nouveau, mais le mouvement est devenu hésitant. Le prochain support est à 18,557 €. La tendance de fond serait remise en cause en cas de franchissement de 20,670 €.

Valérie GASTALDY

Analyse moyen terme - BUREAU VERITAS : La tendance est incertaine.

La tendance est incertaine. Les cours baissent, et il y a une possibilité d'accélération baissière. Une nouvelle tendance baissière tente de démarrer.

Geoffroy Michalet ...
  • Matthias Desmarais

Bureau Veritas : More resilient than expected in H1, margin drop-through might be stronger than expected for the full year, solid FCF generation

>Slight sales beat, adjusted EBITA margin in line… - Last night Bureau Veritas reported H1 figures which were slightly higher than our estimates and the consensus (€ 2,200m vs ODDO BHF estimate: €2,136m and consensus: € 2,133m). This was mostly due to a 9% contraction LFL vs -12% expected. EBITA came to € 216m, in line with our expectations (ODDO BHF estimate: € 209m, same as the consensus). The H1 drop-through was -60% (vs -50% expected and -23% at SGS). However, the...

Geoffroy Michalet ...
  • Matthias Desmarais

Bureau Veritas : Plus résilient que prévu sur le S1, drop-through de marge potentiellement un peu plus fort qu’attendu sur l’année, forte génération de FCF…

>Léger beat sur le CA, marge d’EBITA ajusté en ligne… - Bureau Veritas a publié hier soir son S1, qui ressort légèrement supérieur à nos attentes et celles du consensus (2 200 M€ vs 2 136 M€ ODDO et 2 133 M€ CSS), principalement grâce à une décroissance organique de -9% vs -12%e. L’EBITA ressort à 216 M€, en ligne avec nos attentes (209 M€ ODDO et CSS). Le drop-through ressort au S1 à -60% (contre -50% attendus et -23% pour SGS). Le groupe indique toutefois que le séq...

Geoffroy Michalet

ODDO : Preview S1 2020 : le plein effet du COVID-19, impact historique!

Le choc du COVID-19 dépasse largement les précédents impacts négatifs rencontrés depuis l’introduction en Bourse de Bureau Veritas (octobre 2007), que ce soit la crise financière (2008-2009), la chute brutale du cours du pétrole (2014-2015) ou la guerre commerciale (2019). Ces T2 2020 auront un caractère historique par l’ampleur de leur régression organique (à deux chiffres parfois) malgré des profils théoriquement résilients et diversifiés. Eurofins et Bureau Veritas sont nos va...

Geoffroy Michalet

ODDO : H1 2020 preview: historically big impact from COVID-19!

The shock caused by the COVID-19 pandemic is much bigger than the previous impacts seen since the Bureau Veritas IPO (October 2007), whether from the financial crisis (2008-2009), the sudden drop in oil prices (2014-2015) or the trade war (2019). Q2 2020 results will show historically large organic declines (double digits in some cases) even though sector groups theoretically have resilient and diversified profiles. Eurofins and Bureau Veritas are our Top Picks. We downgrade Appl...

Emira Sagaama ...
  • Matthias Desmarais

Bureau Veritas : Short term set to be complicated but fundamentals are solid

>Further downward adjustment to our estimates. Buy maintained - Following the conference call we organised yesterday with the IR team at Bureau Veritas, we have revised our EPS forecasts by -13.5% and -8% for 2020 and 2021, but still assume a rebound scenario for 2021, with EPS growth of +18% vs -23% in 2020. We are now expecting a more marked drop in organic growth in Q2 and a more negative impact on margins in 2020. Nevertheless, since this is a short-term impact fo...

Jehanne Leroy

Bureau Veritas - Assemblée Générale des actionnaires du 26 Juin 2020

RémunérationsLa rémunération long-terme du premier dirigeant repose sur 2 critères de performance : le Résultat opérationnel Ajusté et la Marge opérationnelle ajustée. Le plan attribué en 2019 prévoit que la condition de marge opérationnelle ajustée du Groupe au titre de chacun des exercices 2020 et 2021 s’applique aux nombres d’options et d’actions déterminés par le niveau d’atteinte du ROA constaté au titre de 2019 et ensuite sur le nombre obtenu par le niveau d’atteinte de la marge à chacun des trois exercices de la durée du plan. Le fait que le critère de marge opérationnelle ajustée soit ...

Expert Corporate Governance Service (ECGS)

Bureau Veritas - AGM 26 June 2020

ITEM 11: The CEO's long-term compensation is based on two performance criteria: Adjusted Operating Income  ("ROA") and Adjusted Operating Margin. The plan granted in 2019 provides that the Group's Adjusted Operating Margin condition in respect of each of the years 2020 and 2021 applies to the number of options and shares determined by the level of ROA achievement recorded in respect of 2019 and then to the number obtained by the level of margin achievement in each of the three years of the plan's duration. The fact that the adjusted operating margin criterion was verified over only two fiscal ...

Expert Corporate Governance Service (ECGS)

Bureau Veritas - AGM and EGM 14 May 2019

This year, the Company seeks shareholder approval for the remunerations of the Chairman as well as the CEO for 2018 and 2019. ECGS regrets that the amounts granted in 2018 were excessive for both the Chairman and the CEO, while the amounts for 2019 are excessive for the CEO, compared to peers. Moreover, Didier Michaud-Daniel’s remuneration is unsatisfactory regarding several elements. On one hand, the Company does not disclose the objectives in terms of performance for the annual bonuses. On the other hand, qualitative criteria represent 40% of the annual bonus. Hence, it is difficult for sh...

Florian Béchaz

Bureau Véritas - Assemblée générale des actionnaires du 14 mai 2019

Cette année, la société soumet au vote des actionnaires les rémunérations de son Président et de son Directeur Général pour les exercices 2018 et 2019. Proxinvest regrette que les montants attribués et attribuables au Président du Conseil soient trop généreux au regard de ceux de ses pairs. Aussi, la rémunération de Didier Michaud-Daniel laisse à désirer sur plusieurs éléments : le groupe ne communique en effet pas les objectifs en termes de performance pour les bonus annuels et pluriannuels, et les critères qualitatifs représentent 40% du bonus annuel, ce qui rend difficile pour l'actionnai...

Bureau Veritas – Proxinvest Corporate Governance Rating ® : C

Proxinvest Corporate Governance Rating ® helps investors integrate governance into their investment decision and identify governance risks and opportunities within their portfolio. Proxinvest Corporate Governance Rating ® Service rates European issuers through the analysis of four main themes : Ownership & Shareholder rights, Board & Committees, Audit & Process, Remuneration. Each theme is rated taking into account several comprehensive sub-categories. Our unique two-step process to achieve each rating includes a first step quantitative valuation and a second step qualitative filter...

Delphine Chauvin

Bureau Veritas : Bureau Veritas teste sa résilience avec la crise du Covid-19

Bureau Veritas fait partie des leaders mondiaux des services d’évaluation de conformité et de certification. Son profil de crédit fait ressortir un endettement maîtrisé, relativement stable sur le long terme, avec un ratio ajusté Net debt/EBITDA inférieur à 2.5x, un ratio ajusté FFO/Net debt de l’ordre de 30% et un ratio de couverture EBITDA/Fin.exp d’environ 10x. - La crise du Covid-19 va lourdement impacter les résultats de cette année (les revenus annuels pourraient diminuer d...

Delphine Chauvin

Bureau Veritas : Bureau Veritas tests its resilience amidst Covid-19 crisis

Bureau Veritas is a world leader in valuation, compliance and certification services. Its credit profile shows contained debt levels, fairly steady over the long term, with an adjusted net debt/EBITDA ratio below 2.5x, an FFO/net debt ratio of around 30% and EBITDA/interest expense cover in excess of 10x. - The Covid-19 crisis will take a heavy toll on the group's results this year (annual revenues could decrease by 10% and adjusted EBITA by around 28% to € 600m), but the balance...

Marnik Hinnekens

TP ICAP - Europe - Morning CreditUpdate 06/11/2019 - Intesa Sanpaolo - EN

TP ICAP - Europe - Morning CreditUpdate 06/11/2019 - Intesa Sanpaolo - EN

Marnik Hinnekens

TP ICAP - Europe - Morning CreditUpdate 06/11/2019 - Intesa Sanpaolo - FR

Intesa SanPaolo (Achat) : RN en hausse de +9,9% à €3,3 mds (soit le niveau le plus élevé depuis 2008) sur les 9M-19 Hannover Re - 9M-19 : Résultat opérationnel de €1,4 md (+20,6%) Société Générale (Achat) - 9M-19 : RN de €2,6 mds (-24,5%) Casino (Achat CT, Conserver LT) : Lance son offre de rachat obligataire sur les souches 2020 Avis (Achat) - 9M-19 : EBITDA de $645m (+1%) Hertz Global Holdings (Vente) - 9M-19 : EBITDA de $595m (+54,9%) Orpea (Achat) : Relève son objectif pour 2019 et attend une croissance du CA de +9,2% Bureau ...

Delphine Chauvin

Bureau Veritas : IG label ?

Bureau Veritas is a world leader in valuation, compliance and certification services. The group boasts a strong operating profile, showing leadership in a fairly defensive sector, with positive structural changes and high barriers to entry. Its balance sheet shows contained debt levels, fairly stable over the long term, with an adjusted net debt/EBITDA ratio of about 2.5x, an FFO/net debt ratio of around 25% and EBITDA/interest expense cover in excess of 10x. Only the gearing rat...

Emmanuel Matot

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 29/07/2020

...

Ahmed Ben Salem ...
  • Alfred Glaser
  • Antoine Boivin-Champeaux
  • Benoit Valleaux
  • Charles Lepetitpas
  • Christophe Chaput
  • Christophe-Raphaël Ganet
  • Delphine Brault
  • Emira Sagaama
  • Emmanuel Matot
  • Fatma Agnès Hamdani
  • Florent Laroche-Joubert
  • Geoffroy Michalet
  • Jean Sassus
  • Laurence Hofmann
  • Martial Descoutures
  • Matthias Desmarais
  • Nicolas David
  • Olfa Taamallah
  • Samantha Jeary
  • Sebastien Malafosse
  • Stephane Houri
  • Steven Gould
  • Sven Edelfelt
  • Sylvain Goyon, CFA
  • Virginie Rousseau
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 04/29/2020

With the support of our economists, we have drawn up growth profiles for four types of recovery: v, V, U and L/W. We note that: 1/ the market has eliminated the weakest scenarios (U and L) to focus on the most dynamic ones (v, V). Only the v profile results in 2021e earnings that are higher than in 2019 (Stoxx 600 at 406 points in December 2020). Without going as far as a v scenario, the market is easily playing a V-recovery. This is consistent with a drop of 3% in global growth in 2...

Ahmed Ben Salem ...
  • Alfred Glaser
  • Antoine Boivin-Champeaux
  • Benoit Valleaux
  • Charles Lepetitpas
  • Christophe Chaput
  • Christophe-Raphaël Ganet
  • Delphine Brault
  • Emira Sagaama
  • Emmanuel Matot
  • Fatma Agnès Hamdani
  • Florent Laroche-Joubert
  • Geoffroy Michalet
  • Jean Sassus
  • Laurence Hofmann
  • Martial Descoutures
  • Matthias Desmarais
  • Nicolas David
  • Olfa Taamallah
  • Samantha Jeary
  • Sebastien Malafosse
  • Stephane Houri
  • Steven Gould
  • Sven Edelfelt
  • Sylvain Goyon, CFA
  • Virginie Rousseau
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 29/04/2020

Nous nous sommes appuyés sur nos économistes pour dessiner les profils de croissance pour 4 types de reprise: v, V, U, L/W. Nous constatons que 1/ le marché a éliminé les scénarios faibles (U et L) pour se concentrer sur les plus dynamiques (v, V). Seul le profil en v se traduit par des résultats 2021e supérieurs à ceux de 2019 (Stoxx 600 à 406 pt en décembre 2020). Ainsi, sans acter un scénario en v le marché fait plus que jouer une reprise en V. Ce pari est compatible avec celui d’u...

Alain William ...
  • Baptiste Lebacq
  • Benoit Valleaux
  • Charles Lepetitpas
  • Emira Sagaama
  • Fatma Agnès Hamdani
  • Florent Laroche-Joubert
  • Jean Danjou
  • Johanna Jourdain
  • Martial Descoutures
  • Matthias Desmarais
  • Michael Foundoukidis
  • Nicolas David
  • Olfa Taamallah
  • Pierre Tegner
  • Roland Pfaender,MBA,CFA,CCRA
  • Samantha Jeary
  • Sebastien Malafosse
  • Stephane Houri
  • Sven Edelfelt
  • Virginie Rousseau
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 04/24/2020

...

BUREAU VERITAS sees an upgrade to Slightly Positive due to a better fundamental star rating

The general evaluation of BUREAU VERITAS (FR), a company active in the Business Support Services industry, has been upgraded by the independent financial analyst theScreener with the addition of a star. Its fundamental valuation now shows 4 out of 4 possible stars while its market behaviour can be considered as moderately risky. theScreener believes that the additional star(s) merits the upgrade of its general evaluation to Slightly Positive. As of the analysis date July 17, 2020, the closing price was EUR 20.41 and its potential was estimated at EUR 21.92.

Ford Equity International Rating and Forecast Report

Ford Equity International Research Reports cover 60 countries with over 30,000 stocks traded on international exchanges. A proprietary quantitative system compares each company to its peers on proven measures of business value, growth characteristics, and investor behavior. Ford's three recommendation ratings buy, hold and sell, represent each stock’s return potential relative to its own country market.. The rating reports which are generated each week, include the fundamental details behind each recommendation and reflect the fundamental and price data as of the last trading day of the we...

ResearchPool Subscriptions

Get the most out of your insights

Get in touch