Report
Michael Field
EUR 103.64 For Business Accounts Only

Resource Headwinds Continue for Intertek Into Q3

Having only initiated coverage of Intertek in October of this year, we saw no real surprises in this third-quarter revenue update, with revenue growth trends in line with our expectations for the full year. As such, we do not expect to make any changes to our GBX 3310 fair value estimate for the stock and we reiterate our narrow moat rating for the company.
Headline growth of 18% over the 10-month period was driven solely by acquisitions and a positive foreign exchange impact from a weakened Br...
Underlying
Bureau Veritas SA

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.

Provider
Morningstar
Morningstar

Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.

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.

We have operations in 27 countries.

Analysts
Michael Field

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