Intertek Group: Strategic Review provides additional upside potential

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Intertek Group: Strategic Review provides additional upside potential

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Intertek Group

Strategic Review provides additional

upside potential

Reiterate Rating: BUY | PO: 5,730 GBp | Price: 4,910 GBp

Strategic Review should unlock value and drive re-rating 11 May 2026

We believe Intertek’s Strategic Review presents a significant value creation opportunity that Equity

will allow the company to capitalise on the high quality of its Testing & Assurance business

and focus more sharply on growth. We do not view dyssynergy risks as material given

Key ChangesIntertek’s businesses are already run quite independently, with a decentralised approach and

federated business model. We move to a SOTP approach to derive our PO (from PE and (GBp) Previous Current

DCF average previously), as we believe this better reflects the current picture (see page 7). Price Obj. 4,810.00 5,730.00

Our PO goes up to 5,730GBp (from 4,810GBp) as a result. We reiterate our Buy rating, as

we believe the Strategic Review represents a catalyst for material re-rating given that Virginia Montorsi >>

Research Analyst

RemainCo’s profile would entail stronger financials, a higher-quality business model and MLI (UK)

potential for sharper capital allocation, which should support and accelerate growth. 44 20 7996 2921 virginia.montorsi@bofa.com

RemainCo should see MSD organic growth and >25% margins

Within Consumer Products (CP) and Corporate Assurance (CA) in particular, in our view,

ITRK provides a best-in-class value proposition and attractive economics (e.g., 30%+ Stock Data

margin in CP, low 20s for CA on our FY26-28E estimates vs peers in the mid- to high- Price 4,910 GBp

teens range). We believe a more simplified structure comprising only three businesses (i.e., Price Objective 5,730 GBp