Bureau Veritas S.A. (BVI.PA) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

+20.8%

€35.26

vs €29.20 price

Levered DCF

€33.20

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

3.21

Safe zone

Rating

B+

Overall 3 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	20.59×	23.29×	20.6×	23.89×	31.38×	77.71×	28.02×	23.42×
P/B	7.08×	6.7×	5.35×	5.98×	8.03×	7.89×	8.14×	8.09×
P/S	1.87×	2.12×	1.77×	1.97×	2.64×	2.12×	2.02×	1.62×
EV / EBITDA	11.14×	11.92×	10.25×	11.27×	14.53×	15.4×	12.34×	11.76×
Gross margin	23.9%	72.1%	29.9%	22.6%	22.4%	19.3%	23.7%	21.1%
Operating margin	14.5%	15.0%	14.0%	13.8%	14.2%	9.9%	13.7%	13.3%
Net margin	9.1%	9.1%	8.6%	8.3%	8.4%	2.7%	7.2%	6.9%
Current ratio	1.5×	1.33×	1.67×	1.54×	1.76×	1.55×	1.69×	1.45×
Debt / equity	1.8×	1.46×	1.31×	1.64×	1.76×	2.7×	2.93×	3.29×
Interest coverage	9.17×	8.07×	7.39×	8.22×	8.24×	3.87×	6.42×	7.42×
Dividend yield	3.6%	3.1%	3.8%	2.5%	1.4%	0.3%	0.9%	3.6%
Payout ratio	73.1%	71.5%	78.7%	60.2%	44.2%	25.4%	26.5%	83.5%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	34.4%	28.9%	26.0%	25.1%	25.7%	10.1%	29.1%	34.7%
Return on invested capital	12.6%	12.0%	11.4%	9.8%	9.6%	4.6%	8.3%	9.7%
Return on assets	8.3%	7.9%	7.6%	6.6%	6.2%	1.9%	5.2%	5.5%
Free cash flow yield	6.8%	6.5%	6.4%	5.9%	4.5%	6.4%	6.0%	7.1%
Earnings yield	4.9%	4.3%	4.9%	4.2%	3.2%	1.3%	3.6%	4.3%
Enterprise value	€13.8B	€14.9B	€11.7B	€12.5B	€14.6B	€11.5B	€12.5B	€9.9B
Net debt / EBITDA	1.38×	1.34×	1.19×	1.24×	1.46×	2.34×	2.2×	2.51×
Cash conversion cycle (days)	6	-178	77	59	65	61	70	71