Bureau Veritas SA

BVI: XPAR (FRA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	€38.00	Ddwyqww	Sxfvzrmg

Bureau Veritas: First-Quarter Update Paves the Way for Growth in 2024

Michael Field

Apr 25, 2024

Narrow-moat Bureau Veritas’ strong run continued into the first quarter of 2024, with the company posting organic revenue growth of 8%. Management kept the guided range for the full year quite wide, reflecting the lack of visibility here, but overall the direction of travel is positive. We reiterate our EUR 30 fair value estimate and see reasonable upside potential from the prevailing share price.

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