SGS AG

SGSN: XSWX (CHE)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	CHF 65.00	Rwfwjkk	Chxxtcsf

SGS: Good Start to the Year for the Narrow-Moat Tester

Michael Field

Apr 26, 2024

Testing giant SGS reported a decent start to the year in its sales update, with first-quarter revenue growth of 7% on an organic basis, in line with management’s full-year guidance of mid- to high-single-digit growth. We reiterate our CHF 90 fair value estimate and see moderate upside from the prevailing share price.

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