Profile

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 99,600 employees at 2,600 offices and laboratories.

16.0%
Portfolio value 12/31/2023
25.3%
Net dividend 12/31/2023
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 to 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
  • Resilient across economic cycles
  • Ideally positioned to take advantage of growth and consolidation opportunities
  • 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*
* Number of GBL's representatives in statutory bodies in relation to the total number of members. Governance information is dated 12/31/2023, except where superseded by more recent public disclosures.
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