SGS delivered full-year results that were narrowly above consensus but better than our estimates, particularly on profitability. The group showed that it is able to generate better margins under its new structure and could improve them going forward. M&A is expected to be an important driver in adding additional capabilities. FCF generation, however, was weaker than expected. Regarding FY22, the group expects decent organic growth with improved margins and better cash conversion. The proposed di ....
