Bureau Veritas S.A.

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.
  • TickerBVI
  • ISINFR0006174348
  • ExchangeEuronext Paris
  • SectorSupport Services
  • CountryFrance

Analysts

Charles Pinel

Etude de l'AG du 18/10/2016

Il est proposé aux actionnaires d'approuver un projet de filialisation des différentes activités du groupe en France par voie de six apports partiels d'actifs au sein de six filiales détenues à 100%. Ces opérations consistent en une réorganisation interne qui ne peut affecter le patrimoine des actionnaires. Par conséquent, nous recommandons l'approbation des résolutions 1 à 6. Par ailleurs, le conseil d'administration était jusqu'à présent composé d'une majorité de membres libres de conflits d'intérêts potentiels, caractéristique assez rare pour une société contrôlée pour être saluée. Cependan...

Michael Field

Weak commodity prices are testing Bureau Veritas, but a strong brand and scale shield a narrow moat.

Bureau Veritas reported a relatively sluggish first quarter, driven by continued weakness in oil and gas and upstream mineral activities. This was in line with our relatively subdued expectations for the year; however, for the longer term, we believe that the picture remains positive and reiterate our narrow moat rating and fair value estimate for the company. Organic revenue growth was negative in the first quarter, with mixed performance across the business. While in-service inspection and ver...

Michael Field

Initiating Coverage on Two New Stocks in the TIC Space: Narrow-Moat Intertek and SGS

We are initiating coverage on Swiss-listed SGS and FTSE 100 firm Intertek in the testing, inspection, and certification, or TIC, space. Alongside Bureau Veritas, which is already under our coverage, these initiations extend our coverage in the space to all of the major listed global players. All three stocks have been assigned narrow moat ratings, reflecting the significant barriers to entry we see at the top end of this sector. Our fair value estimates for SGS and Intertek are CHF 2040 and GBX ...

Michael Field

Headwinds Persist for Bureau Veritas, but Share Price Now Offers Attractive Upside Potential

Bureau Veritas' third-quarter revenue update was rather downbeat, with management cutting full-year 2016 revenue growth and margin guidance as the weakness in commodity-exposed sectors continues to affect the business. However, we have already baked this reality into our full-year forecasts to a large degree; thus, we are not making any changes to our EUR 21 fair value estimate or to our narrow moat rating, which is intact despite the short-term concerns. Key concerns for Bureau Veritas that we ...

Valérie GASTALDY

Medium term view - BUREAU VERITAS : Trading range

In our previous medium term analysis (17/05/2016), we were neutral. We remain neutral. Prices evolve within a trading range.

Michael Field

Weak commodity prices are testing Bureau Veritas, but a strong brand and scale shield a narrow moat.

Bureau Veritas reported a relatively sluggish first quarter, driven by continued weakness in oil and gas and upstream mineral activities. This was in line with our relatively subdued expectations for the year; however, for the longer term, we believe that the picture remains positive and reiterate our narrow moat rating and fair value estimate for the company. Organic revenue growth was negative in the first quarter, with mixed performance across the business. While in-service inspection and ver...

Michael Field

Initiating Coverage on Two New Stocks in the TIC Space: Narrow-Moat Intertek and SGS

We are initiating coverage on Swiss-listed SGS and FTSE 100 firm Intertek in the testing, inspection, and certification, or TIC, space. Alongside Bureau Veritas, which is already under our coverage, these initiations extend our coverage in the space to all of the major listed global players. All three stocks have been assigned narrow moat ratings, reflecting the significant barriers to entry we see at the top end of this sector. Our fair value estimates for SGS and Intertek are CHF 2040 and GBX ...

Michael Field

Headwinds Persist for Bureau Veritas, but Share Price Now Offers Attractive Upside Potential

Bureau Veritas' third-quarter revenue update was rather downbeat, with management cutting full-year 2016 revenue growth and margin guidance as the weakness in commodity-exposed sectors continues to affect the business. However, we have already baked this reality into our full-year forecasts to a large degree; thus, we are not making any changes to our EUR 21 fair value estimate or to our narrow moat rating, which is intact despite the short-term concerns. Key concerns for Bureau Veritas that we ...

Michael Field

Resource Headwinds Continue for Intertek Into Q3

Having only initiated coverage of Intertek in October of this year, we saw no real surprises in this third-quarter revenue update, with revenue growth trends in line with our expectations for the full year. As such, we do not expect to make any changes to our GBX 3310 fair value estimate for the stock and we reiterate our narrow moat rating for the company. Headline growth of 18% over the 10-month period was driven solely by acquisitions and a positive foreign exchange impact from a weakened Br...

Michael Field

Product Segment Strength Reinforces Our Long-Term Thesis for Narrow-Moat Intertek

Narrow-moat Intertek reported full-year results broadly in line with our expectations, with headline revenue growth of 8.8% driven largely by acquisitions. We do not expect to make any material changes to our long-term forecasts or to our GBX 3310 fair value estimate on the back of these results, and we believe the shares are fully valued at prevailing levels. Divisionally, Intertek’s revenue growth was very mixed. Products, which comprise more than 50% of group sales, grew at 5.5% organically. ...

A director bought 1,200 shares at 21.472EUR and

A director at Bureau Veritas bought 1,200 shares at 21.472EUR and the significance rating of the trade was 53/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years clearly showing Close periods where trading activity is restricted under listing rules. The names of boar...

Ahmed Ben Salem ...
  • Bruno Cavalier
  • Christophe-Raphaël Ganet
  • Emira Sagaama
  • Jean Sassus
  • Laure Billoret
  • Matthias Desmarais
  • Steven Gould
  • Valentin Pernet
  • Yassine Batini

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 15/10/2018

...

Ahmed Ben Salem ...
  • Bruno Cavalier
  • Christophe-Raphaël Ganet
  • Emira Sagaama
  • Jean Sassus
  • Laure Billoret
  • Matthias Desmarais
  • Steven Gould
  • Valentin Pernet
  • Yassine Batini

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 10/15/2018

...

Ahmed Ben Salem ...
  • Alexandre Iatrides
  • Alfred Glaser
  • Antoine Boivin-Champeaux
  • Baptiste Lebacq
  • Christophe Chaput
  • Delphine Brault
  • Emira Sagaama
  • Fatma Agnès Hamdani
  • Florent Laroche-Joubert
  • François Maury
  • Georges Dieng
  • Jerôme Bodin
  • Léopold Authié
  • Matthias Desmarais
  • Michael Foundoukidis
  • Olfa Taamallah
  • Olivier Lebrun
  • Pierre Tegner
  • Rémi Adam
  • Samantha Jeary
  • Stephane Houri
  • Sven Edelfelt
  • Team Pharma
  • Virginie Rousseau

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 26/10/2018

...

Ahmed Ben Salem ...
  • Alexandre Iatrides
  • Alfred Glaser
  • Antoine Boivin-Champeaux
  • Baptiste Lebacq
  • Christophe Chaput
  • Delphine Brault
  • Emira Sagaama
  • Fatma Agnès Hamdani
  • Florent Laroche-Joubert
  • François Maury
  • Georges Dieng
  • Jerôme Bodin
  • Léopold Authié
  • Matthias Desmarais
  • Michael Foundoukidis
  • Olfa Taamallah
  • Olivier Lebrun
  • Pierre Tegner
  • Rémi Adam
  • Samantha Jeary
  • Stephane Houri
  • Sven Edelfelt
  • Team Pharma
  • Virginie Rousseau

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 10/26/2018

...

Charles Lepetitpas ...
  • Emira Sagaama
  • Nicolas David
  • Stephane Houri

ODDO BHF Small & MIDCAP MORNING NEWS - 25/02/2019

...

Ford Equity International Rating and Forecast Report

Ford Equity International Research Reports cover 60 countries with over 30,000 stocks traded on international exchanges. A proprietary quantitative system compares each company to its peers on proven measures of business value, growth characteristics, and investor behavior. Ford's three recommendation ratings buy, hold and sell, represent each stock’s return potential relative to its own country market.. The rating reports which are generated each week, include the fundamental details behind each recommendation and reflect the fundamental and price data as of the last trading day of the week...

BUREAU VERITAS INTL. sees a downgrade to Slightly Negative on account of less fundamental stars

The independent financial analyst theScreener just lowered the general evaluation of BUREAU VERITAS INTL. (FR), active in the Business Support Services industry. As regards its fundamental valuation, the title now shows 1 out of 4 stars while market behaviour can be considered moderately risky. theScreener believes that the title remains under pressure due to the loss of a star(s) and downgrades its general evaluation to Slightly Negative. As of the analysis date June 11, 2019, the closing price was EUR 21.25 and its target price was estimated at EUR 19.12.

Delphine Chauvin

Bureau Veritas : Certifié IG ?

Bureau Veritas fait partie des leaders mondiaux des services d’évaluation de conformité et de certification. Le groupe présente un profil opérationnel solide, évoluant en leader dans un secteur relativement défensif aux évolutions structurelles positives et bénéficiant de fortes barrières à l’entrée. Sa structure financière fait ressortir un endettement maîtrisé, relativement stable sur le long terme, avec un ratio ajusté Net debt/EBITDA d’environ 2.5x, un ratio FFO/Net debt auto...

Delphine Chauvin

Bureau Veritas : IG label ?

Bureau Veritas is a world leader in valuation, compliance and certification services. The group boasts a strong operating profile, showing leadership in a fairly defensive sector, with positive structural changes and high barriers to entry. Its balance sheet shows contained debt levels, fairly stable over the long term, with an adjusted net debt/EBITDA ratio of about 2.5x, an FFO/net debt ratio of around 25% and EBITDA/interest expense cover in excess of 10x. Only the gearing rat...

Bureau Veritas SA (BVI) - Power - Deals and Alliances Profile

Summary Bureau Veritas SA (Bureau Veritas) is a testing, inspection and certification service provider that offers varied services such as asset management, certification, classification, consulting, inspection and audits, testing and analysis, and training. The company serves aeronautics, agriculture, automotive, construction and real estate, consumer products, food, governments and public organizations, industrial equipment, international trade, IT, telecommunication and electronics, maritime, metals and minerals, oil and gas, power and utilities, process industries, retail, services, and t...

Charles Pinel

Etude de l'AG du 18/10/2016

Il est proposé aux actionnaires d'approuver un projet de filialisation des différentes activités du groupe en France par voie de six apports partiels d'actifs au sein de six filiales détenues à 100%. Ces opérations consistent en une réorganisation interne qui ne peut affecter le patrimoine des actionnaires. Par conséquent, nous recommandons l'approbation des résolutions 1 à 6. Par ailleurs, le conseil d'administration était jusqu'à présent composé d'une majorité de membres libres de conflits d'intérêts potentiels, caractéristique assez rare pour une société contrôlée pour être saluée. Cependan...

Etude de l'AG du 16/05/2017

Cette année, la société soumet au vote des actionnaires la rémunération de son Directeur Général pour l'exercice 2016, et celle de ses Présidents du Conseil d'administration et de son Directeur Général pour 2017 (résolutions 13 à 16). Si celle du Président ne pose pas de problème au niveau de ses montants et de sa structure, celle de Didier Michaud-Daniel laisse à désirer sur plusieurs éléments : le groupe ne communique en effet pas les objectifs en terme de performance pour les bonus annuels et pluri-annuels, et les critères qualitatifs représentent 40% du bonus annuel, ce qui rend difficile ...

Etude de l'AG du 16/05/2017

ITEM 13 and 16:2016 and 2017 remuneration for the CEO are clearly imperfect: there is no performance targets disclosed for any of the plans and for STI and LTI. This is even more problematic, due to the fact that 92% of STI have been granted in 2016, although performance indicators clearly decreased during this period.ITEM 6 to 11ECGS note that independence rate (33%) is not satisfactory. Accordingly, we will not support most of re-elections.

Jehanne Leroy

Proxy Report - 15/05/2018

Cette année, la société soumet au vote des actionnaires les rémunérations de son Président et de son Directeur Général pour les exercices 2017 et 2018. Proxinvest regrette que les montants attribués et attribuables au Président du Conseil soient beaucoup trop généreux au regard de ceux de ses pairs. Aussi, la rémunération de Didier Michaud-Daniel laisse à désirer sur plusieurs éléments : le groupe ne communique en effet pas les objectifs en termes de performance pour les bonus annuels et pluriannuels, et les critères qualitatifs représentent 40% du bonus annuel, ce qui rend difficile pour l'...

Jehanne Leroy

Proxy Report - 15/05/2018

This year, the company submits to the shareholders' vote the remuneration of each of its Chairman and Chief Executive Officer for the fiscal years 2017 (ex-post) and 2018 (ex-ante). Proxinvest regrets that the amounts awarded to the CEO are far too generous compared to those of his peers. In addition, compensation disclosure and structure could be significantly improved: the group does not communicate the performance objectives for annual and multi-year bonuses, and the qualitative criteria represent 40% of the annual bonus, which makes it difficult to measure alignment with performance. As...

Valérie GASTALDY

Medium term view - BUREAU VERITAS : Trading range

In our previous medium term analysis (17/05/2016), we were neutral. We remain neutral. Prices evolve within a trading range.

Valérie GASTALDY

Analyse moyen terme - BUREAU VERITAS : Trading range

Lors de notre dernière analyse moyen terme (17/05/2016), nous avions opté pour un avis neutre. Nous restons neutre. Les cours évoluent dans un trading range.

Louis-Clément AZAIS d'UHART

Analyse court terme - BUREAU VERITAS : Le support est enfoncé.

Notre précédent avis était positif. Nous sommes neutre. Notre seuil d'invalidation a été déclenché, nous revenons donc à un avis neutre. Arguments : - Le support est enfoncé.

Louis-Clément AZAIS d'UHART

Short term view - BUREAU VERITAS : The support has been breached.

Our previous opinion was positive. We are neutral. Our invalidation level has been triggered, we turn neutral. Arguments : - The support has been breached.

Laurent ALBIE

Analyse moyen terme - BUREAU VERITAS : Le support majeur n'est pas atteint.

La tendance est toujours neutre, mais au sein de cet intervalle un mouvement de plus court terme se dessine vers le bas de la consolidation.Arguments :- Le support majeur n'est pas atteint.

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