Bureau Veritas: 1H model update: Including estimates ex. planned disposals + detail on sub-segment mapping to new reporting structure

研报英文原文证据摘录

Bureau Veritas: 1H model update: Including estimates ex. planned disposals + detail on sub-segment mapping to new reporting structure

J P M O R G A N Europe Equity Research

04 August 2026

Bureau Veritas

1H model update: Including estimates ex. planned Neutral

disposals + detail on sub-segment mapping to new BVI.PA, BVI FP

reporting structure Price (03 Aug 26):€28.25

▼Price Target (Dec-27):€28.00

Prior (Dec-27):€29.00

We update our model for 1H’26 results and include the impact of planned disposals

within our 2027 numbers, as well as restating 2026 organic growth and adj. EBITA European Business Services

margin excl. planned disposals (mostly the O&P and coal testing businesses). With Victoria K Chang AC

this note, our 2026 EBITA/EPS estimates increase by c.2% representing (44-20) 7134-5439

underlying growth improvement, and our 2027 revenues/EPS estimates decrease victoria.kx.chang@jpmorgan.com

J.P. Morgan Securities plc

by c.7% representing the inclusion of the planned disposals starting 1 Jan 2027. In

Jane L Sparrow1H,26, the businesses held for disposal contributed EUR321m (0% organic

(44-20) 3493-7101

growth) and 15.1% adj. EBITA margin – we assume a broadly similar performance jane.sparrow@jpmorgan.com

in 2H. We think that, excluding these planned disposals, would have lifted reported J.P. Morgan Securities plc

1H organic growth by c.0.5% and adjusted EBITA margin by c.10bps. Whilst the Ankit Khandelwal

FY organic growth guidance upgrade at 1H (to HSD organic growth) primarily (91-22) 6157-5167

reflected the exclusion of planned disposals, it also reflected the strong underlying ankit.khandelwal@jpmchase.com

growth momentum. We increase our FY26 revenue estimates by 1% to reflect this. J.P. Morgan India Private Limited