China Lockdowns Cut Growth, but Outlook Remains Positive for Narrow-Moat Intertek

Narrow-moat Intertek produced a decent update for the first four months of the year, with like-for-like revenue growth close to 5%, and management reaffirming its positive albeit qualitative outlook for the reminder of the year. With this number in line with our full-year expectations, we do not anticipate making any material changes to our forecasts on the back of this update. We reiterate our GBX 4,420 fair value estimate. With the share price coming off by around 20% since the start of the year, we now believe the price sits where it should be relative to our fair value estimate.