January 15, 2025 07:09 GMT
CREDIT UPDATE: Bureau Veritas (BVIFP: A3): SGS Merger talked
CREDIT UPDATE
Credit neutral. Bureau Veritas confirms in a very short press release that the two companies are discussing a combination. Unlikely to require any funding.
- SGS is rated A3 neg vs BVIFP A3 Stable
- SGS has similar revenue €7.2bn vs €6.2bn
- SGS has higher EBITDA margin at 22% vs 20%
- BVIFP leverage would go from 1.2x to 1.6x pro forma but would benefit from scale
SGSNVX 0.125 27 trades z+62 vs z+42 BVIFP 1.125 27.
Press Release
70 words