SGS provides tailored testing, inspection and certification solutions to its customers, making their commercial activities safer, greener and more efficient. Its worldwide network consists of 97,000 employees at 2,650 offices and laboratories.

Portfolio value 09/30/2023
Net dividend 12/31/2022
Investment case

The TIC sector is characterized by attractive fundamentals:

  • Global need for safety, security and traceability across industries
  • Expansion and ageing of infrastructure
  • Outsourcing of "control activities"
  • Continued development of regulations and compliance demands
  • Growing complexity of products
  • High barriers for entry
  • Multiple M&A opportunities

In this sector, SGS offers a particularly attractive profile:

  • World market leader and #1 in most of its activities
  • Best in class profitability and cashflow generation
  • Diversified portfolio in terms of services and regions
  • Ideally positioned to take advantage of growth and consolidation opportunities
  • Resilient across economic cycles
  • Solid balance sheet in support of M&A and attractive shareholder remuneration
  • Board of Directors 2/9*
  • Nomination Committee 1/3*
  • Remuneration Committee 1/3*