Initiating Coverage on Two New Stocks in the TIC Space: Narrow-Moat Intertek and SGS
We are initiating coverage on Swiss-listed SGS and FTSE 100 firm Intertek in the testing, inspection, and certification, or TIC, space. Alongside Bureau Veritas, which is already under our coverage, these initiations extend our coverage in the space to all of the major listed global players. All three stocks have been assigned narrow moat ratings, reflecting the significant barriers to entry we see at the top end of this sector. Our fair value estimates for SGS and Intertek are CHF 2040 and GBX ...Bureau Veritas specializes in inspecting, testing, auditing or certifying products, assets (such as buildings, industrial infrastructure, equipment and ships) and management systems (particularly against ISO standards) based on regulatory or voluntarily adopted standards. Co.'s operations can be divided into eight businesses: ship classification; industry services; inspection and verification of equipment in service; construction services; certification of management systems or services; inspection and testing of consumer products; services related to customs control and international trade services; and inspection and testing of commodities.
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Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
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