Intertek Group PLC

ITRK: XLON (GBR)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	GBX 6,899.00	Wwggsq	Dvvxtld

Intertek Muddles Through a Disruptive First Half

Michael Field

Jul 29, 2022

Narrow-moat Intertek reported a decent set of first-half results. Organic revenue growth was close to 5%, while operating margins were down 70 basis points at 14.6%, hit by Chinese lockdowns, an issue that also affected peers SGS' and Bureau Veritas' recent results. All in all, there was little in the statement to change our view on the stock. Relative to our GBX 4,420 fair value estimate, we believe the shares are fully valued.

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