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...
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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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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