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Experian 'top pick', says JPMorgan
(Sharecast News) - JPMorgan Cazenove said on Monday that Experian was its top pick in the European business services sector, along with Bureau Veritas, both of which it rates at 'overweight'. "Experian remains our most-preferred long-term pick in European business services, and a top pick for the rest of 2024," it said.
"We have confidence the company will grow at least high single digit percentage organically in the medium term supported by its high-quality portfolio of new products at different stages of development.
"For FY Mar-25, we forecast 8%. Experian has a strong balance sheet and opportunities for value-add acquisitions, on top of continued organic investments."
In the same research note - in which it reinstated coverage of Experian, Bunzl, Bureau Veritas, Intertek and SGS - JPM also said it was positive on the testing, inspection and certification (TIC) space, given the supportive volume outlook for 2024.
The bank said its preferred name at this stage is Bureau Veritas, where it see better-for-longer growth in 2024/25E supported by the secular drivers of TIC but also the company's unique Marine & Offshore asset.
While it is 'neutral' on Intertek, JPM said it was placing the company on 'positive catalyst watch' into Q1 reporting, as it sees positive revenue trends from all three and for Intertek specifically it expects a circa 2% support from two more working days in January to April.
Bunzl and SGS were reinstated at 'neutral'.
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