Intertek: Back on Track in 2024 With Growth Picking Up
We believe narrow-moat Intertek has turned a corner after a disappointing 12 months or so. Its most recent trading statement adds weight to this view with like-for-like revenue growth of 7% so far this year as well as margin progression. Management have stuck with their full-year outlook of mid-single-digit organic revenue growth combined with further operating margin improvement, which now looks relatively conservative in light of the firm's recent performance. Although the share price has rallied strongly since the end of last year, we still see attractive upside to our GBX 5,700 fair value estimate.