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Assa Abloy AB Class B ASSA B

Morningstar Rating
SEK 311.70 −0.90 (0.29%)
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Company Report

Assa Abloy Earnings: Americas and Europe Demand Recovering Despite Still-Tight Financial Conditions

Demand for wide-moat Assa Abloy’s locking and physical access systems remained subdued during the second quarter of 2024 amid globally weak new construction conditions. Still, second-quarter organic sales of negative 1% showed modest sequential improvement, up from negative 2% in the prior quarter. The performance of the Americas and EMEIA Opening Solutions segments were bright spots, with organic sales growth—of 1% and 3%, respectively—improving on their first-quarter showing and tracking ahead of our prior expectations that factored further organic top-line pressure amid still-tight financial conditions. Organic sales growth for Entrance Systems—the group’s largest segment accounting for about 35% of group EBIT—was flat, unchanged quarter on quarter. However, still-weak demand for the Global Technologies and Asia Pacific Opening Solutions segments weighed on the group’s second-quarter top-line performance.

Price vs Fair Value

ASSA B is trading at a 452% premium.
Price
SEK 311.70
Fair Value
SEK 984.00
Uncertainty
Medium
1-Star Price
SEK 982.00
5-Star Price
SEK 938.00
Economic Moat
Dkm
Capital Allocation
Lnjyjqqnq

Bulls Say, Bears Say

Bulls

Electromechanical locking system adoption rates are rising. As the global industry leader, Assa Abloy is ideally positioned to capitalise on the consequent expansion of the industry profit pool.

Bears

As Assa Abloy expands its presence in specialised doors—via its entrance systems division—it increases its exposure to a lower-profit-margin, lower-return segment of the market.

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Trading Information

Previous Close Price
SEK 312.60
Day Range
SEK 298.10317.10
52-Week Range
SEK 226.00318.60
Bid/Ask
SEK 311.70 / SEK 311.80
Market Cap
SEK 346.23 Bil
Volume/Avg
2.8 Mil / 1.7 Mil

Key Statistics

Price/Earnings (Normalized)
19.36
Price/Sales
2.36
Dividend Yield (Trailing)
1.64%
Dividend Yield (Forward)
1.73%
Total Yield
1.63%

Company Profile

Assa Abloy is the world’s largest supplier of locking and physical access solutions, sporting the world’s largest installed base of locks that protect some of the most security-sensitive buildings, such as the European Parliament in Brussels. Three quarters of its revenue comes from government, commercial, and other nonresidential customers. The company's product base is centred on electromechanical locks, which require identification to unlock with a keycard, biometric scan, or personal identification number. Assa Abloy's products are sold directly to security systems integrators, locksmiths, hardware stores, and original equipment manufacturers.
Sector
Industrials
Industry
Security & Protection Services
Stock Style Box
Large Growth
Total Number of Employees
62,538

Competitors

Valuation

Metric
ASSA B
ALLE
JCI
Price/Earnings (Normalized)
19.3618.3220.48
Price/Book Value
3.468.223.01
Price/Sales
2.363.091.78
Price/Cash Flow
18.5818.0922.23
Price/Earnings
ASSA B
ALLE
JCI

Financial Strength

Metric
ASSA B
ALLE
JCI
Quick Ratio
0.690.820.55
Current Ratio
1.101.310.87
Interest Coverage
6.847.634.74
Quick Ratio
ASSA B
ALLE
JCI

Profitability

Metric
ASSA B
ALLE
JCI
Return on Assets (Normalized)
7.49%14.53%5.35%
Return on Equity (Normalized)
16.09%50.34%14.23%
Return on Invested Capital (Normalized)
10.83%20.97%9.47%
Return on Assets
ASSA B
ALLE
JCI
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Security & Protection Services Industry Comparables

1-Day Chart
Name
Price
Morningstar Rating for Stocks
Capital Allocation
Economic Moat
Market Cap
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Assa Abloy AB Class B
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