SGS AG

SGSN: XSWX (CHE)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	CHF 57.00	Gylczb	Ggmvrxxtw

SGS Earnings: Laying Down a Marker in 2023

Michael Field

Jul 24, 2023

Testing giant SGS put in a strong first-half performance. Organic revenue was up more than 8%, with management now guiding to a full-year result somewhere around this mark, alongside improved operating margins year over year. Despite the global economic uncertainty, we believe the tailwinds supporting the testing, inspection, and certification industry could well last into 2024. We see reasonable upside opportunity to our CHF 90 fair value estimate.

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