Business Support Services

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Ratings

Ratings and price correct at time of issue

Company Rating Date Previous Rating Date Closing Price
Bunzl plc OUTPERFORM 01/04/21 N/A N/A 2301p
DCC OUTPERFORM 30/06/09 N/A N/A 6050p
Electrocomponents plc UNDERPERFORM 01/04/21 N/A N/A 1016p
Hays plc OUTPERFORM 01/04/21 N/A N/A 173p
HomeServe plc OUTPERFORM 01/04/21 N/A N/A 942p
Intertek Group plc UNDERPERFORM 01/04/21 N/A N/A 5300p
IWG plc OUTPERFORM 01/04/21 N/A N/A 314p
PageGroup plc OUTPERFORM 01/04/21 N/A N/A 610p
Rentokil Initial plc OUTPERFORM 01/04/21 N/A N/A 474p
RWS Holdings plc OUTPERFORM 01/04/21 N/A N/A 609p
Serco Group plc OUTPERFORM 01/04/21 N/A N/A 135p

DAVY VIEW

Another high news week in the business services sector. RWS produced strong figures (we upgraded pre-tax and net cash forecasts), but the market was slightly caught out by the change in CEO. IWG’s trading statement, while disappointing in that the recovery is slower than expected, does not change our thesis for a more capital-light, higher potential growth operator dominating the hybrid working space. Elsewhere, staffing data continue to be extremely strong (Manpower Outlook survey; SThree positive warning), and EQT has decided not to go ahead with its IPO of Anticimex – instead selling the business to a new long-term EQT strategy.

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Jun 10 2021, 06:45 IST/BST

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