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).
  • TickerSGSN
  • ISINCH0002497458
  • ExchangeSix Swiss Exchange
  • SectorSupport Services
  • CountrySwitzerland

Analysts

Alain William ...
  • Alfred Glaser
  • Benoit Valleaux
  • Charles Lepetitpas
  • Christophe-Raphaël Ganet
  • Delphine Brault
  • Emira Sagaama
  • Fatma Agnès Hamdani
  • Fehmi Ben Naamane
  • Florent Laroche-Joubert
  • François Maury
  • Georges Dieng
  • Jerôme Bodin
  • Johanna Jourdain
  • Matthias Desmarais
  • Michael Foundoukidis
  • Nicolas David
  • Olivier Lebrun
  • Roland Pfaender
  • Sylvain Goyon

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 19/07/2019

A plus de 3 écarts types de la moyenne 10 ans, l’écart de PE value-growth n’a jamais été aussi important. La rotation est-elle imminente ? Non si l’on parle d’une rotation « classique » car les moteurs de la surperformance de la croissance (érosion croissance BPA, taux faibles, ralentissement macro) sont encore allumés. Oui si l’on change de perspective en favorisant le segment « value » de l’univers croissance/ qualité. Notre scoring met en avant Personal & Household goods, Healthcar...

Alain William ...
  • Alfred Glaser
  • Benoit Valleaux
  • Charles Lepetitpas
  • Christophe-Raphaël Ganet
  • Delphine Brault
  • Emira Sagaama
  • Fatma Agnès Hamdani
  • Fehmi Ben Naamane
  • Florent Laroche-Joubert
  • François Maury
  • Georges Dieng
  • Jerôme Bodin
  • Johanna Jourdain
  • Matthias Desmarais
  • Michael Foundoukidis
  • Nicolas David
  • Olivier Lebrun
  • Sylvain Goyon

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 07/19/2019

At over three standard deviations from the 10-year average, the P/E value-growth gap has never been so great. Is rotation imminent? Not if we speak about a “classic” rotation since the drivers causing growth to outperform (erosion in EPS growth, low rates and a macroeconomic slowdown) are still running. But the answer is yes if we change perspective by favouring the “value” segment of the growth-quality universe. Our scoring highlights personal & household goods, healthcare, oil, util...

Michael Field

Morningstar | SGS 1H Results are Decent Upon Inspection

Narrow-moat SGS proffered up a reasonable set of first-half results, with organic revenue growth of 3.5% and operating margins up 20 basis points to 14.6%, in line with consensus, albeit slightly below our expectations. We do not expect to make any material changes to our group forecasts at this early point in the year however, nor to our CHF 2,340 fair value estimate. We believe the shares are currently fairly valued. Performance was mixed across the divisions. Consumer and retail, and industrial services were strong, with organic revenue growth of 5.5% and 4.9% respectively, and operating m...

Emira Sagaama ...
  • Matthias Desmarais

SGS : LE Dernière ligne droite avant 2020 : une restructuration de plus

>Amélioration limitée de la croissance au S2… - Après 3.5% au S1, l’amélioration de la croissance au S2 devrait être limitée, nous l’attendons à 3.7%e pour un rythme de 3.6%e sur l’année (qui se compare à 4%e attendu par le consensus). En cause principalement des difficultés spécifiques, notamment une croissance toujours négative dans Transportation (dynamique de contrats défavorable dans l’inspection technique), un ralentissement séquentiel en Industrie (arrêt de cer...

Emira Sagaama ...
  • Matthias Desmarais

SGS : LE In the home straight ahead of 2020: one more restructuring plan

>Limited improvement in growth in H2… - After 3.5% in H1, the improvement in organic growth in H2 is set to be limited. We expect 3.7%e with 3.6%e for the year (compared to 4%e forecast by the consensus). This is mainly as a result of specific difficulties, notably still-negative growth in transportation (unfavourable contract dynamic in vehicle inspection), a q-o-q slowdown in industry (discontinuation of some maintenance contracts), and a q-o-q improvement which is ...

Emira Sagaama ...
  • Matthias Desmarais

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 CHF 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...

Emira Sagaama ...
  • Matthias Desmarais

SGS : L’histoire est attractive mais la valorisation laisse peu d’upside

L’histoire de best-in class avec une recovery de la croissance organique confirmée et un potentiel d’amélioration de la marge est attractive, mais la valorisation actuelle reflète bien ces perspectives. Nous maintenons notre opinion Neutre avec un OC revu à 2800 CHF. - >Read across positif des pairs confirmant l’amélioration de la croissance - Le read-across positif des résultats T1 des pairs confirme la continuité de l’amélioration de la croissance organique chez SGS....

Alain William ...
  • Alfred Glaser
  • Benoit Valleaux
  • Charles Lepetitpas
  • Christophe-Raphaël Ganet
  • Delphine Brault
  • Emira Sagaama
  • Fatma Agnès Hamdani
  • Fehmi Ben Naamane
  • Florent Laroche-Joubert
  • François Maury
  • Georges Dieng
  • Jerôme Bodin
  • Johanna Jourdain
  • Matthias Desmarais
  • Michael Foundoukidis
  • Nicolas David
  • Olivier Lebrun
  • Roland Pfaender
  • Sylvain Goyon

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 19/07/2019

A plus de 3 écarts types de la moyenne 10 ans, l’écart de PE value-growth n’a jamais été aussi important. La rotation est-elle imminente ? Non si l’on parle d’une rotation « classique » car les moteurs de la surperformance de la croissance (érosion croissance BPA, taux faibles, ralentissement macro) sont encore allumés. Oui si l’on change de perspective en favorisant le segment « value » de l’univers croissance/ qualité. Notre scoring met en avant Personal & Household goods, Healthcar...

Alain William ...
  • Alfred Glaser
  • Benoit Valleaux
  • Charles Lepetitpas
  • Christophe-Raphaël Ganet
  • Delphine Brault
  • Emira Sagaama
  • Fatma Agnès Hamdani
  • Fehmi Ben Naamane
  • Florent Laroche-Joubert
  • François Maury
  • Georges Dieng
  • Jerôme Bodin
  • Johanna Jourdain
  • Matthias Desmarais
  • Michael Foundoukidis
  • Nicolas David
  • Olivier Lebrun
  • Sylvain Goyon

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 07/19/2019

At over three standard deviations from the 10-year average, the P/E value-growth gap has never been so great. Is rotation imminent? Not if we speak about a “classic” rotation since the drivers causing growth to outperform (erosion in EPS growth, low rates and a macroeconomic slowdown) are still running. But the answer is yes if we change perspective by favouring the “value” segment of the growth-quality universe. Our scoring highlights personal & household goods, healthcare, oil, util...

Michael Field

Morningstar | SGS 1H Results are Decent Upon Inspection

Narrow-moat SGS proffered up a reasonable set of first-half results, with organic revenue growth of 3.5% and operating margins up 20 basis points to 14.6%, in line with consensus, albeit slightly below our expectations. We do not expect to make any material changes to our group forecasts at this early point in the year however, nor to our CHF 2,340 fair value estimate. We believe the shares are currently fairly valued. Performance was mixed across the divisions. Consumer and retail, and industrial services were strong, with organic revenue growth of 5.5% and 4.9% respectively, and operating m...

Emira Sagaama ...
  • Matthias Desmarais

SGS : LE Dernière ligne droite avant 2020 : une restructuration de plus

>Amélioration limitée de la croissance au S2… - Après 3.5% au S1, l’amélioration de la croissance au S2 devrait être limitée, nous l’attendons à 3.7%e pour un rythme de 3.6%e sur l’année (qui se compare à 4%e attendu par le consensus). En cause principalement des difficultés spécifiques, notamment une croissance toujours négative dans Transportation (dynamique de contrats défavorable dans l’inspection technique), un ralentissement séquentiel en Industrie (arrêt de cer...

Emira Sagaama ...
  • Matthias Desmarais

SGS : LE In the home straight ahead of 2020: one more restructuring plan

>Limited improvement in growth in H2… - After 3.5% in H1, the improvement in organic growth in H2 is set to be limited. We expect 3.7%e with 3.6%e for the year (compared to 4%e forecast by the consensus). This is mainly as a result of specific difficulties, notably still-negative growth in transportation (unfavourable contract dynamic in vehicle inspection), a q-o-q slowdown in industry (discontinuation of some maintenance contracts), and a q-o-q improvement which is ...

1 director sold

A director at Sgs Sa sold 24 shares at 2,602.042CHF and the significance rating of the trade was 54/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years clearly showing Close periods where trading activity is restricted under listing rules. The names of board members ...

Emira Sagaama ...
  • Louis Boujard
  • Matthias Desmarais
  • Philippe Ourpatian

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 07/10/2019

Our ODDO BHF Convictions List has returned a net performance of 14.6% (+17.4% total return) and 0.7% vs Stoxx 600. We are not fundamentally altering our investment philosophy (quality/visibility) but we aim to capitalise on: 1/ the interest-rate environment by strengthening exposure to proxy bonds (Eiffage); 2/ the valuation differential between pharma and agri-food (AstraZeneca); 3/ the technology’s capacity to generate profitable growth at a reasonable valuation (Capgemini) and 4/ t...

Emira Sagaama ...
  • Louis Boujard
  • Matthias Desmarais
  • Philippe Ourpatian

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 10/07/2019

Notre liste ODDO BHF Convictions affiche depuis son lancement une performance nette de 14.6% (+17.4% total return) et 0.7% vs Stoxx 600. Nous ne modifions pas fondamentalement notre philosophie d’investissement (qualité/visibilité) mais souhaitons exploiter : 1/ l’environnement de taux en renforçant l’exposition aux bond proxy (Eiffage) ; 2/ le différentiel de valorisation entre Pharmacie et Agroalimentaire (AstraZeneca) ; 3/ la capacité de croissance rentable de la Technologie à une ...

Alexandre Iatrides ...
  • Alfred Glaser
  • Bruno Cavalier
  • Delphine Brault
  • Emira Sagaama
  • François Maury
  • Georges Dieng
  • Johanna Jourdain
  • Laurence Hofmann
  • Martial Descoutures
  • Matthias Desmarais
  • Olfa Taamallah
  • Pierre Corby
  • Sven Edelfelt
  • Sylvain Goyon
  • Virginie Rousseau
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 02/25/2019

Equities’ disconnect from the "pessimism" of the bond markets is obvious. The simultaneous choice of cyclicals and protection themes (growth/quality) is disturbing. What should we do when our annual objectives are being met? Avoid succumbing to the cyclical temptation, buy quality by avoiding overpaying the protection criterion linked exclusively to a healthy balance sheet structure. We present the results of a screening combining balance sheet and ROCE trends, which highlights five s...

Alexandre Iatrides ...
  • Alfred Glaser
  • Bruno Cavalier
  • Delphine Brault
  • Emira Sagaama
  • François Maury
  • Georges Dieng
  • Johanna Jourdain
  • Laurence Hofmann
  • Martial Descoutures
  • Matthias Desmarais
  • Olfa Taamallah
  • Pierre Corby
  • Sven Edelfelt
  • Sylvain Goyon
  • Virginie Rousseau
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 25/02/2019

La déconnection des actions avec le « pessimisme » des marchés obligataires est patente. Le plébiscite simultané des cycliques et des thématiques de protection (croissance/ qualité) est perturbant. Que faire alors que nos objectifs annuels sont atteints ? Eviter de succomber à la tentation cyclique, acheter la qualité en évitant de surpayer le critère protection lié uniquement à une structure bilancielle saine. Nous présentons les résultats d’un criblage combinant bilan et évolution d...

Charles Lepetitpas ...
  • Emira Sagaama
  • Nicolas David
  • Stephane Houri

ODDO BHF Small & MIDCAP MORNING NEWS - 02/25/2019

...

SGS SA sees a downgrade to Slightly Negative on account of less fundamental stars

The independent financial analyst theScreener just lowered the general evaluation of SGS SA (CH), active in the Business Support Services industry. As regards its fundamental valuation, the title now shows 1 out of 4 stars while market behaviour can be considered moderately risky. theScreener believes that the title remains under pressure due to the loss of a star(s) and downgrades its general evaluation to Slightly Negative. As of the analysis date May 17, 2019, the closing price was CHF 2,552.00 and its target price was estimated at CHF 2,368.83.

Ibrahim Firdaus

SGS SA

Ibrahim Firdaus

SGS SA

Ibrahim Firdaus

SGS SA

Ibrahim Firdaus

SGS SA

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Bureau Veritas SA - Mergers & Acquisitions (M&A), Partnerships & Alliances and Investments

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SGS SA – Mergers & Acquisitions (M&A), Partnerships & Alliances and Investment Report

Summary Business and Consumer Services Key Findings Business and Consumer Services Business and Consumer Services Reasons To Buys MarketLine Key Highlights Switzerland

SGS – Proxinvest Corporate Governance Rating ® : C

Proxinvest Corporate Governance Rating ® helps investors integrate governance into their investment decision and identify governance risks and opportunities within their portfolio. Proxinvest Corporate Governance Rating ® Service rates European issuers through the analysis of four main themes : Ownership & Shareholder rights, Board & Committees, Audit & Process, Remuneration. Each theme is rated taking into account several comprehensive sub-categories. Our unique two-step process to achieve each rating includes a first step quantitative valuation and a second step qualitative filter...

Valérie GASTALDY

Short term view - SGS : Rising consolidation.

The background trend is clearly bearish. The negative MACD confirms the trend. The rise is a consolidation that will soon bump against the level at CHF 2,499.10. The next target is at CHF 2,234.00, then CHF 2,143.37. Passing CHF 2,499.10 would question the continuation of the fall.

Valérie GASTALDY

Analyse court terme - SGS : La reprise est une consolidation.

La tendance de fond est clairement orientée à la baisse. Le MACD est négatif, il confirme cette tendance. La reprise est une consolidation qui va buter sur 2 499,10 CHF prochainement. Le prochain objectif est à 2 234,00 CHF, puis 2 143,37 CHF. Le franchissement de 2 499,10 CHF remettrait en cause la suite de la baisse.

Valérie GASTALDY

Short term view - SGS : Falling prices.

The background trend is clearly bearish. Prices are falling again, but the movement has become hesitant. The next support is at CHF 2,234.00. The background trend would be questioned should prices rise above CHF 2,499.10.

Valérie GASTALDY

Analyse court terme - SGS : Les prix baissent.

La tendance de fond est clairement orientée à la baisse. Les prix baissent à nouveau, mais le mouvement est devenu hésitant. Le prochain support est à 2 234,00 CHF. La tendance de fond serait remise en cause en cas de franchissement de 2 499,10 CHF.

Valérie GASTALDY

Medium term view - SGS : The background trend is clearly bullish.

The background trend is clearly bullish. The correction is gaining traction. It is too early to qualify this action as a bearish reversal. The trend would be invalidated below the support at CHF 2,238.20.

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