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Jun 10 2021, 06:45 IST/BST
Business Support Services
At your service…
- Sectors : Business Support Services
- Companies : Bunzl plc | Hays plc | Intertek Group plc | IWG plc | PageGroup plc | RWS Holdings plc | HomeServe plc | Serco Group plc | DCC | Rentokil Initial plc | RS Group plc
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 |
| RS Group 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.
