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 ...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.
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