reports
- Eya Drira
- Geoffroy Michalet
ODDO : Love lasts 3(0) years
Wendel has held shares in Bureau Veritas since 1995, but we expect the group to make a full exit in 2026 (15% of the capital of BVI remaining). With this move, Wendel would wrap up the divestment policy rolled out over the past two years, as it looks to deleverage its balance sheet and ensure strategic consistency with its equity story. Such an outcome would wipe out the structural overhang weighing on BV, leading to stock re-rating (Outperform rating and € 35 target price maintained). However, ...
- Eya Drira
- Geoffroy Michalet
ODDO : L’amour dure 3(0) ans
Alors que Wendel est actionnaire de Bureau Veritas depuis 1995 : nous tablons sur son désengagement total en 2026 (15% du capital de BVI restant), dans la continuité des deux dernières années, par besoin (de désendettement) et par cohérence (avec l’equity-story). Cette issue probable retirera l’overhang structurel qui affecte Bureau Veritas et conduira à un rerating (Surperformance et OC 35€ maintenus). En revanche, si elle permet la réduction de l’endettement de Wendel, les moteurs de croissanc...
- Maxime Kogge
- Carole Braudeau
- Mariem Ben Nejma
- Sinan Doganli
- Oliver Metzger
- Wim Gille
- Carole Braudeau
- Mariem Ben Nejma
- Sinan Doganli
- Oliver Metzger
- Wim Gille
- Martial Descoutures
- Ahmed Ben Salem
- Ahmed Ben Salem
- Martial Descoutures
- Sinan Doganli
- Fehmi Ben Naamane
- Martin Marandon-Carlhian
- Stephane Houri
- Martin Marandon-Carlhian
- Stephane Houri
- Fehmi Ben Naamane
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