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HEALTHCARE: Bureau Veritas (BVIFP: A3): FY24

HEALTHCARE
Credit BulletsCEEMEAEurozoneFranceBullet

Good numbers in line with estimates

  • Revenue €6.24bn matched estimates +6.4% yoy, +10.2% organically
  • Adj Op Profit €996m +7.1% yoy; Adj Op Margin of 16% a slight uptick of 38bps CER
  • FCF €843m +27.9% yoy a new record
  • ND/EBITDA 1.06x slightly up from 0.92x but still low
  • Guidance mid-high single-digit organic revenue growth
  • Issued twice in 2024 (2031 & 2036), now has A3 rating from Moody's. Next maturity Sep 26
  • The key question for BVI is M&A strategy following the termination of SGS merger talks. BVI said that they still believe in consolidation.
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Good numbers in line with estimates

  • Revenue €6.24bn matched estimates +6.4% yoy, +10.2% organically
  • Adj Op Profit €996m +7.1% yoy; Adj Op Margin of 16% a slight uptick of 38bps CER
  • FCF €843m +27.9% yoy a new record
  • ND/EBITDA 1.06x slightly up from 0.92x but still low
  • Guidance mid-high single-digit organic revenue growth
  • Issued twice in 2024 (2031 & 2036), now has A3 rating from Moody's. Next maturity Sep 26
  • The key question for BVI is M&A strategy following the termination of SGS merger talks. BVI said that they still believe in consolidation.