(CercleFinance.com) – Oddo BHF maintains its ‘outperform’ rating on Bureau Veritas shares with a price target raised from 30 to 32 euros.
The broker reports that Bureau Veritas has given quantified objectives for contribution to the growth of the divisions and indicates that it has recalculated, based on these hypotheses, the rates of organic growth induced by division.
Oddo BHF anticipates an upside on the M&O division in view of the dynamics at work (+14.4% in 2023, 9.4% in 2022 and 3.1% in 2021) driven by the ‘greening’ of the fleet.
For the AFC division, Oddo BHF anticipates ‘rather weak’ growth (3.6%) over the long term. As for the Industry division: also unsurprisingly with a good level of growth (7.0%), driven by the energy transition.
Finally, B&I is a surprise because the group’s largest division (>30% of turnover) in which BVI has world leadership is able to grow more than the average (7.5%).
‘In addition, the group expects 90 bp of net improvement by 2028, or a level close to 17%’, concludes the analyst.
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