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Intertek Share Discussion Threads
Showing 151 to 170 of 175 messages
|Anyone here. Just taken a punt, they seem over sold.|
|Had a good ole study & i will be buying this tomorrow..|
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|IMS and AGM.
"We continue to anticipate improvement in growth and profitability in the second half of 2014 as market conditions are expected to improve and comparatives become easier."
Group organic growth was just 0.3% in the four month to 30 April vs. +7% this time last year. Growth at constant exchange rates was +3.6% (+3.3% contribution from acquisitions) and at actual exchange rates sales were down 4.9%. There was strong growth in the consumer goods, commercial & electrical and chemicals & pharma divisions. However the group's overall performance was affected by deferrals of some energy industry capital projects and minerals also remained weak. In addition, the decision to exit low value contracts in the Industry division also had an adverse impact (this had already been flagged). Excluding these low value contracts, sales growth would have been +1.5%. The operating margin is said to have improved slightly reflecting the positive impact of restructuring. This is in-line, however, with our modelling assumptions, +20bps increase to 15.9% in FY14E.
We are currently forecasting organic growth of 5% for FY14E, expecting this to be 2H weighted as comps start to ease (1H13A +6.3%; 2H13A +2.3%). However, the start of the year has been slightly slower than we had been anticipating with quarterly trends continuing to weaken (1Q13 +7%, 2Q13 +5.6%, 3Q13 +3%, 4Q13 +1.6%). The outlook statement highlights that management continues to anticipate improvement in growth and profitability in 2H14 as market conditions improve and comps ease. The shares are trading on a FY14E P/E of 20.9x and FY15E PE of 18.9x vs. a through the cycle average of 19x. However, we note that the discount with its two European listed peers is close to a 5 year high. Peers SGS SA (SGSN VX NC) is on 24.7x FY14E and 22.2x FY15E and Bureau Veritas SA (BVI FP NC) is on 23.6x and 21.2x respectively. Bureau Veritas recently reported on its 1Q14 trading figures. Group organic growth picked up from +1.6% 4Q13 to +2.7% 1Q14A. We maintain our HOLD recommendation and TP of 3,065p.
Our view: Q1 growth was a little weaker than expected, which results
in another downgrade to forecasts. Whilst we like the fundamentals of
the story and believe growth will improve into H2, valuation remains an
issue and we are less optimistic than the market on medium-term margin
Q1 trading The Q1 trading statement was a touch weak with organic
revenue growth of only 0.3% (vs. 1.5% expected) for the first 4 months,
with margins improved slightly. Growth has slowed further from the 1% in
Nov/Dec, impacted by contract shedding as expected, along with weakerthan-
expected activity in the energy infrastructure market and tough
trading in Minerals. The outlook is mixed, pointing to variable market
conditions, although management anticipates improvement in growth
and profitability in H2.
Forecasts reduced We have reduced our 2014 and 2015 EPS forecasts by
3%. We now forecast organic revenue growth of 2.7% for the FY and +20bp
on the margin. This clearly implies a material pick-up in H2, although
comparatives do get easier (H113 +6.3%, H213 +2.3%). We expect the
currency impact for the FY to be -7%, slightly more than the -6% we had
Medium-term growth prospects sound We continue to believe
top-line prospects remain sound over the medium term, given that
strong structural growth drivers remain (increasing need for energy
infrastructure as middle class emerges, changing trade patterns,
continuing technology and product development, increase in domestic
consumers) and the potential for bolt-on acquisitions. The potential for
the opening up of the Chinese market over time is a further opportunity.
But we are below consensus We are less optimistic on margins than
the market factoring in +30bp over 2 years vs. consensus of +70bp. This
primarily reflects concerns around mix and investment costs. As a result,
our 2015 forecasts were c6% below consensus (before today).
Valuation The stock has underperformed the market by 13% over the last
12 months, but consensus forecasts have come down by around 16% so
the stock has kept its premium rating (15E PE 20x, FCF yield 3.9%). Whilst
trading should be approaching a cyclical low point and growth should
improve from here, valuation, in our view, remains full. Our price target
nudges down to 2950p from 3000p as a result of the EPS downgrades
|09 May 2014 Intertek Group PLC ITRK Credit Suisse Outperform 3,010.00 2,986.00 3,200.00 3,500.00 Upgrades|
|Intertek was a strong performer today. Citigroup yesterday reiterated its 'buy' rating on the stock following reports the group had increased its exploration and production services in Abu Dhabi after investing in a new facility.
14th October 2014: Interim dividend payable
3rd October 2014: Record date for Interim dividend
1st October 2014: Ex-dividend date for Interim dividend
4th August 2014: Half Year results announced
1st July 2014: Start of Close Period
6th June 2014: Final dividend payable
23rd May 2014: Record date for Final dividend
21st May 2014: Ex-dividend date for Final dividend
16th May 2014: AGM
16th May 2014: Interim Management Statement (IMS)|
|Worth analysing the seasonal January dip and February recovery on this share.
Possibly a US shareholder effect, take long-term gains in the next tax year and buyback after the wash-sale period ends.|
|Intertek acquires Global X-Ray & Testing Corporation (GXT). Time to exit.|
|XD 15p 02/10/13.|
|Intertek Group (LON:ITRK) was upgraded by stock analysts at RBC Capital.
Shares up 3.4% at 3190p.|
|22 Jul 2013 Intertek Group PLC ITRK Berenberg Buy 3,037.00 3,056.00 3,340.00 3,340.00|
|3270 area clearly good support area. Quite the traders share.|
We cut our target price by 5% from 3,700p to 3,500p, based on a DCF valuation inputting a WACC of 7.1% (was 7.0%); medium-term sales CAGR of 5%, perpetuity FCF growth of 2.5%, and a normalised EBITA margin of 17.1% (was 17.4%). We
maintain our Hold rating on A 3% 12m projected TSR. Although the stock is trading on high multiples we think this captures the group's capacity to generate 7% organic growth (as indeed it did in the first four months of this year) despite a difficult macro context and a high comparison base.|
|This minerals decline is now expected to continue into the second half of the year as that sector overall experiences a more prolonged downturn.|
|Intertek Group said that a fall in revenue from the mineral sector has reduced margins. 5.5 per cent fall this morning|
|Intertek delivers 10 per cent rise in revenue
Fri 17 May 2013
Intertek Group, which provides solutions to industries worldwide, has posted a 9.9 per cent year-on-year rise in revenue for the first four months of the year, driven by organic growth, favourable currency movements and the benefit of acquisitions made in 2012 and 2013.|
|Intertek (LON:ITRK) may well be the least well known FTSE 100 company.
The testing laboratories operator is set to release a trading statement, with UBS expecting year-to-date year-on-year organic growth of 9%, in line with the 8.6% organic growth rate shown last year.
"Recent results from peer Bureau Veritas [BVI] showed a slowdown in Q1 with a cautious outlook on organic growth, but we note that ITRK has relatively low exposure to minerals (6% sales) and no Marine division, which were the two weakest areas for BVI," the Swiss bank said.
"For Intertek, we expect the main areas of focus to be the consumer division, given the slight slowdown observed in H2, and Industry & Commodities which slowed in H2 as expected," UBS added.|
|Ah, I need to adjust my eyesight lol... less digits than I thought I saw.|
|Look at the massive sets auction sale at 16:35. What kind of effect will this have tomorrow morning do you reckon?|
|CATEGORY: BROKER RECOMMENDATIONS SECTOR: SUPPORT SERVICES
Broker snap: Intertek is a significant beneficiary of GBP weakness
Tue 05 Mar 2013
Broker snap: Intertek is a significant beneficiary of GBP weakness LONDON (SHARECAST) - Analysts at Credit Suisse expect shares of Intertek to gain, as margins recover in the second half of the year and the drop in Sterling benefits the company's results.
The Swiss broker is forecasting that the quality and safety services outfit will post an organic rate of growth for its fiscal year 2013 revenues of between 7% and 8%, weighed down in the first half of the year by continued weakness in Minerals (circa 5% of sales) and tough comparables.
"However, as growth accelerates in the second half, and aided by further BPO efficiencies and European restructuring, Intertek appears well placed for further material margin expansion," the broker writes.
As well, Intertek is expected to be a significant beneficiary from weakness in the Sterling/US dollar exchange rate, which affects approximately 55% of its sales and 65% of the company's profits.
Amongst the different additional catalysts which may have a bearing on the company's share price are: the release of its first half results on July 29th, further accretive acquisitions, weakness in the pound or increased commodity sector capital expenditure forecasts.
For all of the above reasons analysts at Credit Suisse have decided to raise their price target for the firm's shares to 3,850p from 3,550p before, while reiterating their outperform rating on its stock.|