Bureau Veritas SA: Positive news - sale of Oil, Petrochemicals, Coal business

研报英文原文证据摘录

Bureau Veritas SA: Positive news - sale of Oil, Petrochemicals, Coal business

Equity Research

European Business Services

30 June 2026

Bureau Veritas SA

Positive news - sale of Oil,

Petrochemicals, Coal business First Look

Announced it is in exclusive talks with Triton Partners to sell BVI.PA/BVI FP OVERWEIGHT

its O&P and Coal Testing and Inspection biz for 11.1x 2025 EV/ European Business Services POSITIVE

EBIT; a biz that is currently dilutive to group organic growth, Price Target EUR 31.00

Price (29-Jun-26) EUR 26.36

margins and returns. The divestment has taken time and is Potential Upside/Downside +17.6%

positive news amidst the de-rating and GTS overhang Source: Bloomberg, Barclays Research

European Business ServicesThe Oil & Petrochemicals and Coal Testing and Inspection business generated €450m in 2025

James Rowland Clark

and is expected to be sold for €470m of Enterprise Value, according to the company. Bureau

+44 (0)20 7773 0872

Veritas also notes it has a global network across multiple countries, with a significant footprint james.rowlandclark@barclays.com

of operational sites and employees. The transaction could be finalised by Q1 2027. Sitting within Barclays, UK

the group’s Agri-Food & Commodities division, the business has been included within the

James Rose, CFA

“Optimise value and impact” portfolio. The company will have executed c20% portfolio rotation

+44 (0)20 7773 0460

since launching LEAP 28. Proceeds to be redeployed into higher growth and margin businesses. james.l.rose@barclays.com

The company expects the deal to have a positive impact on the Group’s organic growth profile, Barclays, UK

margin and ROCE.

Subhajit Majumdar

+91 (0)22 6175 4556

subhajit.majumdar@barclays.com

Barclays, UK

Vasia Kotlida

+44 (0)20 7773 4635