olivLaw · European equity research
Bureau Veritas BVI.PA
France · Euronext Paris · ISIN FR0006174348 · Vertical: Listed companies from France
At the close of 03 Nov 2026, Bureau Veritas (BVI.PA) stock was 29.15 EUR (−0.17% on the day), with market capitalisation 13.0 bn EUR, P/E 22.3 on diluted EPS of 1.31 EUR over the last 12 months, dividend yield 3.09%, beta 0.54, 52-week range 25.04–29.48 EUR.
Data as of · Source: ESEF annual reports and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 64.6
- strong (55–70)
- Bollinger (20, 2)
- 26.15 – 30.26
- in the upper half of the band · %B 0.73 · band width 14.6%
- SMA 50 / 200
- 27.65 / 27.21
- uptrend (price > SMA50 > SMA200)
- MACD (12, 26, 9)
- 0.54 / 0.45
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | EURO STOXX 50 | vs EURO STOXX 50 | Vertical median | |
|---|---|---|---|---|
| 1 month | +9.7% | −1.0% | +10.7 pp | — |
| 3 months | +1.8% | −3.9% | +5.7 pp | — |
| 6 months | +10.0% | +7.2% | +2.8 pp | — |
| Year to date | +7.2% | +6.6% | +0.7 pp | — |
| 1 year | +2.1% | +9.1% | −6.9 pp | −6.7% |
| 3 years | +29.6% | +47.9% | −18.4 pp | −16.6% |
| 5 years | −1.7% | +43.3% | −45.0 pp | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 67 percentile of its own 3-quarter history (min 20.7, median 20.8, max 23.5; quarters with earnings only).
Fiscal years
| Fiscal year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | 5.9 bn | 6.2 bn | 6.5 bn |
| Revenue YoY | unavailable | +6.4% | +3.6% |
| Net income | 503.7 m | 569.4 m | 588.0 m |
| Net income YoY | unavailable | +13.0% | +3.3% |
| Diluted EPS | 1.10 | 1.25 | 1.31 |
| Diluted EPS YoY | unavailable | +13.6% | +4.8% |
| net % | 8.6% | 9.1% | 9.1% |
| Free cash flow | unavailable | unavailable | unavailable |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 1.4 bn EUR
- Financial debt
- 2.4 bn EUR
- Net debt
- 1.0 bn EUR
- Equity
- 1.8 bn EUR
- Total assets
- 7.1 bn EUR
- Debt / equity
- 1.36x
- Current ratio
- unavailable
- ROE
- 31.0%
- ROA
- 8.2%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (EUR)
Margins
Income statement · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 5.9 bn | 6.2 bn | 6.5 bn | esef· 07 Apr 2026verified |
| Operating income | 824.4 m | 933.4 m | 992.4 m | esef· 07 Apr 2026verified |
| Depreciation & amortisation | 291.5 m | 283.7 m | 299.5 m | esef· 07 Apr 2026verified |
| EBITDA | 1.1 bn ≈ | 1.2 bn ≈ | 1.3 bn ≈ | esef· 07 Apr 2026derived |
| Pre-tax income | 756.6 m | 863.0 m | 875.4 m | esef· 07 Apr 2026verified |
| Income tax | 240.7 m | 273.8 m | 265.9 m | esef· 07 Apr 2026verified |
| Net income | 503.7 m | 569.4 m | 588.0 m | esef· 07 Apr 2026verified |
| Diluted EPS | 1.10 | 1.25 | 1.31 | esef· 07 Apr 2026verified |
| Dividend per share | 0.77 | 0.83 | 0.90 | esef· 07 Apr 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Cash | 1.2 bn | 1.2 bn | 1.4 bn | esef· 07 Apr 2026verified |
| Receivables | 1.6 bn | 1.6 bn | 1.6 bn | esef· 07 Apr 2026verified |
| Property, plant & equipment, net | 389.0 m | 401.9 m | 379.5 m | esef· 07 Apr 2026verified |
| Goodwill | 2.1 bn | 2.3 bn | 2.3 bn | esef· 07 Apr 2026verified |
| Intangibles (excl. goodwill) | 360.0 m | 464.4 m | 393.4 m | esef· 07 Apr 2026verified |
| Total assets | 6.6 bn | 7.2 bn | 7.1 bn | esef· 07 Apr 2026verified |
| Long-term debt | 2.1 bn | 1.9 bn | 2.4 bn | esef· 07 Apr 2026verified |
| Equity | 2.0 bn | 2.0 bn | 1.8 bn | esef· 07 Apr 2026verified |
| Shares outstanding at year end | 453.8 m | 448.3 m | 445.5 m | esef· 07 Apr 2026derived |
Cash flow · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | 819.7 m | 1.0 bn | 1.0 bn | esef· 07 Apr 2026verified |
| Investing cash flow | -188.0 m | -347.8 m | -114.8 m | esef· 07 Apr 2026verified |
| Financing cash flow | -1.1 bn | -610.2 m | -675.5 m | esef· 07 Apr 2026verified |
| Dividends paid | 396.3 m | 406.9 m | 430.0 m | esef· 07 Apr 2026verified |
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- score weight coverage: 54.2% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
03 Nov 2026Source: olivLaw, closing series
Market cap: 13.0 bn EUR
Key indicators
Coverage and freshness
Score by group
54% · Insufficient data
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 12.24 – 39.06 EUR.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (EUR per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)unavailable · input data missing
- Peers: EV/EBITDA15.52 – 28.54 (Mid 20.00)4 companies used · median multiple 7.7x · quartiles 6.1x – 10.6xABEO.PA, AI.PA, ANTIN.PA, ATE.PA
- Peers: P/E14.29 – 39.06 (Mid 22.49)20 companies used · median multiple 17.2x · quartiles 10.9x – 29.8x74SW.PA, ABEO.PA, AC.PA, ADP.PA, AF.PA, AI.PA, ALBON.PA, ALCIS.PA, ALCLA.PA, ALFER.PA, ALHEX.PA, ALO.PA, ALPWG.PA, ALSOG.PA, ANTIN.PA, ARAMI.PA, ATE.PA, AUB.PA, AURE.PA, BB.PA
- Dividend discount (DDM)12.24 – 16.69 (Mid 14.12)
Assumptions (illustrative, editorial)
- Risk-free rate
- 3.0%
- Equity risk premium
- 5.5%
- Beta (default)
- 1.00
- Cost of equity
- 8.5%
- Terminal growth
- 2.0%
Factor scorecard
Insufficient data
Minimum-evidence gate: score weight coverage: 54.2% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 25.1% | 81 (vs peers) | 19% |
| Net margin · Quality | 9.1% | 90 (vs peers) | 12% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | 0.8x | 43 (vs peers) | 19% |
| Interest coverage · Balance sheet | unavailable | unavailable | — |
| Current ratio · Balance sheet | unavailable | unavailable | — |
| P/E (TTM) · Valuation | 22.3x | 43 (vs peers) | 19% |
| EV/EBITDA · Valuation | 10.8x | 20 (vs peers) | 19% |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | 3.3% | 47 (on a fixed band) | 12% |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet· partial43/100 · 1/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality84/100 · 2/3 factors with a value
- Returns· partial47/100 · 1/2 factors with a value
- Valuation32/100 · 2/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
BUREAU VERITAS (BVI.PA). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 6.5 bn EUR in 2025; YoY growth 3.6%; net margin 9.1%; ROE 31.9%; net debt/EBITDA 0.8x.
The estimated value range is 14.29–28.54 EUR per share (median of 3 methods, agreement: medium); assumptions are illustrative. Against the central value of 20.00 EUR, the price of 29.15 EUR leaves a potential of -31.4% (value / price − 1) and a margin of safety of -45.7% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
Insufficient data for a verdict (score weight coverage: 54.2% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- ROIC: 25.1%
- Net margin: 9.1%
What contradicts it
- EV/EBITDA: 10.8x
- The price is above the estimated value range
Not assessed (insufficient data or a ratio without meaning): FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Interest coverage, Current ratio, FCF yield, Payout ratio (FCF).
Versus the vertical median
Listed companies from France · same country · compared with 39 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| AI.PAL'air Liquide Societe Anonyme Pour L'etude Et L'exploitation Des Procedes Georges Claude | 105.2 bn | 31.9 | 12.9% | 12.2% | −2.0% | +22% / +27% |
| AC.PAAccor | 13.3 bn | 29.7 | 9.6% | 8.0% | +0.6% | +3% / +50% |
| BVI.PABureau Veritas | 13.0 bn | 22.3 | 31.9% | 9.1% | +3.6% | +6% / +31% |
| ADP.PAAeroports De Paris | 11.3 bn | 33.1 | 7.8% | 5.6% | +12.1% | −10% / +1% |
| AKE.PAArkema | 6.8 bn | 110.8 | 0.9% | 0.7% | −5.0% | +8% / −39% |
| ALO.PAAlstom | 5.9 bn | 18.5 | 3.1% | 1.7% | +3.7% | −51% / −2% |
| AF.PAAir France - Klm | 3.7 bn | 11.7 | — | 1.0% | +4.8% | +3% / −7% |
| ATE.PAAlten | 3.0 bn | 28.7 | 4.8% | 2.6% | −1.1% | +30% / −30% |
| BB.PASociete Bic | 2.6 bn | 30.6 | 5.0% | 4.1% | −4.8% | +29% / +3% |
| ANTIN.PAAntin Infrastructure Partners | 1.3 bn | 12.6 | 21.9% | 36.6% | −8.1% | −26% / −37% |
| 74SW.PA74software | 804.4 m | 21.2 | 8.9% | 8.5% | +44.8% | −12% / +43% |
| AUB.PAAubay | 675.0 m | 18.0 | 13.6% | 6.3% | +11.3% | +4% / +46% |
| ATO.PAAtos Se | 491.4 m | — | -23,400.0% | -17.5% | −16.5% | −44% / −94% |
| ASY.PAAssystem | 483.2 m | 66.6 | 2.5% | 1.1% | +7.4% | −23% / −22% |
| ARAMI.PAAramis Group | 296.3 m | 14.9 | 10.0% | 0.8% | +6.3% | −33% / −17% |
| ARVEN.PAArverne Group | 245.3 m | — | -14.0% | -115.3% | +27.0% | +20% / −35% |
| BGO.PACompagnie Chargeurs Invest | 182.4 m | — | -8.6% | -5.7% | −2.9% | unavailable / unavailable |
| ALCIS.PACatering International & Services | 153.9 m | 30.2 | 9.3% | 1.9% | +5.8% | +48% / +119% |
| ALCGM.PACegedim | 142.7 m | — | -2.6% | -1.2% | +10.9% | −27% / −50% |
| ALHEX.PAHexaom | 141.9 m | 6.6 | 9.9% | 2.2% | +13.1% | −33% / +6% |
| ATEME.PAAteme | 136.9 m | 143.8 | 2.8% | 1.0% | +2.2% | +73% / +69% |
| ALBON.PACompagnie Lebon | 110.8 m | 16.3 | 4.2% | 8.8% | −17.9% | +5% / +8% |
| ALHYF.PALhyfe | 74.9 m | — | -33.4% | -570.5% | +287.2% | unavailable / unavailable |
| ABEO.PAAbeo | 66.2 m | 7.9 | 6.9% | 3.0% | +12.6% | −6% / −50% |
| ALFER.PASergeferrari Group | 60.4 m | 11.3 | 5.1% | 1.5% | +7.4% | −34% / −28% |
1- and 3-year price returns: for BVI.PA from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (EUR)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 17.21 Total return -39% · Per year -39% | 30.43 Total return 8% · Per year 8% | 45.86 Total return 61% · Per year 61% |
| 3 years | 16.40 Total return -37% · Per year -14% | 32.67 Total return 22% · Per year 7% | 54.10 Total return 98% · Per year 26% |
| 5 years | 15.64 Total return -35% · Per year -8% | 35.08 Total return 38% · Per year 7% | 63.82 Total return 142% · Per year 19% |
- Exit P/E± 8.17
- Net margin± 5.72
- Annual revenue growth± 4.73
- Annual dilution± 0.48
AI analysis
The qualitative analysis has not been written for this company yet.
Products, market & competition
The qualitative analysis has not been written for this company yet.
News & filings
In the press
Annual reports (ESEF)
- Annual report 202507 Apr 2026
- Annual report 202415 Apr 2025
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.