EFTA Document EFTA01385540

> BLT Deutsche Bank lEil 0 SGS - Tom Sykes, BUY, close CHF2579, CHF2620 tgt, 2% upside ■ SGS is a long term outperformer. In line with the Business Services team's late cycle view, we prefer more resilient stocks. SGS is a long-term outperformer offering 10% TSR. - It is a global leader in the testing and inspection field, with a CHF18bn market cap. ■ SGS beat the market in 2007-11, suggesting relative upside in the event of a potential downturn. ■ We forecast 8% 18E organic EBITA grow