SGS’ 2022 results were below consensus and our expectations on revenues, organic growth and profitability. Organic growth was weaker than expected in the H2 and stronger currency headwinds weighed on the yoy revenue growth. Profitability was dragged down due to Covid-related disruption in China and higher inflationary pressures in the H2. Consequently, CFO and FCF were down yoy. The group maintained its dividend at CHF80. In 2023, the group will undergo restructuring and we deem the announced ou ....
