Bureau Veritas (AO) | Buy | Significant disposal: value-accretive clean-up

研报英文原文证据摘录

Bureau Veritas (AO) | Buy | Significant disposal: value-accretive clean-up

News comment

Release date: 30 June 2026

François Digard

Head of French Equity Research, Food retail & TIC analyst

+33 1 70 81 57 47

fdigard@keplercheuvreux.com

BuyBureau Veritas

France | Support services Beta Profile: MCap: EUR11.5bn Country Top Picks

Target Price: EUR34.00 Bloomberg: BVI FP Reuters: BVI.PA

Current Price: EUR26.36 Free float 68%

Up/downside: 29.0% Avg. daily volume (EURm) 57.0

YTD abs performance -3.0% Market data: 29 June 2026

52-week high/low (EUR) 29.48/25.04

Significant disposal: value-accretive clean-up

Bureau Veritas has signed an agreement to sell its Oil & Petrochemicals and Coal testing and inspection activities to Triton

Partners. The perimeter generated c.€450m of revenue in 2025, is reported within Agri-Food & Commodities, and operates across

a global network of sites and employees.

The disposal is sizeable: on Bureau Veritas’ 2025 revenue base of c.€6.5bn, this represents roughly 7% of group sales. The agreed

enterprise value is €470m, corresponding to 11.1x 2025 EBIT post-IFRS 16, and the transaction could close by the end of Q1 2027,

subject to consultations and customary conditions.

Management says the business was lower-growth and margin-dilutive, with the disposal expected to improve the group’s organic

growth profile, adjusted operating margin and ROCE, while being broadly neutral to earnings after closing.

It strengthens the Buy case by improving the quality of the business mix, reducing exposure to mature and lower-margin

commodity-testing activities, and adding M&A firepower for higher-growth verticals. This is exactly the type of portfolio action

that supports the “compounder with improving returns” thesis that is behind our positive view.