SGS : Buy vs Neutral - More comfortable regarding margin improvements, we upgrade to Buy
>Organic growth set to remain strong in H2 - Despite the demanding base of comparison, H2 17 having seen the improvement in growth accelerate at SGS (+4.9% in H2 17 vs 3.4% in H1), organic growth should remain strong in H2 18. We now estimate it at 5.2%e, which points to a robust pace of 5.4%e over the full year (vs 5% est. for the consensus). By division, momentum should improve sequentially in AFL (better trends in international trade in agricultural raw materials),...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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