SGS : The story is attractive but the valuation leaves little upside
The best-in-class story is attractive, with a recovery in organic growth confirmed and scope for an improvement in margins, but these prospects are priced in to the current valuation. We maintain our Neutral recommendation, with a revised target price of CHFÂ 2,800. - >A positive read-across from peers confirming the improvement in growth - The positive read-across from the Q1 results reported by the group's peers confirms that the improvement in organic growth at SGS i...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).
Oddo Securities provides securities brokerage and research services. The company offers equity, economic, and derivatives research and credit analysis services. It focuses on insurance, automotive, building materials, pharmaceuticals, telecommunications, information technology, and agri-food industries.
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