Brogembank schreef op 14 februari 2021 15:56:
[...]
Kijk eens naar het Zwitserse SGS, grootste certificeringsbedrijf van de wereld geloof ik.
"SGS provides tailored inspection, verification, testing and certification solutions to its customers to make their commercial activities faster, simpler and more efficient. Its worldwide network consists of more than 94,000 employees at more than 2,400 offices and laboratories."
Investment case
The industry is characterised by high barriers to entry, fragmentation and attractive fundamentals:
Global need across industries for safety and traceability
Expansion and ageing of infrastructure
Outsourcing of activities
Development of regulations and compliance demands
Growing complexity of products
New digital growth areas including e-commerce
Consolidation in multiple sectors
In this sector, SGS offers a particularly attractive profile:
World leader
Best in class profitability, returns and cash flow generation
Diversified portfolio
Ideally positioned to take advantage of growth opportunities
Resilient across economic cycles
Deze heb ik even van de website van GBL gehaald, die 19% van SGS houdt.
Dit is natuurlijk wel een klasse groter dan de overname van HAL, maar er is duidelijk geld mee te verdienen.