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 1 114.5 125.6 143.5 139.8 141.8 171 183.6 191.9
Change - 9.69% 14.25% -2.58% 1.43% 20.6% 7.35% 4.53%
Free Cash Flow (FCF) 1 676.2 709.3 659.1 843.3 824.2 726.3 778.2 804.6
Change - 4.9% -7.08% 27.95% -2.26% -11.88% 7.15% 3.39%
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% 20.5%
EBIT Margin (%) 16.1% 15.96% 15.85% 15.96% 16.28% 16.44% 16.71% 16.94%
EBT Margin (%) 12.96% 12.71% 12.89% 13.83% 13.54% 14.07% 14.29% 14.61%
Net margin (%) 8.45% 8.26% 8.58% 9.12% 9.09% 9.44% 9.67% 9.79%
FCF margin (%) 13.58% 12.55% 11.23% 13.51% 12.75% 10.82% 10.94% 10.74%
FCF / Net Income (%) 160.66% 151.98% 130.85% 148.1% 140.17% 114.58% 113.13% 109.67%

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% 38.39% 39.26% 39.39%

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 1.86x 1.67x

Capital Intensity

        
CAPEX / Current Assets (%) 2.3% 2.22% 2.45% 2.24% 2.19% 2.55% 2.58% 2.56%
CAPEX / EBITDA (%) 11.3% 11.08% 12.32% 11.31% 11% 12.6% 12.65% 12.5%
CAPEX / FCF (%) 16.93% 17.71% 21.77% 16.58% 17.2% 23.55% 23.59% 23.85%

Items per share

        
Cash flow per share 1 1.754 1.847 1.81 2.233 2.259 2.027 2.161 2.298
Change - 5.31% -2.01% 23.39% 1.19% -10.28% 6.59% 6.36%
Dividend per Share 1 0.53 0.77 0.83 0.9 0.92 0.9933 1.083 1.158
Change - 45.28% 7.79% 8.43% 2.22% 7.97% 9% 6.97%
Book Value Per Share 1 3.621 4.264 4.274 4.382 - 4.034 4.494 4.709
Change - 17.77% 0.23% 2.52% - - 11.39% 4.79%
EPS 1 0.92 1.02 1.1 1.25 1.31 1.431 1.56 1.673
Change - 10.87% 7.84% 13.64% 4.8% 9.23% 9.03% 7.21%
Nbr of stocks (in thousands) 452,037 452,445 453,664 447,493 443,585 444,056 444,056 444,056
Announcement Date 24/02/22 23/02/23 22/02/24 25/02/25 25/02/26 - - -
1EUR
Estimates
2026 *2027 *
P/E ratio 17.7x 16.2x
PBR 6.28x 5.63x
EV / Sales 1.92x 1.78x
Yield 3.92% 4.28%

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
25.32EUR
Average target price
31.73EUR
Spread / Average Target
+25.33%

Quarterly revenue - Rate of surprise

  1. Stock Market
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  4. Financials Bureau Veritas SA
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