Assa Abloy: Long-Term Financial Targets Reaffirmed at Capital Markets Day; Shares Fairly Valued

We make no change to our thesis or financial estimates for wide-moat Assa Abloy, which reaffirmed its long-term strategy and financial targets at its 2024 capital markets day. Assa Abloy’s strategy remains focused on driving growth via innovation that perpetuates product leadership and increases its relevance with its broad and diverse customer base while also achieving cost efficiency across its global operations. Assa Abloy shares screen as approximately fairly valued, trading at a slim 3% discount to our unchanged SEK 320 fair value estimate.