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Bureau Veritas SA (BVI) Fair Value & Analysis

Industrials · FR · Market cap €12.0B · ISIN FR0006174348

What is Bureau Veritas SA really worth?

BV Bureau Veritas SA BVI · PA
Price€27.20
Fair Value€27.81
Upside+2.2%
Quality68/100

A solid business, currently priced close to our fair value of €27.81.

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Strengths

Healthy Growth (revenue 5y +7.0 %/yr)
Moderate debt · generates free cash flow
Wide moat 67/100

Risks

!Thin margins · 8.8% net margin
!Mixed vs. peers (7/15)
!Weak on future: 9 out of 100

For context

·3.38% dividend yield
Evidence: High Range €17.12 – €34.76

Fair value as of: Aug 13, 2026

From 26 valuation models · updated 22 days ago

Share price −4.4% over the past month.

What runs behind every stock

69 individual criteria per stock, every one traceable See the method →

What matters now

  • The price sits close to our fair value, market and models broadly agree here, little valuation tension.
  • A fairly wide model range (€17.12 to €34.76) leaves room in how you read the outcome.

Price vs Fair Value (5 years)

€29.30 €19.35 Fair Value €27.81 Jul 2021 Sep 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Aug 13, 2026.

How to read this chart

60‑month range €19.35 – €29.30 · fair‑value band €17.12 – €34.76 · the €27.20 price screens below the €27.81 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Aug 13, 2026.

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Analysis

Bureau Veritas SA (BVI) currently trades at €27.20, while our model-based Fair Value estimate is €27.81, implying the stock looks roughly 2.2% fairly valued today. The Quality Score stands at 68/100 (solid quality), in the Industrials sector. Bull case: the DCF Models group reads highest at a median of €26.85 per share, and 8 of the 26 models we run sit above the €27.20 price. Bear case: the Earnings-Based group reads lowest at €7.98, and 18 of the 26 models stay below the price. Evidence for this calculation is high.

Over the trailing twelve months, Bureau Veritas SA generated revenue of €6.7B at a net margin of 8.8%. Revenue grew 1.8% year over year. It earns a return on equity of 32.2%. Net debt stands at €2.1B. Fundamentals as of Aug 13, 2026

Our scenario range runs from €17.12 (bear case) to €34.76 (bull case); at €27.20, the current price sits within that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The share trades about 5% below its 52-week high and 15% above its 52-week low, currently above its 200-day average. For context, the median of 10 Industrials peers we cover trades at −21% fair-value upside, at 2%, BVI screens cheaper than that median.

Fair Value models

This estimate rests on fiscal year 2025 figures, and about 8 months have passed since. In that time the company retained roughly €0.2639 per share, which is 0.9 % of the fair value. The fair value deliberately does not add this in: the models value reported figures, not a projection.

Each model estimates fair value its own way; the Fair Value above is the evidence-weighted, family-balanced blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small. Every input is real reported data, nothing guessed.

Model Bear Bear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull Bull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. Evidence
Highest evidence
FCF DCF €18.38 €29.42 €46.03 79
Growth DCF €18.79 €28.65 €42.64 78
Owner Earnings €16.38 €26.35 €41.36 75
All 26 models by family
DCF Models
FCF DCF €18.38 €29.42 €46.03 79
Owner Earnings €16.38 €26.35 €41.36 75
5Y Revenue Exit €16.27 €26.72 €39.90 72
5Y EBITDA Exit €20.24 €34.08 €50.04 74
5Y P/E Exit €16.96 €28.00 €39.40 70
10Y Revenue Exit €16.29 €25.97 €38.65 66
10Y EBITDA Exit €19.37 €31.05 €46.31 68
10Y P/E Exit €17.28 €26.85 €38.27 64
Earnings-Based
Graham-Dodd €9.00 €26.62 €35.21 65
Lynch FV €5.59 €7.98 €10.38 61
PEG = 1.0 €5.59 €7.98 €10.38 57
EPV €11.51 €13.82 €15.83 74
Dividend Discount
Gordon GGM €8.89 €18.49 €29.32 66
DDM Multi-Stage €8.89 €14.38 €19.40 66
Multiples
P/E Multiple €20.85 €27.81 €34.76 63
P/S Multiple €16.88 €22.51 €28.14 58
P/B Multiple €13.00 €17.34 €21.67 55
EV/EBIT €23.83 €32.54 €41.25 66
EV/EBITDA €24.26 €33.11 €41.96 67
EV/Revenue €16.04 €23.90 €31.77 53
Asset-Based
NCAV (Graham) €1.93 €2.58 €3.85 54
Growth DCF
Growth DCF €18.79 €28.65 €42.64 78
Rev-Margin DCF €16.27 €26.82 €38.80 72
Economic Profit
Residual Income €7.83 €9.48 €35.94 64
ROIC Compounder €12.41 €16.11 €20.29 72
Growth Earnings
Growth-Adj P/E €16.94 €24.21 €31.47 67

Widest divergence: DCF Models (€26.85) versus Asset-Based (€2.58). Highest evidence: FCF DCF (79).

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Key figures & financial health

P/E ratio 20.8
P/S ratio 1.89 P/E × margin
EPS (TTM) €1.31 price ÷ EPS = P/E 20.8
Dividend yield 3.4% payout 70.2%
Net margin 9.1% FY2025
Return on equity 32.2% TTM
More key figures
Profitability
Return on assets (EBIT) 11.9% avg 5y
Operating margin 18.4% TTM
Growth
Revenue (TTM) €6.7B TTM
Revenue growth (YoY) +1.8% 3y avg +4.6%
EPS growth (YoY) −19.2%
Balance sheet & cash flow
Free cash flow €820M FY2025
Net debt €2.1B FY2025 · ≈ 2.5 yrs of FCF

Figures from reported company fundamentals · as of Aug 13, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 68/100

Of which business quality 66 · Market factors (momentum, volatility) 59

Profitability 59
Margins and returns on capital today
Quality Growth 39
Are margins and returns improving?
Cashflow 69
Earnings quality: real cash, not paper profit
Fin. Strength 54
Balance sheet, leverage, solvency risk
Investment 100
Disciplined investing over empire-building
Low Volatility 82
Calm price path (market factor)
Momentum 47
Price trend over the last 3–12 months (market factor)
52W Momentum 55
Distance to the 52-week high (market factor)
Net Issuance 90
Buybacks instead of dilution

Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.

All values are scores from 0 to 100 (100 = best against fixed, research-based bands), not percentages. The three market factors (momentum, 52-week proximity, low volatility) are displayed but carry zero weight in the headline number: market sentiment is not a business property.

About the company

Bureau Veritas SA provides laboratory testing, inspection, and certification services. It operates through six segments: Marine & Offshore; Agri-Food & Commodities; Industry; Buildings & Infrastructure; Certification; and Consumer Products services.

Full company description

Bureau Veritas SA provides laboratory testing, inspection, and certification services. It operates through six segments: Marine & Offshore; Agri-Food & Commodities; Industry; Buildings & Infrastructure; Certification; and Consumer Products services. The company engages in inspecting, analyzing, auditing, and certifying the products, assets, and management systems of its clients in relation to regulatory or self-imposed standards, as well as issues compliance reports. It also provides technical services, including asset integrity management for marine and offshore; post accident expertise, risk assessment for the offshore industry, marine accident investigations, pre- and post salvage advice, and refloating of vessels; inspection, audit, certification, and testing services for oil and petrochemicals, metals and minerals, and agri commodities; technical control, code compliance, independent technical assistance, quality assurance/quality control, construction management, and project management assistance; laboratory and on-site testing services for manufacturing and process industries; inspection services for products, services, assets, and installations, as well as various services designed to control quality, verify quantity, and meet regulatory requirements; and certification services for management systems, products, and people. The company serves construction and civil engineering, real estate, transportation, oil and gas, marine and offshore, nuclear, defense, automotive, aerospace, IT, electronics, power and utilities, consumer products, and retail industries, as well as financial services and public sectors. It operates in approximately 140 countries through a network of offices and laboratories. Bureau Veritas SA was founded in 1828 and is headquartered in Neuilly-sur-Seine, France.

Company description, as reported by the company or data provider.

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

Bureau Veritas SA reported revenue of €6.5B in FY2025 versus €5.0B in FY2021, a compound +6.7%/yr. Reported net income was €588M in FY2025, compounding +8.7%/yr from FY2021.

Growth Quality 79/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Latest Revenue (FY 2025)
€6.5B
Latest YoY
+3.6%
Avg. revenue growth/yr (3Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+4.6%
Avg. revenue growth/yr (5Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+7.0%
Avg. revenue growth/yr (25Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+0.6%
Value creation/yr (5Y) Earnings growth per share (CAGR 5 years) plus dividend yield: value created per share and year.
+13.1% (9.7 + 3.4)
Revenue +6.7%/yr
FY21 €5.0B
FY22 €5.7B
FY23 €5.9B
FY24 €6.2B
FY25 €6.5B
Net income +8.7%/yr
FY21 €421M
FY22 €467M
FY23 €504M
FY24 €569M
FY25 €588M
Character of growth · EPS growth decomposed (2014-2025) +7.2 % p.a.
Revenue per share +3.5 %

of which total revenue +3.7 % · buybacks/dilution −0.3 %

EBIT margin +0.1 %
Tax rate +1.4 %
Residual (interest, one-offs) +2.0 %

Annual growth per factor. These are factors, not summands: multiplied they give the EPS growth rate, added they do not quite. Start and end points are 3-year averages (details on hover).

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Cite: Fair Value Calculator (2026). "Bureau Veritas SA Fair Value". https://www.fairvalue-calculator.com/stock/BVI

Earlier news

External third-party headlines (Yahoo Finance, Reuters and others), not an editorial selection.

Peer Group

Consulting Services · 80 stocks

How this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.

Quality Score 68 · Top 25%
Fair Value upside +2% · Above median
Return on equity (TTM) 32% · Top 25%
Return on assets 9% · Top 25%
Net margin (TTM) 9% · Above median
Operating margin (TTM) 18% · Top 25%
Revenue growth 2% · Below median
Dividend yield (TTM) 3.4% · Above median
Debt / equity 1.40× · Higher than 75% of peers

Valuation Multiples vs Consulting Services median · lower = cheaper

P/E (TTM) 20.8× · Pricier than median
P/B 8.13× · Pricier than 75% of peers
P/S (TTM) 2.08× · Pricier than median
P/FCF 17.0× · Pricier than median
EV/EBITDA 12.1× · Pricier than median
PEG 2.84× · Pricier than 75% of peers

Strength profile in five axes (Snowflake)

Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE36 · sector 25
FUTURE9 · sector 17
PAST100 · sector 35
HEALTH30 · sector 89
DIVIDEND68 · sector 61

Insider activity: 30/100

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

None of the checked exposures detected

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10 more Consulting Services stocks, each showing price versus our Fair Value estimate (as of Aug 13, 2026).

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ALS Limited ALQ A$21.94 A$10.93 −50%
Booz Allen Hamilton Holding BAH $75.38 $146.45 +94%
DKSH Holding DKSH CHF 66.30 CHF 64.81 −2%
FTI Consulting, Inc FCN $151.36 $168.44 +11%
Centre Testing International Group 300012 ¥14.98 ¥11.90 −21%
GRG Metrology & Test Group 002967 ¥17.23 ¥11.69 −32%
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Frequently asked questions

Is Bureau Veritas SA (BVI) overvalued or undervalued?
As of Aug 13, 2026, our model estimates a fair value of €27.81 versus a price of €27.20, about +2% upside (fairly valued).
What is the fair value of BVI?
Our model-based fair value for Bureau Veritas SA is €27.81 (as of Aug 13, 2026), built from audited fundamentals. The current price: €27.20.
What is the quality score of BVI?
Bureau Veritas SA has a Quality Score of 68/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the revenue of Bureau Veritas SA (BVI)?
Bureau Veritas SA reported trailing-twelve-month revenue of about €6.7B (latest available figure, as of Aug 13, 2026).
What is the net profit margin of BVI?
The net profit margin of Bureau Veritas SA is about 8.8%, meaning it keeps roughly 8.8% of revenue as net income. Based on the latest reported figures.
Does Bureau Veritas SA pay a dividend?
Bureau Veritas SA currently shows a dividend yield of about 3.38% relative to its recent price (as of Aug 13, 2026).
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