Report
Michael Field
EUR 100.00 For Business Accounts Only

SGS in Prime Position to Benefit From Structural Growth Drivers

Testing giant SGS produced a set of full-year results almost bang in line with our expectations and just a touch below consensus estimates on the revenue and net income lines. Organic revenue growth hit 5.3% over the period, the highest since 2012. We do not expect to make any material changes to our longer-term forecasts on the back of these results. As such, we reiterate our CHF 2,170 fair value estimate and narrow moat rating.
Divisionally, 2018 heralded a return to positive organic revenue g...
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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