Except for the organic growth, SGS’ H1 results were broadly in line with consensus expectations. Organic growth was higher than expected due to a better than expected recovery in China and solid demand across Natural Resources and Knowledge. However, currency headwinds muted the yoy growth. Profitability was flat yoy and impacted by margin weakness across the two divisions. CFO and FCF followed their customary seasonal pattern. For 2023, SGS raised its organic growth target but we see limited up ....
