SGS AG

SGSN: XSWX (CHE)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	CHF 16.00	Yjsdzt	Tjwbmqpcg

SGS: 2023 Looking Bright for This Testing Giant

Michael Field

Jun 6, 2023

Narrow-moat testing giant SGS reports just twice annually, which leaves some guesswork to fill the gaps between. However, recent reports by peers Bureau Veritas and Intertek suggest positive momentum in the testing, inspection, and certification sector. The former reported organic revenue growth of 8.5% for the first quarter, and the latter 6.5% to the end of April. We view SGS shares as attractive currently, with solid upside to our CHF 95.20 fair value estimate.

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