Bureau Veritas: Higher negative impact from exhange rate fluctuation

BUY, Fair Value EUR27 vs. EUR29 (+16%)

News published on September Monday 30, 2013
Share on

Over two-thirds of the group’s revenue is generated in currencies other than the euro, including 12% in US dollars, 6% in Australian dollars, 5% in Chinese yuan, 4% in Brazilian real and 4% in Hong Kong dollars. Taken individually, other currencies do not represent more than 5% of the group’s revenue. Taking into account the continuing decline of most of these currencies during Q3 and the current levels, we adjust our forecasts for 2013e and 2014e. With a higher operating margin in most of these fast-growing zones, the group EBIT margin could also be impacted. All in all, our DCF derives a fair value of EUR27.  

Full report available to subscribers
Please contact marketing@bryangarnier.fr  

The Essentials

Everything you need to know about investment banking dedicated to growth
Recent Transactions Highlights
From M&A, to IPOs see what’s been happening at Bryan, Garnier & Co this year
Join our Team
Bryan, Garnier & Co is always looking for talent in all our divisions, at all levels
Explore our opportunities