Company Reports

UL Solutions is a global leader in the testing, inspection, and certification, or TIC, industry. The TIC industry is highly fragmented, with thousands of smaller players operating locally or in niche fields. Additionally, some manufacturers choose to insource TIC requirements. Over time, we expect the outsourced product TIC market to grow faster than the global TIC market as companies look to outsourcing to control costs and respond quickly to new regulations.

We initiate coverage of UL Solutions with a narrow moat rating and a $38 per share fair value estimate. We view shares as fairly valued.