Bureau Veritas SA

BVI: XPAR (FRA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	€43.00	Syzsckn	Rgtfbdvw

Bureau Veritas Earnings: Tailwinds in ESG-Related Services Lead to Strong Growth

Benjamin Slupecki

Jul 26, 2024

Narrow-moat Bureau Veritas' successful run continued in the second quarter of 2024 as it posted organic revenue growth of 10%, citing their 28 strategy. Management upgraded their guidance to high-single-digit organic revenue growth from a mid- to high single digit previously and guided for improved adjusted operating margins, although they did not give a figure. We reiterate our EUR 30 fair value estimate and see the stock as fairly valued following the July 26 price increase.

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