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Bureau Veritas

ENXTPA:BVI
Snowflake Description

Mediocre balance sheet with acceptable track record.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
BVI
ENXTPA
€9B
Market Cap
  1. Home
  2. FR
  3. Commercial Services
Company description

Bureau Veritas SA provides testing, inspection, and certification services in the areas of quality, health and safety, environmental protection, efficiency, and social responsibility. The last earnings update was 54 days ago. More info.


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BVI Share Price and Events
7 Day Returns
-2.9%
ENXTPA:BVI
1.5%
FR Professional Services
1.6%
FR Market
1 Year Returns
0.4%
ENXTPA:BVI
4.6%
FR Professional Services
-4.4%
FR Market
BVI Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
Bureau Veritas (BVI) -2.9% -3.2% 9.3% 0.4% 10.6% -2.7%
FR Professional Services 1.5% -2.6% 8.9% 4.6% 46.5% 56.5%
FR Market 1.6% -3.8% 3.8% -4.4% 29.3% 26.7%
1 Year Return vs Industry and Market
  • BVI underperformed the Professional Services industry which returned 4.6% over the past year.
  • BVI outperformed the Market in France which returned -4.4% over the past year.
Price Volatility
BVI
Industry
5yr Volatility vs Market

Value

 Is Bureau Veritas undervalued based on future cash flows and its price relative to the stock market?

Value is all about what a company is worth versus what price it is available for. If you went into a grocery store and all the bananas were on sale at half price, they could be considered undervalued.
INTRINSIC VALUE BASED ON FUTURE CASH FLOWS
Here we compare the current share price of Bureau Veritas to its discounted cash flow analysis.value.

The discounted cash flow value is simply looking at what the company is worth today, based on estimates of how much money it is expected to make in the future.
Raw Data

Below are the data sources, inputs and calculation used to determine the intrinsic value for Bureau Veritas.

ENXTPA:BVI Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model 2 Stage Free Cash Flow to Equity
Levered Free Cash Flow Average of 17 Analyst Estimates (S&P Global) See below
Discount Rate (Cost of Equity) See below 7.7%
Perpetual Growth Rate 10-Year FR Government Bond Rate 0.7%

An important part of a discounted cash flow is the discount rate, below we explain how it has been calculated.

Calculation of Discount Rate/ Cost of Equity for ENXTPA:BVI
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year FR Govt Bond Rate 0.7%
Equity Risk Premium S&P Global 6.7%
Professional Services Unlevered Beta Simply Wall St/ S&P Global 0.88
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.877 (1 + (1- 33%) (34%))
1.051
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
1.05
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 0.73% + (1.051 * 6.65%)
7.72%

Discounted Cash Flow Calculation for ENXTPA:BVI using 2 Stage Free Cash Flow to Equity Model

The calculations below outline how an intrinsic value for Bureau Veritas is arrived at by discounting future cash flows to their present value using the 2 stage method. We try to start with analysts estimates of free cash flow, however if these are not available we use the most recent financial results. In the 1st stage we continue to grow the free cash flow over a 10 year period, with the growth rate trending towards the perpetual growth rate used in the 2nd stage. The 2nd stage assumes the company grows at a stable rate into perpetuity.

ENXTPA:BVI DCF 1st Stage: Next 10 year cash flow forecast
Levered FCF (EUR, Millions) Source Present Value
Discounted (@ 7.72%)
2019 544.31 Analyst x3 505.28
2020 528.28 Analyst x9 455.24
2021 556.82 Analyst x6 445.43
2022 560.81 Est @ 0.72% 416.46
2023 564.85 Est @ 0.72% 389.38
2024 568.94 Est @ 0.72% 364.09
2025 573.08 Est @ 0.73% 340.44
2026 577.26 Est @ 0.73% 318.33
2027 581.47 Est @ 0.73% 297.67
2028 585.72 Est @ 0.73% 278.34
Present value of next 10 years cash flows €3,810.67
ENXTPA:BVI DCF 2nd Stage: Terminal Value
Calculation Result
Terminal Value = FCF2028 × (1 + g) ÷ (Discount Rate – g)
= €585.72 × (1 + 0.73%) ÷ (7.72% – 0.73%)
€8,440.12
Present Value of Terminal Value = Terminal Value ÷ (1 + r)10
= €8,440.12 ÷ (1 + 7.72%)10
€4,010.89
ENXTPA:BVI Total Equity Value
Calculation Result
Total Equity Value = Present value of next 10 years cash flows + Terminal Value
= €3,810.67 + €4,010.89
€7,821.56
Equity Value per Share
(EUR)
= Total value / Shares Outstanding
= €7,821.56 / 435.44
€17.96
ENXTPA:BVI Discount to Share Price
Calculation Result
Value per share (EUR) From above. €17.96
Current discount Discount to share price of €21.31
= -1 x (€21.31 - €17.96) / €17.96
-18.6%

Learn more about our DCF calculations in Simply Wall St’s analysis model .

  • The current share price of Bureau Veritas is above its future cash flow value.
Often investors are willing to pay a premium for a company that has a high dividend or the potential for future growth.
PRICE RELATIVE TO MARKET
We can also value a company based on what the stock market is willing to pay for it. This is similar to the price of fruit (e.g. Mangoes or Avocados) increasing when they are out of season, or how much your home is worth.

The amount the stock market is willing to pay for Bureau Veritas's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are Bureau Veritas's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
ENXTPA:BVI PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2018-12-31) in EUR €0.76
ENXTPA:BVI Share Price ** ENXTPA (2019-05-21) in EUR €21.31
France Professional Services Industry PE Ratio Median Figure of 11 Publicly-Listed Professional Services Companies 16.57x
France Market PE Ratio Median Figure of 419 Publicly-Listed Companies 17.64x

* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.

** Primary Listing of Bureau Veritas.

ENXTPA:BVI PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= ENXTPA:BVI Share Price ÷ EPS (both in EUR)

= 21.31 ÷ 0.76

27.92x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Bureau Veritas is overvalued based on earnings compared to the FR Professional Services industry average.
  • Bureau Veritas is overvalued based on earnings compared to the France market.
Price based on expected Growth
Does Bureau Veritas's expected growth come at a high price?
Raw Data
ENXTPA:BVI PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 27.92x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 17 Analysts
11%per year
France Professional Services Industry PEG Ratio Median Figure of 7 Publicly-Listed Professional Services Companies 1.04x
France Market PEG Ratio Median Figure of 269 Publicly-Listed Companies 1.45x

*Line of best fit is calculated by linear regression .

ENXTPA:BVI PEG (Price to Earnings to Growth) Ratio Calculation
Calculation Outcome
PEG Ratio

= PE Ratio ÷ Net Income Annual Growth Rate

= 27.92x ÷ 11%

2.54x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Bureau Veritas is poor value based on expected growth next year.
Price based on value of assets
What value do investors place on Bureau Veritas's assets?
Raw Data
ENXTPA:BVI PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2018-12-31) in EUR €2.20
ENXTPA:BVI Share Price * ENXTPA (2019-05-21) in EUR €21.31
France Professional Services Industry PB Ratio Median Figure of 14 Publicly-Listed Professional Services Companies 2.33x
France Market PB Ratio Median Figure of 619 Publicly-Listed Companies 1.45x
ENXTPA:BVI PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= ENXTPA:BVI Share Price ÷ Book Value per Share (both in EUR)

= 21.31 ÷ 2.20

9.68x

* Primary Listing of Bureau Veritas.

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Bureau Veritas is overvalued based on assets compared to the FR Professional Services industry average.
X
Value checks
We assess Bureau Veritas's value by looking at:
  1. Is the discounted cash flow value less than 20%, or 40% of the share price? (2 checks) ( Click here or on bar chart for details of DCF calculation. )
  2. Is the PE ratio less than the market average, and/ or less than the Professional Services industry average (and greater than 0)? (2 checks)
  3. Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
  4. Is the PB ratio less than the Professional Services industry average (and greater than 0)? (1 check)
  5. Bureau Veritas has a total score of 0/6, see the detailed checks below.

    Note: We use GAAP Earnings per Share in all our calculations including PE and PEG Ratio.

    Full details on the Value part of the Simply Wall St company analysis model.

Future Performance

 How is Bureau Veritas expected to perform in the next 1 to 3 years based on estimates from 17 analysts?

The future performance of a company is measured in the same way as past performance, by looking at estimated growth and how much profit it is expected to make.

Future estimates come from professional analysts. Just like forecasting the weather, they don’t always get it right!
Annual Growth Rate
11%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is Bureau Veritas expected to grow at an attractive rate?
  • Bureau Veritas's earnings growth is expected to exceed the low risk savings rate of 0.7%.
Growth vs Market Checks
  • Bureau Veritas's earnings growth is positive but not above the France market average.
  • Bureau Veritas's revenue growth is positive but not above the France market average.
Annual Growth Rates Comparison
Raw Data
ENXTPA:BVI Future Growth Rates Data Sources
Data Point Source Value (per year)
ENXTPA:BVI Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 17 Analysts 11%
ENXTPA:BVI Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 17 Analysts 4.4%
France Professional Services Industry Earnings Growth Rate Market Cap Weighted Average 12.5%
France Professional Services Industry Revenue Growth Rate Market Cap Weighted Average 6.8%
France Market Earnings Growth Rate Market Cap Weighted Average 13.2%
France Market Revenue Growth Rate Market Cap Weighted Average 4.9%

*Line of best fit is calculated by linear regression .

Industry and Market average data is calculated daily.

Learn more about our growth rate calculations in Simply Wall St’s analysis model.

Analysts growth expectations
Raw Data
ENXTPA:BVI Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (4 months ago) See Below
Future Estimates Average of up to 17 Analyst Estimates (S&P Global) See Below
All numbers in EUR Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
ENXTPA:BVI Future Estimates Data
Date (Data in EUR Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2023-12-31 5,903 1
2022-12-31 5,756 2
2021-12-31 5,526 768 458 12
2020-12-31 5,287 702 437 17
2019-12-31 5,060 692 386 15
ENXTPA:BVI Past Financials Data
Date (Data in EUR Millions) Revenue Cash Flow Net Income *
2018-12-31 4,796 686 333
2018-09-30 4,732 641 332
2018-06-30 4,668 597 330
2018-03-31 4,679 589 324
2017-12-31 4,689 581 317
2017-09-30 4,689 582 306
2017-06-30 4,688 583 296
2017-03-31 4,619 589 308
2016-12-31 4,549 594 319
2016-09-30 4,543 623 280
2016-06-30 4,538 651 240
2016-03-31 4,586 679 248

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Bureau Veritas's earnings are expected to grow by 11% yearly, however this is not considered high growth (20% yearly).
  • Bureau Veritas's revenue is expected to grow by 4.4% yearly, however this is not considered high growth (20% yearly).
Past and Future Earnings per Share
The accuracy of the analysts who estimate the future performance data can be gauged below. We look back 3 years and see if they were any good at predicting what actually occurred. We also show the highest and lowest estimates looking forward to see if there is a wide range.
Raw Data
ENXTPA:BVI Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (4 months ago) See Below
Future Estimates Average of up to 17 Analyst Estimates (S&P Global) See Below

All data from Bureau Veritas Company Filings, last reported 4 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

ENXTPA:BVI Future Estimates Data
Date (Data in EUR Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2023-12-31
2022-12-31
2021-12-31 1.04 1.13 0.92 7.00
2020-12-31 1.00 1.06 0.86 12.00
2019-12-31 0.88 0.91 0.79 9.00
ENXTPA:BVI Past Financials Data
Date (Data in EUR Millions) EPS *
2018-12-31 0.76
2018-09-30 0.76
2018-06-30 0.76
2018-03-31 0.74
2017-12-31 0.73
2017-09-30 0.70
2017-06-30 0.68
2017-03-31 0.70
2016-12-31 0.73
2016-09-30 0.64
2016-06-30 0.55
2016-03-31 0.57

*GAAP earnings excluding extraordinary items.

Performance in 3 years
In the same way as past performance we look at the future estimated return (profit) compared to the available funds. We do this looking forward 3 years.
  • Bureau Veritas is expected to efficiently use shareholders’ funds in the future (Return on Equity greater than 20%).
X
Future performance checks
We assess Bureau Veritas's future performance by looking at:
  1. Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
  2. Is the annual earnings growth rate expected to beat the average growth rate in earnings of the France market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the France market? (1 check)
  4. Is the annual earnings growth rate expected to be above 20%? (1 check)
  5. Is the annual revenue growth rate expected to be above 20%? (1 check)
  6. Is the Return on Equity in 3 years expected to be over 20%? (1 check)
Some of the above checks will fail if the company is expected to be loss making in the relevant year.
Bureau Veritas has a total score of 2/6, see the detailed checks below.

Note 1: We use GAAP Net Income Excluding Exceptional Items for our Earnings in all our calculations.

Full details on the Future part of the Simply Wall St company analysis model.

Past Performance

  How has Bureau Veritas performed over the past 5 years?

The past performance of a company can be measured by how much growth it has experienced and how much profit it makes relative to the funds and assets it has available.
Past earnings growth
Below we compare Bureau Veritas's growth in the last year to its industry (Professional Services).
Past Earnings growth analysis
We also check if the company has grown in the past 5 years, and whether it has maintained that growth in the year.
  • Bureau Veritas's year on year earnings growth rate has been positive over the past 5 years.
  • Bureau Veritas's 1-year earnings growth exceeds its 5-year average (5.1% vs 0.3%)
  • Bureau Veritas's earnings growth has not exceeded the FR Professional Services industry average in the past year (5.1% vs 7.3%).
Earnings and Revenue History
Bureau Veritas's revenue and profit over the past 5 years is shown below, any years where they have experienced a loss will show up in red.
Raw Data

All data from Bureau Veritas Company Filings, last reported 4 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

ENXTPA:BVI Past Revenue, Cash Flow and Net Income Data
Date (Data in EUR Millions) Revenue Net Income * G+A Expenses R&D Expenses
2018-12-31 4,795.50 332.60 144.60
2018-09-30 4,731.55 331.50 144.85
2018-06-30 4,667.60 330.40 145.10
2018-03-31 4,678.50 323.50 147.70
2017-12-31 4,689.40 316.60 150.30
2017-09-30 4,688.65 306.15 150.10
2017-06-30 4,687.90 295.70 149.90
2017-03-31 4,618.55 307.55 147.05
2016-12-31 4,549.20 319.40 144.20
2016-09-30 4,543.35 279.60 143.30
2016-06-30 4,537.50 239.80 142.40
2016-03-31 4,586.15 247.55 142.30
2015-12-31 4,634.80 255.30 142.20
2015-09-30 4,578.80 285.50 140.45
2015-06-30 4,522.80 315.70 138.70
2015-03-31 4,347.15 305.15 134.70
2014-12-31 4,171.50 294.60 130.70
2014-09-30 4,057.25 311.75 127.85
2014-06-30 3,943.00 328.90 125.00
2014-03-31 3,938.05 337.00 124.75
2013-12-31 3,933.10 345.10 124.50
2013-09-30 3,965.65 326.05 126.05
2013-06-30 3,998.20 307.00 127.60
2013-03-31 3,950.25 302.30 126.70
2012-12-31 3,902.30 297.60 125.80
2012-09-30 3,749.85 302.30 123.50
2012-06-30 3,597.40 307.00 121.20

*GAAP earnings excluding extraordinary items.

Performance last year
We want to ensure a company is making the most of what it has available. This is done by comparing the return (profit) to a company's available funds, assets and capital.
  • Whilst Bureau Veritas has efficiently used shareholders’ funds last year (Return on Equity greater than 20%), this is metric is skewed due to its high level of debt.
  • Bureau Veritas used its assets more efficiently than the FR Professional Services industry average last year based on Return on Assets.
  • Bureau Veritas's use of capital deteriorated last year versus 3 years ago (Return on Capital Employed).
X
Past performance checks
We assess Bureau Veritas's performance over the past 5 years by checking for:
  1. Has earnings increased in past 5 years? (1 check)
  2. Has the earnings growth in the last year exceeded that of the Professional Services industry? (1 check)
  3. Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
  4. Is the Return on Equity (ROE) higher than 20%? (1 check)
  5. Is the Return on Assets (ROA) above industry average? (1 check)
  6. Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
The above checks will fail if the company has reported a loss in the most recent earnings report. Some checks require at least 3 or 5 years worth of data.
Bureau Veritas has a total score of 3/6, see the detailed checks below.

Note: We use GAAP Net Income excluding extraordinary items in all our calculations.

Full details on the Past part of the Simply Wall St company analysis model.

Health

 How is Bureau Veritas's financial health and their level of debt?

A company's financial position is much like your own financial position, it includes everything you own (assets) and owe (liabilities).

The boxes below represent the relative size of what makes up Bureau Veritas's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • Bureau Veritas is able to meet its short term (1 year) commitments with its holdings of cash and other short term assets.
  • Bureau Veritas's long term commitments exceed its cash and other short term assets.
Balance sheet
This treemap shows a more detailed breakdown of Bureau Veritas's finances. If any of them are yellow this indicates they may be out of proportion and red means they relate to one of the checks below.
Assets
Liabilities and shares
The 'shares' portion represents any funds contributed by the owners (shareholders) and any profits.
  • Low level of unsold assets.
  • Debt is not covered by short term assets, assets are 0.9x debt.
Historical Debt
Nearly all companies have debt. Debt in itself isn’t bad, however if the debt is too high, or the company can’t afford to pay the interest on its debts this may have impacts in the future.

The graphic below shows equity (available funds) and debt, we ideally want to see the red area (debt) decreasing.

If there is any debt we look at the companies capability to repay it, and whether the level has increased over the past 5 years.
Raw Data

All data from Bureau Veritas Company Filings, last reported 4 months ago.

ENXTPA:BVI Past Debt and Equity Data
Date (Data in EUR Millions) Total Equity Total Debt Cash & Short Term Investments
2018-12-31 1,007.60 3,154.70 1,051.00
2018-09-30 1,007.60 3,154.70 1,051.00
2018-06-30 852.10 2,740.00 314.50
2018-03-31 852.10 2,740.00 314.50
2017-12-31 1,013.10 2,449.00 383.50
2017-09-30 1,013.10 2,449.00 383.50
2017-06-30 987.80 2,545.80 323.80
2017-03-31 987.80 2,545.80 323.80
2016-12-31 1,243.00 3,082.40 1,145.10
2016-09-30 1,243.00 3,082.40 1,145.10
2016-06-30 1,043.10 2,391.20 272.10
2016-03-31 1,043.10 2,391.20 272.10
2015-12-31 1,124.90 2,389.90 568.20
2015-09-30 1,124.90 2,389.90 568.20
2015-06-30 1,182.90 2,316.40 258.80
2015-03-31 1,182.90 2,316.40 258.80
2014-12-31 1,140.70 2,098.70 255.70
2014-09-30 1,140.70 2,098.70 255.70
2014-06-30 937.50 2,156.10 182.20
2014-03-31 937.50 2,156.10 182.20
2013-12-31 982.10 1,511.30 196.90
2013-09-30 982.10 1,511.30 196.90
2013-06-30 992.10 1,604.00 232.10
2013-03-31 992.10 1,604.00 232.10
2012-12-31 1,167.80 1,411.00 251.20
2012-09-30 1,167.80 1,411.00 251.20
2012-06-30 1,146.20 1,699.70 252.40
  • Bureau Veritas's level of debt (313.1%) compared to net worth is high (greater than 40%).
  • The level of debt compared to net worth has increased over the past 5 years (154.7% vs 313.1% today).
  • Debt is well covered by operating cash flow (21.7%, greater than 20% of total debt).
  • Interest payments on debt are well covered by earnings (EBIT is 7.8x coverage).
X
Financial health checks
We assess Bureau Veritas's financial health by checking for:
  1. Are short term assets greater than short term liabilities? (1 check)
  2. Are short term assets greater than long term liabilities? (1 check)
  3. Has the debt to equity ratio increased in the past 5 years? (1 check)
  4. Is the debt to equity ratio over 40%? (1 check)
  5. Is the debt covered by operating cash flow? (1 check)
  6. Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check)
  7. Bureau Veritas has a total score of 3/6, see the detailed checks below.
For companies that are loss making and have been so on average in the past we replace the last 2 checks with:
  1. Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
  2. Does cash and short term investments cover growing operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)


Full details on the Health part of the Simply Wall St company analysis model.

Dividends

 What is Bureau Veritas's current dividend yield, its reliability and sustainability?

Dividends are regular cash payments to you from the company, similar to a bank paying you interest on a savings account.
Annual Dividend Income
Dividend payments
2.63%
Current annual income from Bureau Veritas dividends. Estimated to be 3% next year.
If you bought €2,000 of Bureau Veritas shares you are expected to receive €53 in your first year as a dividend.
Dividend Amount
Here we look how much dividend is being paid, if any. Is it above what you can get in a savings account? It is up there with the best dividend paying companies?
  • Bureau Veritas's pays a higher dividend yield than the bottom 25% of dividend payers in France (1.59%).
  • Bureau Veritas's dividend is below the markets top 25% of dividend payers in France (4.5%).
Annualized Historical and Future Dividends
It is important to see if the dividend for a company is stable, and not wildly increasing/decreasing each year. This graph shows you the historical rate to count toward your assessment of the stock.

We also check to see if the dividend has increased in the past 10 years.
Raw Data
ENXTPA:BVI Annualized Past and Future Dividends
Data Point Source Value
Past Annualized Dividend Yield S&P Global Market Data See Below
Past Dividends per Share Company Filings/ Annualized Dividend Payments See Below
Future Dividends per Share Estimates Average of up to 17 Analyst Estimates (S&P Global) See Below
France Professional Services Industry Average Dividend Yield Market Cap Weighted Average of 8 Stocks 1.9%
France Market Average Dividend Yield Market Cap Weighted Average of 323 Stocks 3.1%
France Minimum Threshold Dividend Yield 10th Percentile 1%
France Bottom 25% Dividend Yield 25th Percentile 1.6%
France Top 25% Dividend Yield 75th Percentile 4.5%

Industry and Market average data is calculated daily.

Note all dividend per share amounts are annualized and not quarterly or other period.

ENXTPA:BVI Future Dividends Estimate Data
Date (Data in €) Dividend per Share (annual) Avg. No. Analysts
2023-12-31
2022-12-31 0.78 1.00
2021-12-31 0.68 12.00
2020-12-31 0.64 18.00
2019-12-31 0.60 15.00
ENXTPA:BVI Past Annualized Dividends Data
Date (Data in €) Dividend per share (annual) Avg. Yield (%)
2019-02-28 0.560 2.587
2018-05-15 0.560 2.719
2017-05-16 0.550 2.568
2016-05-17 0.510 2.711
2015-03-25 0.480 2.448
2015-02-26 0.480 2.346
2014-03-31 0.480 2.461
2014-03-06 0.480 2.224
2013-03-21 0.458 2.104
2013-02-27 0.458 1.864
2012-05-31 0.318 1.608
2011-03-23 0.288 1.994
2011-02-28 0.288 2.127
2010-03-04 0.210 1.750

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Whilst dividend payments have been stable, Bureau Veritas has been paying a dividend for less than 10 years.
  • Dividend payments have increased, but Bureau Veritas only paid a dividend in the past 9 years.
Current Payout to shareholders
What portion of Bureau Veritas's earnings are paid to the shareholders as a dividend.
  • Dividends paid are covered by earnings (1.4x coverage).
Future Payout to shareholders
  • Dividends after 3 years are expected to be covered by earnings (1.8x coverage).
X
Income/ dividend checks
We assess Bureau Veritas's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 1%) - if not then the rest of the checks are ignored.
  2. Is current dividend yield above the bottom 25% of dividend payers? (1 check)
  3. Is current dividend yield above the top 25% of dividend payers? (1 check)
  4. Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
  5. If they have paid a dividend for 10 years has it increased in this time? (1 check)
  6. How sustainable is the dividend, can Bureau Veritas afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. Bureau Veritas has a total score of 3/6, see the detailed checks below.


Full details on the Dividends part of the Simply Wall St company analysis model.

Management

 What is the CEO of Bureau Veritas's salary, the management and board of directors tenure and is there insider trading?

Management is one of the most important areas of a company. We look at unreasonable CEO compensation, how long the team and board of directors have been around for and insider trading.
CEO
Didier Michaud-Daniel
COMPENSATION €4,312,849
AGE 60
TENURE AS CEO 7.2 years
CEO Bio

Mr. Didier Michaud-Daniel has been the Chief Executive Officer of Bureau Veritas SA of Wendel since March 1, 2012. Mr. Michaud-Daniel serves as Independent Member of Supervisory Board at Tarkett SAS since April 26, 2019. Mr. Michaud-Daniel serves as the Chief Executive Officer at Bureau Veritas Certification North America, Inc. Mr. Michaud-Daniel served as the President of Otis Elevator Company, a subsidiary of United Technologies Corporation from May 2008 to February 15, 2012. He served as the Chairman of U.K. & Central Europe Area of Otis Elevator Company from August 2004 to May 2008.He served as Chairman of Otis Elevator Company in May 2008. From September 2001 to August 2004, he served as Managing Director of Otis United Kingdom and Ireland, following 20 years of service with Otis France. His career at Otis began in 1981 in service sales, progressing into sales, branch and field support management. Since 1991, he served as the Field Operations Director for Otis France and Paris Field and Sales Operations Director since 1992. He served as Chief Operating Officer at Otis since January 1998. He serves on the Board of Trustees of the Kingswood Oxford School and on the Board of Directors of Hartford HealthCare. Mr. Michaud-Daniel is a graduate of the University of Commerce, (Ecole Supérieure de Commerce de Poitiers) and INSEAD, with a Degree in Business Management.

CEO Compensation
  • Didier's compensation has been consistent with company performance over the past year, both up more than 20%.
  • Didier's remuneration is higher than average for companies of similar size in France.
Management Team Tenure

Average tenure and age of the Bureau Veritas management team in years:

1
Average Tenure
48
Average Age
  • The average tenure for the Bureau Veritas management team is less than 2 years, this suggests a new team.
Management Team

Didier Michaud-Daniel

TITLE
Chief Executive Officer
COMPENSATION
€4M
AGE
60
TENURE
7.2 yrs

François Chabas

TITLE
Executive VP & Group CFO
TENURE
0.7 yrs

Laurent Brunelle

TITLE
Head of Investor Relations
AGE
44
TENURE
2.9 yrs

Pascal Quint

TITLE
Executive VP of Risk & Compliance
AGE
60
TENURE
0.8 yrs

Helen Bradley

TITLE
Executive Vice President of Human Resources
TENURE
0.9 yrs

Eduardo Camargo

TITLE
Executive Vice President of Group Transformation & Business Development and CIF Latin America

Juliano Cardoso

TITLE
Executive Vice President of CIF - Africa

Natalia Shuman

TITLE
Executive Vice-President of CIF North America
AGE
44
TENURE
2.1 yrs

Jacques Pommeraud

TITLE
Executive VP of Commodities
AGE
42
TENURE
1 yrs

Laurent Louail

TITLE
Executive Vice President of Commodities
AGE
52
TENURE
1 yrs
Board of Directors Tenure

Average tenure and age of the Bureau Veritas board of directors in years:

4.2
Average Tenure
57
Average Age
  • The tenure for the Bureau Veritas board of directors is about average.
Board of Directors

Aldo Cardoso

TITLE
Chairman
COMPENSATION
€347K
AGE
62
TENURE
2.2 yrs

André François-Poncet

TITLE
Vice Chairman of the Board
COMPENSATION
€76K
AGE
59
TENURE
1.3 yrs

Frank Piedelièvre

TITLE
Honorary Chairman
COMPENSATION
€465K
AGE
62
TENURE
5.5 yrs

Pascal Lebard

TITLE
Independent Director
COMPENSATION
€86K
AGE
56
TENURE
5.4 yrs

Stéphane Bacquaert

TITLE
Director
COMPENSATION
€33K
AGE
46
TENURE
9.9 yrs

Lucia Sinapi-Thomas

TITLE
Director
COMPENSATION
€57K
AGE
54
TENURE
6 yrs

Iêda Gomes Yell

TITLE
Independent Director
COMPENSATION
€83K
AGE
61
TENURE
6 yrs

Siân Herbert-Jones

TITLE
Independent Director
COMPENSATION
€57K
AGE
58
TENURE
3 yrs

Stéphanie Besnier

TITLE
Director
COMPENSATION
€59K
AGE
40
TENURE
2.6 yrs

Claude Ehlinger

TITLE
Director
COMPENSATION
€81K
AGE
54
TENURE
2.6 yrs
Who owns this company?
Recent Insider Trading
  • No 3 month insider trading information.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price (€) Value (€)
X
Management checks
We assess Bureau Veritas's management by checking for:
  1. Is the CEO's compensation unreasonable compared to market cap? (1 check)
  2. Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
  3. Is the average tenure of the management team less than 2 years? (1 check)
  4. Is the average tenure of the board of directors team less than 3 years? (1 check)
  5. Bureau Veritas has a total score of 0/6, this is not included on the snowflake, see the detailed checks below.


Note: We use the top 6 management executives and board members in our calculations.

Note 2: Insider trading include any internal stakeholders and these transactions .

Full details on the Management part of the Simply Wall St company analysis model.

News

Simply Wall St News

Bureau Veritas SA (EPA:BVI): Will The Growth Last?

Looking at Bureau Veritas SA's (EPA:BVI) earnings update in December 2018, the consensus outlook from analysts appear fairly confident, with profits predicted to increase by 16% next year relative to the past 5-year average growth rate of 0.3%. … Below is a brief commentary on the longer term outlook the market has for Bureau Veritas. … See our latest analysis for Bureau Veritas What can we expect from Bureau Veritas in the longer term?

Simply Wall St -

Should We Worry About Bureau Veritas SA's (EPA:BVI) P/E Ratio?

The goal of this article is to teach you how to use price to earnings ratios (P/E ratios). … How Do I Calculate A Price To Earnings Ratio … Price to Earnings Ratio = Price per Share ÷ Earnings per Share (EPS)

Simply Wall St -

What Should Investors Know About The Future Of Bureau Veritas SA's (EPA:BVI)?

Bureau Veritas SA's (EPA:BVI) latest earnings update in December 2018a … indicated

Simply Wall St -

Here’s why Bureau Veritas SA’s (EPA:BVI) Returns On Capital Matters So Much

In particular, we'll consider its Return On Capital Employed (ROCE), as that can give us insight into how profitably the company is able to employ capital in its business. … What is Return On Capital Employed (ROCE)? … ROCE measures the amount of pre-tax profits a company can generate from the capital employed in its business.

Simply Wall St -

The Bureau Veritas (EPA:BVI) Share Price Is Up 13% And Shareholders Are Holding On

For example, the Bureau Veritas SA (EPA:BVI) share price return of 13% over three years lags the market return in the same period. … One way to examine how market sentiment has changed over time is to look at the interaction between a company's share price and its earnings per share (EPS). … During three years of share price growth, Bureau Veritas achieved compound earnings per share growth of 9.4% per year.

Simply Wall St -

Bureau Veritas SA (EPA:BVI): Immense Growth Potential?

Looking at Bureau Veritas SA's (EPA:BVI) earnings update on 31 December 2018, … as a 20% increase in profits is expected in the upcoming year, … the past 5-year average growth rate of 0.3%.

Simply Wall St -

Is Bureau Veritas SA (EPA:BVI) Undervalued After Accounting For Its Future Growth?

Growth expectations for Bureau Veritas SA (EPA:BVI) are high, but many investors are starting to ask whether its last close at €21.82 can still be rationalized by the future potential. … View our latest analysis for Bureau Veritas? … Investors in Bureau Veritas have been patiently waiting for the uptick in earnings.

Simply Wall St -

Bureau Veritas SA (EPA:BVI) Is An Attractive Dividend Stock, Here's Why

Bureau Veritas SA (EPA:BVI) has pleased shareholders over the past 10 years, by paying out dividends. … Does Bureau Veritas tick all the boxes of a great dividend stock? … Check out our latest analysis for Bureau Veritas

Simply Wall St -

Should You Be Excited About Bureau Veritas SA's (EPA:BVI) 42% Return On Equity?

While some investors are already well versed in financial metrics (hat tip), this article is for those who would like to learn about Return On Equity (ROE) and why it is important. … One way to conceptualize this, is that for each €1 of shareholders' equity it has, the company made €0.42 in profit. … Return on Equity = Net Profit ÷ Shareholders' Equity

Simply Wall St -

What Does Bureau Veritas SA's (EPA:BVI) P/E Ratio Tell You?

This article is for investors who would like to improve their understanding of price to earnings ratios (P/E ratios). … We'll look at Bureau Veritas SA's (EPA:BVI) P/E ratio and reflect on what it tells us about the company's share price. … Bureau Veritas has a price to earnings ratio of 24.08, based on the last twelve months.

Simply Wall St -

Company Info

Description

Bureau Veritas SA provides testing, inspection, and certification services in the areas of quality, health and safety, environmental protection, efficiency, and social responsibility. It operates through six segments: Marine & Offshore, Agri-Food & Commodities, Industry, Buildings & Infrastructure, Certification, and Consumer Products. The company engages in inspecting, testing, auditing, and certifying the products, assets, and management systems of its clients related to regulatory or self-imposed standards, as well as the issuance of compliance reports. It also provides laboratory and on-site testing and analyses services to determine the characteristics of a product or material; inspection services, including visual inspections and verification of documents, and manufacturing supervision, as well as electronic, electrical, mechanical, and software testing; and certification services for management systems, products, and people, as well as cross-market services. The company serves the automotive and transport, buildings and infrastructure, chemicals, commodities and agriculture, consumer products and retail, financial services and public, food, marine and offshore, oil and gas, and power and utilities markets. It operates in approximately 140 countries through a network of approximately 1,500 offices and laboratories. The company was founded in 1828 and is based in Neuilly-sur-Seine, France.

Details
Name: Bureau Veritas SA
BVI
Exchange: ENXTPA
Founded: 1828
€9,279,298,555
435,443,386
Website: http://www.bureauveritas.com
Address: Bureau Veritas SA
Immeuble Newtime,
40/52 Boulevard du Parc,
Neuilly-sur-Seine,
Ile-de-France, 92200,
France
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
ENXTPA BVI Ordinary Shares Euronext Paris FR EUR 24. Oct 2007
OTCPK BVRD.F Ordinary Shares Pink Sheets LLC US USD 24. Oct 2007
DB 4BV Ordinary Shares Deutsche Boerse AG DE EUR 24. Oct 2007
LSE 0MH1 Ordinary Shares London Stock Exchange GB EUR 24. Oct 2007
BATS-CHIXE BVIP Ordinary Shares BATS 'Chi-X Europe' GB EUR 24. Oct 2007
Number of employees
Current staff
Staff numbers
75,428
Bureau Veritas employees.
Industry
Research and Consulting Services
Commercial Services
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/05/21 21:25
End of day share price update: 2019/05/21 00:00
Last estimates confirmation: 2019/05/14
Last earnings filing: 2019/03/28
Last earnings reported: 2018/12/31
Last annual earnings reported: 2018/12/31


All dates and times in UTC. All financial data provided by Standard & Poor’s Capital IQ.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.