Projected Income Statement: Bureau Veritas SA

Forecast Balance Sheet: Bureau Veritas SA

Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Net Debt 1 1,051 975 936 1,226 1,253 1,639 1,448 1,343
Change - -7.23% -4% 30.98% 2.2% 30.77% -11.65% -7.25%
Announcement Date 24/02/22 23/02/23 22/02/24 25/02/25 25/02/26 - - -
1EUR in Million
Estimates

Cash Flow Forecast: Bureau Veritas SA

Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
CAPEX 1 114.5 125.6 143.5 139.8 141.8 171.1 183.7 195.3
Change - 9.69% 14.25% -2.58% 1.43% 20.69% 7.35% 6.29%
Free Cash Flow (FCF) 1 676.2 709.3 659.1 843.3 824.2 724.9 782.6 836.4
Change - 4.9% -7.08% 27.95% -2.26% -12.05% 7.96% 6.87%
Announcement Date 24/02/22 23/02/23 22/02/24 25/02/25 25/02/26 - - -
1EUR in Million
Estimates

Forecast Financial Ratios: Bureau Veritas SA

Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028

Profitability

        
EBITDA Margin (%) 20.33% 20.06% 19.85% 19.8% 19.93% 20.22% 20.4% 20.51%
EBIT Margin (%) 16.1% 15.96% 15.85% 15.96% 16.28% 16.45% 16.71% 16.97%
EBT Margin (%) 12.96% 12.71% 12.89% 13.83% 13.54% 14% 14.24% 14.52%
Net margin (%) 8.45% 8.26% 8.58% 9.12% 9.09% 9.44% 9.66% 9.83%
FCF margin (%) 13.58% 12.55% 11.23% 13.51% 12.75% 10.78% 10.98% 11.13%
FCF / Net Income (%) 160.66% 151.98% 130.85% 148.1% 140.17% 114.28% 113.67% 113.2%

Profitability

        
ROA 7.22% 7.7% 7.32% 8.23% 8.25% 9.2% 9.54% 9.71%
ROE 33.43% 29.37% 26.52% 29.14% 31.93% 38.58% 39.38% 39.19%

Financial Health

        
Leverage (Debt/EBITDA) 1.04x 0.86x 0.8x 0.99x 0.97x 1.21x 1x 0.87x
Debt / Free cash flow 1.55x 1.38x 1.42x 1.45x 1.52x 2.26x 1.85x 1.61x

Capital Intensity

        
CAPEX / Current Assets (%) 2.3% 2.22% 2.45% 2.24% 2.19% 2.55% 2.58% 2.6%
CAPEX / EBITDA (%) 11.3% 11.08% 12.32% 11.31% 11% 12.59% 12.64% 12.67%
CAPEX / FCF (%) 16.93% 17.71% 21.77% 16.58% 17.2% 23.61% 23.48% 23.35%

Items per share

        
Cash flow per share 1 1.754 1.847 1.81 2.233 2.259 2.14 2.286 2.198
Change - 5.31% -2.01% 23.39% 1.19% -5.27% 6.81% -3.86%
Dividend per Share 1 0.53 0.77 0.83 0.9 0.92 1.002 1.091 1.161
Change - 45.28% 7.79% 8.43% 2.22% 8.9% 8.92% 6.38%
Book Value Per Share 1 3.621 4.264 4.274 4.382 - 3.998 4.487 4.8
Change - 17.77% 0.23% 2.52% - - 12.25% 6.97%
EPS 1 0.92 1.02 1.1 1.25 1.31 1.44 1.569 1.688
Change - 10.87% 7.84% 13.64% 4.8% 9.9% 9% 7.56%
Nbr of stocks (in thousands) 4,52,037 4,52,445 4,53,664 4,47,493 4,43,585 4,43,725 4,43,725 4,43,725
Announcement Date 24/02/22 23/02/23 22/02/24 25/02/25 25/02/26 - - -
1EUR
Estimates
2026 *2027 *
P/E ratio 18.3x 16.8x
PBR 6.59x 5.87x
EV / Sales 1.98x 1.84x
Yield 3.8% 4.14%

EPS & Dividend

Y-o-Y evolution of P/E

Year-on-year evolution of the Yield

Trader
Investor
Global
Quality
ESG MSCI
AA
Sell
Consensus
Buy
Mean consensus
OUTPERFORM
Number of Analysts
17
Last Close Price
26.36EUR
Average target price
32.03EUR
Spread / Average Target
+21.50%

Quarterly revenue - Rate of surprise

  1. Stock Market
  2. Equities
  3. BVI Stock
  4. Financials Bureau Veritas SA