Bureau Veritas: Oddo BHF still a buyer

(CercleFinance.com) - Oddo BHF maintains its 'outperform' rating on Bureau Veritas shares, with an unchanged target price of E33.


This morning, BV announced its annual results, with sales of E6,241m, slightly above expectations (Oddo BHF E6,212m/css E6,195m).

For 2025, the group is targeting 'mid-to-high single-digit' organic growth and an improvement in margin at constant exchange rates.

The consensus expects organic growth of 6.9% (vs. Oddo BHF 6.7%e) and adjusted EBITA of E1,078m, i.e. a margin of 16.3% (vs. Oddo BHF E1,079m, i.e. a 16.4% margin).

At this stage, the guidance is unsurprisingly in line with expectations, the broker says, which takes a "positive" view of this publication, even though it is not as impressive as some might have thought (particularly in terms of margins), it concludes.


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