February 25, 2025 07:16 GMT
HEALTHCARE: Bureau Veritas (BVIFP: A3): FY24
HEALTHCARE
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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