Intertek Group PLC

Intertek Group provides Assurance, Testing, Inspection and Certification (ATIC) services. Co.'s segments comprised of Products, Trade and Resources. Co.'s products-related division consists of business lines that are focused on quality and safety of physical components and products, as well reducing risk through assessing the operating process and quality management systems of its customers. Co.'s trade division consists of three Global business lines, Cargo & Analytical Assessment, Government & Trade Services, and Agriculture business. Co.'s resources division consists of two business lines, Industry Services, and minerals business.
  • TickerITRK
  • ISINGB0031638363
  • ExchangeLondon Stock Exchange
  • SectorSupport Services
  • CountryUnited Kingdom
Emira Sagaama ...
  • Matthias Desmarais

Intertek : Resilient start to the year

>Resilient start to the year in the current context - Group sales of £882m were down 4.6% y-o-y over the first four months, including a 0.3% M&A impact. Organic growth was therefore -4.9% from January to April, representing a sequential decline vs +3.6% in H2 2019, but not too severe given the current situation (the exit rate was -5.5% for Bureau Veritas in March, with April expected to be much lower). By division, the resources activity (17% of sales, 6% of EBITA) ...

Emira Sagaama ...
  • Matthias Desmarais

Intertek : Resilient start to the year

>Resilient start to the year in the current context - Group sales of £882m were down 4.6% y-o-y over the first four months, including a 0.3% M&A impact. Organic growth was therefore -4.9% from January to April, representing a sequential decline vs +3.6% in H2 2019, but not too severe given the current situation (the exit rate was -5.5% for Bureau Veritas in March, with April expected to be much lower). By division, the resources activity (17% of sales, 6% of EBITA) ...

Expert Corporate Governance Service (ECGS)

Intertek Group – AGM 21 May 2020

Item 2: Remuneration policy   Companies are required to submit the Remuneration Policy to a vote every three fiscal years. Intertek Group's Remuneration Policy was approved at the 2019 AGM by 97.7% of votes cast. Since then, the Committee has received feedback from investors in respect of the LTI performance metrics and proposes to amend them. EPS weight is reduced from 50% to 33% and TSR abandoned and replaced by ROIC and FCF, one-third each. As the previous performance metrics were detailed in the Remuneration Policy, the proposed change triggers a requirement for new shareholder approval ...

Alain William ...
  • Aurelien Sivignon
  • Baptiste Lebacq
  • Emira Sagaama
  • Fatma Ayachi
  • Jean-François Granjon
  • Jeremy Garnier
  • Martial Descoutures
  • Nicolas Thorez
  • Olfa Taamallah
  • Oussema Denguir
  • Yan Derocles

ODDO BHF Small & MIDCAP MORNING NEWS - 04/01/2020

We simulated the impact of COVID-19 on companies in our universe of coverage from an operating viewpoint. Setting target prices is a risky business amid uncertainty and very rapid movements in the financial markets, reacting more to political/sanitary news flow than to corporate disclosures. However, we tried to include the increase in the perceived risk premium and the change in aggregates in our valuations. As the current crisis is set to have radically different impacts on the twen...

Alain William ...
  • Alexandre Iatrides
  • Benoit Valleaux
  • Emira Sagaama
  • Fatma Ayachi
  • Florent Laroche-Joubert
  • Jerôme Bodin
  • Olfa Taamallah
  • Roland Pfaender,MBA,CFA,CCRA
  • Sven Edelfelt
  • Virginie Rousseau
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 04/01/2020

We simulated the impact of COVID-19 on companies in our universe of coverage from an operating viewpoint. Setting target prices is a risky business amid uncertainty and very rapid movements in the financial markets, reacting more to political/sanitary news flow than to corporate disclosures. However, we tried to include the increase in the perceived risk premium and the change in aggregates in our valuations. As the current crisis is set to have radically different impacts on the twen...

Valérie GASTALDY

Analyse court terme - INTERTEK GROUP : La tendance de fond est clairement orientée à la baisse.

La tendance de fond est clairement orientée à la baisse. Le MACD est négatif, il confirme cette tendance. La reprise est une consolidation qui va buter sur 4 707,89 p prochainement. Le prochain objectif est à 4 265,41 p, puis 4 057,72 p. Le franchissement de 5 051,69 p remettrait en cause la suite de la baisse.

Valérie GASTALDY

Short term view - INTERTEK GROUP : The background trend is clearly bearish.

The background trend is clearly bearish. The negative MACD confirms the trend. The rise is a consolidation that will soon bump against the level at 4,707.89 p. The next target is at 4,265.41 p, then 4,057.72 p. Passing 5,051.69 p would question the continuation of the fall.

Valérie GASTALDY

Short term view - INTERTEK GROUP : Falling prices.

The background trend is clearly bearish. Prices are falling again, but the movement has become hesitant. The next support is at 4,265.41 p. The background trend would be questioned should prices rise above 5,051.69 p.

Valérie GASTALDY

Analyse court terme - INTERTEK GROUP : Les prix baissent.

La tendance de fond est clairement orientée à la baisse. Les prix baissent à nouveau, mais le mouvement est devenu hésitant. Le prochain support est à 4 265,41 p. La tendance de fond serait remise en cause en cas de franchissement de 5 051,69 p.

Valérie GASTALDY

Medium term view - INTERTEK GROUP : The trend is uncertain.

The trend is uncertain. Prices are falling and they may accelerate to the downside. A new bearish trend is attempting to emerge.

Emira Sagaama ...
  • Matthias Desmarais

Intertek : Resilient start to the year

>Resilient start to the year in the current context - Group sales of £882m were down 4.6% y-o-y over the first four months, including a 0.3% M&A impact. Organic growth was therefore -4.9% from January to April, representing a sequential decline vs +3.6% in H2 2019, but not too severe given the current situation (the exit rate was -5.5% for Bureau Veritas in March, with April expected to be much lower). By division, the resources activity (17% of sales, 6% of EBITA) ...

Emira Sagaama ...
  • Matthias Desmarais

Intertek : Resilient start to the year

>Resilient start to the year in the current context - Group sales of £882m were down 4.6% y-o-y over the first four months, including a 0.3% M&A impact. Organic growth was therefore -4.9% from January to April, representing a sequential decline vs +3.6% in H2 2019, but not too severe given the current situation (the exit rate was -5.5% for Bureau Veritas in March, with April expected to be much lower). By division, the resources activity (17% of sales, 6% of EBITA) ...

Emira Sagaama

ODDO : COVID-19 test: the sector is not immune but there are opportunities

>The sector offers a resilient profile but it is not immune - The TIC sector is defensive and organic growth has proved relatively resilient in previous crises, but it is prone to risk on a number of fronts this time and no segment will emerge unscathed. On this basis, we think 2020 will be a much harsher test for the sector than 2009 was, and we now expect negative organic growth of -4% to -5% for the market leaders, marking fresh lows, with a modest recovery of 2.5-...

Emira Sagaama

ODDO : Test coronavirus pas si négatif, mais il y a des opportunités

>Le secteur est résilient mais pas immunisé - Le secteur est défensif et la croissance organique y a été relativement résiliente lors des précédentes crises, mais les poches de risque sont nombreuses cette fois-ci et aucune activité n’est épargnée. Ainsi, nous pensons que 2020 sera bien plus rude pour le secteur que l’a été 2009, et attendons désormais des croissances organiques allant de -4% à -5% chez les leaders, défiant les minimums historiques, avec une reprise m...

Emira Sagaama ...
  • Matthias Desmarais

Intertek : Coronavirus set to complicate the start of the year

>A negative coronavirus impact, but no detailed figures at this stage - When it reported its full-year earnings, the group did not give any detailed indications on the impact of COVID-19 on its performances in 2020. Although a return to normal seems to be well under way internally (close to 65% of the group’s 12,000 employees in China and Hong Kong were back at work in the last week of February), management has little visibility on the speed of the recovery in product...

Alain William ...
  • Aurelien Sivignon
  • Baptiste Lebacq
  • Emira Sagaama
  • Fatma Ayachi
  • Jean-François Granjon
  • Jeremy Garnier
  • Martial Descoutures
  • Nicolas Thorez
  • Olfa Taamallah
  • Oussema Denguir
  • Yan Derocles

ODDO BHF Small & MIDCAP MORNING NEWS - 04/01/2020

We simulated the impact of COVID-19 on companies in our universe of coverage from an operating viewpoint. Setting target prices is a risky business amid uncertainty and very rapid movements in the financial markets, reacting more to political/sanitary news flow than to corporate disclosures. However, we tried to include the increase in the perceived risk premium and the change in aggregates in our valuations. As the current crisis is set to have radically different impacts on the twen...

Alain William ...
  • Alexandre Iatrides
  • Benoit Valleaux
  • Emira Sagaama
  • Fatma Ayachi
  • Florent Laroche-Joubert
  • Jerôme Bodin
  • Olfa Taamallah
  • Roland Pfaender,MBA,CFA,CCRA
  • Sven Edelfelt
  • Virginie Rousseau
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 04/01/2020

We simulated the impact of COVID-19 on companies in our universe of coverage from an operating viewpoint. Setting target prices is a risky business amid uncertainty and very rapid movements in the financial markets, reacting more to political/sanitary news flow than to corporate disclosures. However, we tried to include the increase in the perceived risk premium and the change in aggregates in our valuations. As the current crisis is set to have radically different impacts on the twen...

Alain William ...
  • Aurelien Sivignon
  • Baptiste Lebacq
  • Emira Sagaama
  • Fatma Ayachi
  • Jean-François Granjon
  • Jeremy Garnier
  • Martial Descoutures
  • Nicolas Thorez
  • Olfa Taamallah
  • Oussema Denguir
  • Yan Derocles

ODDO BHF Small & MIDCAP MORNING NEWS - 01/04/2020

Nous avons simulé l’impact du COVID-19 sur les sociétés de notre coverage d’un point de vue opérationnel. La détermination d’objectifs de cours est plus hasardeuse dans ce contexte d’incertitude et de mouvements très rapides des marchés financiers, réagissant davantage à un newsfow politique/sanitaire qu’aux communications des sociétés. Nous avons toutefois intégré l’augmentation de la prime de risque perçue et la modification des agrégats dans nos valorisations. Cette crise ayant des...

Alain William ...
  • Alexandre Iatrides
  • Benoit Valleaux
  • Emira Sagaama
  • Fatma Ayachi
  • Florent Laroche-Joubert
  • Jerôme Bodin
  • Olfa Taamallah
  • Roland Pfaender,MBA,CFA,CCRA
  • Sven Edelfelt
  • Virginie Rousseau
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 01/04/2020

Nous avons simulé l’impact du COVID-19 sur les sociétés de notre coverage d’un point de vue opérationnel. La détermination d’objectifs de cours est plus hasardeuse dans ce contexte d’incertitude et de mouvements très rapides des marchés financiers, réagissant davantage à un newsfow politique/sanitaire qu’aux communications des sociétés. Nous avons toutefois intégré l’augmentation de la prime de risque perçue et la modification des agrégats dans nos valorisations. Cette crise ayant des...

Alain William ...
  • Alfred Glaser
  • Christophe-Raphaël Ganet
  • Delphine Brault
  • Emira Sagaama
  • Geoffroy Michalet
  • Jean Sassus
  • Jerôme Bodin
  • Matthias Desmarais
  • Olfa Taamallah
  • Stephane Houri
  • Steven Gould
  • Sylvain Goyon, CFA
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 03/05/2020

The coronavirus epidemic will have a negative impact on macroeconomic growth. This obvious fact, which is hard to quantify, must be taken into account. On an initial approach, we retain a GDP growth assumption of 2.6% (-30bp) for the global economy, 1.7% for the US (unchanged) and 0.9% (vs 1.2%) for the eurozone. This implies a downward revision to EPS growth 12m out, which we now forecast at -1% (vs +3% previously and the consensus at +7.1%). We are lowering our December 2020 target...

INTERTEK GROUP PLC. sees a downgrade to Slightly Negative on account of less fundamental stars

The independent financial analyst theScreener just lowered the general evaluation of INTERTEK GROUP PLC. (GB), active in the Business Support Services industry. As regards its fundamental valuation, the title now shows 0 out of 4 stars while market behaviour can be considered moderately risky. theScreener believes that the title remains under pressure due to the loss of a star(s) and downgrades its general evaluation to Slightly Negative. As of the analysis date February 25, 2020, the closing price was GBp 5,566.00 and its target price was estimated at GBp 5,215.26.

Ford Equity International Rating and Forecast Report

Ford Equity International Research Reports cover 60 countries with over 30,000 stocks traded on international exchanges. A proprietary quantitative system compares each company to its peers on proven measures of business value, growth characteristics, and investor behavior. Ford's three recommendation ratings buy, hold and sell, represent each stock’s return potential relative to its own country market.. The rating reports which are generated each week, include the fundamental details behind each recommendation and reflect the fundamental and price data as of the last trading day of the week...

Expert Corporate Governance Service (ECGS)

Intertek Group – AGM 21 May 2020

Item 2: Remuneration policy   Companies are required to submit the Remuneration Policy to a vote every three fiscal years. Intertek Group's Remuneration Policy was approved at the 2019 AGM by 97.7% of votes cast. Since then, the Committee has received feedback from investors in respect of the LTI performance metrics and proposes to amend them. EPS weight is reduced from 50% to 33% and TSR abandoned and replaced by ROIC and FCF, one-third each. As the previous performance metrics were detailed in the Remuneration Policy, the proposed change triggers a requirement for new shareholder approval ...

Expert Corporate Governance Service (ECGS)

Intertek Group - AGM 23 May 2019

Item 2: Approve the Remuneration Policy The changes proposed to the Remuneration Policy are acceptable given ECGS guidelines.  However, there are ongoing concerns with the remuneration policy. The maximum bonus exceeds guidelines, accelerated vesting is possible and benefits are excessive.  The LTI is overly reliant on EPS. Over-reliance on EPS could result in management making decisions to maximize profits for the short term, often at the expense of long term shareholder value.  Accordingly, we recommend that shareholders oppose this resolution.  Item 3: Approve the Remuneration Report The...

Intertek – Proxinvest Corporate Governance Rating ® : B

Proxinvest Corporate Governance Rating ® helps investors integrate governance into their investment decision and identify governance risks and opportunities within their portfolio. Proxinvest Corporate Governance Rating ® Service rates European issuers through the analysis of four main themes : Ownership & Shareholder rights, Board & Committees, Audit & Process, Remuneration. Each theme is rated taking into account several comprehensive sub-categories. Our unique two-step process to achieve each rating includes a first step quantitative valuation and a second step qualitative filter...

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