Report
Michael Field
EUR 101.80 For Business Accounts Only

Narrow-Moat SGS On Track for Full-Year 2017

Recent updates from narrow-moat peers Intertek and Bureau Veritas confirm our full-year expectations for industry leader SGS, which reports only semi-annually. Despite organic revenue growth of less than 2% delivered by both Intertek and BV, SGS’ 3.4% growth delivered in the first half, combined with a reported pickup in growth across the industry in the third quarter, supports our view that organic revenue growth of 3.6% for the full year is eminently possible. We do not expect to make any mate...
Underlying
SGS SA

SGS is engaged in the provision of inspection, verification, testing, certification and quality assurance services. Co.'s business lines include: Agricultural; Minerals; Oil, Gas & Chemicals; Life Science; Consumer Testing; Systems & Services Certification; Industrial; Environmental; Automotive; and Governments & Institutions. As of Dec 31 2014, Co.'s geographic operations were organized as follows: Europe, Africa, Middle East (Western Europe, Northern and Central Europe, Southern Central Europe, Eastern Europe & Middle East, and Africa); Americas (North America, and South America); and Asia Pacific (East Asia, China & Hong Kong, and South Eastern Asia & Pacific).

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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