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...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.
Oddo Securities provides securities brokerage and research services. The company offers equity, economic, and derivatives research and credit analysis services. It focuses on insurance, automotive, building materials, pharmaceuticals, telecommunications, information technology, and agri-food industries.
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