Bureau Veritas: Update: No longer risky
BUY, Fair Value EUR28 (+34%)
As expected, Q4 will be another difficult quarter, mainly due to Metals & Minerals and currency negative impacts but, all in all, we are maintaining our 2013 forecasts with a lfl revenue growth of around 4% and an adjusted EBIT margin of 16.5%. The integration of Maxxam (during Q1) will be accretive on BVI’s results by around 3% on a full-year basis and before synergies. But more significant, this is a great opportunity to develop BVI’s expertise in new businesses and to improve its efficiencies. We confirm our buy recommendation.
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