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Assa Abloy AB Class B ASSA B

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Company Report

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Assa Abloy Earnings: Off to a Tepid Start in 2024 Amid Still-Tight Financial Conditions

Grant Slade

Wide-moat Assa Abloy is off to a slow start in 2024 with demand for its locking and physical access systems weakening in the first quarter. First-quarter organic revenue growth for the group softened by 2% year on year, tracking broadly in line with our full-year estimates that factor in headwinds from subdued construction activity in 2024. Organic sales for each of the group’s Americas, European, and Asia-Pacific opening solutions segments—which together account for roughly 50% of group earnings—declined in the range of 1% to 3%. Sales fell more significantly for Assa Abloy’s global technologies segment, down 9% organically in the first quarter.

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Price vs Fair Value

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ASSA B is trading at a 3% discount.
Price
SEK 310.30
Fair Value
SEK 464.00
Uncertainty
Medium
1-Star Price
SEK 162.00
5-Star Price
SEK 841.00
Economic Moat
Fjns
Capital Allocation
Glxjcrd

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
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Day Range
—–—
52-Week Range
—–—
Bid/Ask
— / —
Market Cap
—
Volume/Avg
— / —

Key Statistics

Price/Earnings (Normalized)
20.46
Price/Sales
2.41
Dividend Yield (Trailing)
1.57%
Dividend Yield (Forward)
1.76%
Total Yield
1.60%

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
61,000
Website
https://www.assaabloy.com

Competitors

Valuation

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Metric
ASSA B
ALLE
JCI
Price/Earnings (Normalized)
 20.4618.1818.78
Price/Book Value
 3.708.402.64
Price/Sales
 2.413.061.66
Price/Cash Flow
 19.4118.0715.18
Price/Earnings
ASSA B
ALLE
JCI

Financial Strength

Metric
ASSA B
ALLE
JCI
Quick Ratio
 0.700.820.63
Current Ratio
 1.131.260.97
Interest Coverage
 8.097.567.36
Quick Ratio
ASSA B
ALLE
JCI

Profitability

Metric
ASSA B
ALLE
JCI
Return on Assets (Normalized)
 8.86%14.80%5.55%
Return on Equity (Normalized)
 18.46%54.20%14.71%
Return on Invested Capital (Normalized)
 12.42%21.59%9.63%
Return on Assets
ASSA B
ALLE
JCI
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Security & Protection Services Industry Comparables

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Assa Abloy AB ADR—Pdl$31.6 Bil
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