【出版时间及名称】：2009年11月欧洲测试，检验和认证行业研究报告
        【作者】：法国兴业银行
        【文件格式】：PDF
        【页数】：44
        【目录或简介】：
Contents
4 Sector anatomy – performance and valuation
4 Focus on two main changes foreseen in the industry
5 Investment summary
6 Valuation: Intertek and BV our top picks
6 Summary of our forecasts
7 Valuation summary
9 DCF Summary
9 Valuation multiples
11 Consolidation: the time come has come
11 1. Fragmentation
13 2. Bigger is better: economies of scale
14 3. The threat of pricing pressure is mounting
16 4. The Germans are eyeing consolidation
17 Consolidation scenarios among the ‘big’ three
17 M&A assumptions
18 SGS/Intertek: very attractive in theory
19 SGS/Bureau Veritas: Two shareholders hold the key
21 Bureau Veritas/Intertek: strike while the iron is hot?
23 Feedback from the private world
23 Dekra feedback - No. 3 in the TIC landscape
24 TUV SUD feedback - No. 4 in the TIC landscape
25 TUV NORD feedback - No. 8 in the TIC landscape
26 Lloyd’s Register feedback - No. 9 in the TIC landscape
28 Inspicio feedback - No. 16 in the TIC landscape
29 Cotecna feedback – No. 19 in the TIC landscape
30 SG Equity Research forecasts
31 Group estimates compared