Bureau Veritas : Still proving resilient – Buy rating reiterated
>Revenue slightly better than expected - Q3 revenue beat the consensus by 1%, growing by 6.2% y-o-y; it benefited from a forex impact of +1.5% and acquisitions contributed +0.8%. Organic growth came as a pleasant surprise in Q3 at 3.9%; this is in line with our forecast (ODDO BHF 3.8%e) but above the consensus (3.5%e) which expected it to slow from the 4% achieved in H1, especially as comps were challenging (4.8% in Q3 2018). The group thus remained resilient over 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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