Bureau Veritas : Resilient Q1, Q2 not likely to hold up as well
>Q1 beat expectations - Sales came to € 1.14bn, in line with our forecast but 5% higher than the consensus. The slight contraction in organic growth was a positive surprise at just -1.6% (vs +5.3% in Q4 2019) vs ODDO BHF estimate: -3.3% and consensus: -6.5%. Among good surprises, marine accelerated (+8.7% organic growth in Q1, ODDO BHF estimate: flat) and industry held up well (+2.9% in Q1, ODDO BHF estimate: 2%). Among the divisions under the heaviest pressure are co...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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