Morningstar | Bureau Veritas Company Report
Bureau Veritas is one of only a handful of global firms in the testing, inspection, and certification sector, operating across multiple industries. The TIC market is highly fragmented, with many local/regional players that lack the capabilities to operate across multiple industries and, as such, struggle to successfully service the needs of multinational companies. BV’s scale allows the company to leverage its network of industry experts and testing sites to offer a broad service and bid for large multiyear contracts.While BV operates in all three areas in the TIC space, its activities primarily focus on the less capital-intensive areas of inspection and certification. Over the course of its almost 200-year history, BV has managed to amass a wealth of operating licences, government authorisations, and accreditations, which pose a significant barrier to entry for competitors, as these licences can require considerable time and resources to obtain.As an industry leader, BV is in a prime position to benefit from several structural growth drivers. First, increasingly sophisticated products, such as wearable tech, often require a high degree of expertise in testing, for which vendors can command premium margins. In addition, the proliferation of global brands increases the need for brand protection, which leads to increased scrutiny on supply chains and Quality, Health and Safety, and Environmental, or QHSE, systems. Finally, as both government agencies and the private sector continue to outsource noncore functions, we believe this trend will benefit independent providers of highly technical testing and supply-chain-management activities.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.
Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.
Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
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