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May 10 2022, 06:45 IST/BST
Business Support Services
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- Sectors : Business Support Services
- Companies : Bunzl plc | Hays plc | Intertek Group plc | RS Group plc | Essentra | RWS Holdings plc | HomeServe plc | Serco Group plc | DCC | IWG plc | Rentokil Initial plc | PageGroup plc
Ratings
Ratings and price correct at time of issue
| Company | Rating | Date | Previous Rating | Date | Closing Price |
|---|---|---|---|---|---|
| Bunzl plc | UNDERPERFORM | 26/01/22 | Neutral | 06/08/21 | 3028p |
| DCC | OUTPERFORM | 30/06/09 | N/A | N/A | 6192p |
| Essentra | OUTPERFORM | 08/11/21 | N/A | N/A | 296p |
| Hays plc | OUTPERFORM | 01/04/21 | N/A | N/A | 118p |
| HomeServe plc | OUTPERFORM | 01/04/21 | N/A | N/A | 990p |
| Intertek Group plc | UNDERPERFORM | 01/04/21 | N/A | N/A | 4923p |
| IWG plc | OUTPERFORM | 01/04/21 | N/A | N/A | 234p |
| PageGroup plc | OUTPERFORM | 01/04/21 | N/A | N/A | 472p |
| Rentokil Initial plc | OUTPERFORM | 01/04/21 | N/A | N/A | 525p |
| RS Group plc | OUTPERFORM | 09/03/22 | Neutral | 26/01/22 | 944p |
| RWS Holdings plc | OUTPERFORM | 01/04/21 | N/A | N/A | 444p |
| Serco Group plc | OUTPERFORM | 01/04/21 | N/A | N/A | 150p |
DAVY VIEW
We have often commented on Private Equity (PE) interest in the UK Support Services sector, but it is worth reiterating the current state of play and potential for further deals. The sector is ‘in play’ – over the last 18 months, the private market has seen greater value than the public market in corporates that have strong market positions, balance sheets and cashflows and are low in capital intensity. Short-term price weakness has proved to be a trigger, and PE appears very much at the ready.
