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Assa Abloy AB Class B ASSA B

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Stock XSTO Rating as of
SEK 336.00 −2.70 (0.80%)
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As of Delayed Price Closed

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Easing Monetary Conditions Should Support Assa Abloy's Organic Sales Growth From Late 2024 Onward

Grant Slade

Assa Abloy is the clear global leader in locking and physical access system markets, accounting for about 13% of supply of the global addressable market—estimated to be worth around USD 100 billion. Assa Abloy’s installed-based business model confers the benefit of significant aftermarket sales—contributing about two thirds of annual revenue at high profit margins. Importantly, we think Assa Abloy’s strategic focus areas—customer relevance, product leadership, and cost-efficiency—work to protect, grow, and optimally monetise the global industry-leading installed base of locking and access systems it has amassed over many decades.

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Price vs Fair Value

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ASSA B is trading at a 47% premium.
Price
SEK 338.70
Fair Value
SEK 839.00
Uncertainty
Medium
1-Star Price
SEK 157.00
5-Star Price
SEK 734.00
Economic Moat
Bkj
Capital Allocation
Gjdmdxcjp

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 338.70
Day Range
SEK 335.20–339.10
52-Week Range
SEK 226.00–349.50
Bid/Ask
SEK 335.60 / SEK 335.80
Market Cap
SEK 373.22 Bil
Volume/Avg
1.4 Mil / 1.3 Mil

Key Statistics

Price/Earnings (Normalized)
21.17
Price/Sales
2.56
Dividend Yield (Trailing)
1.51%
Dividend Yield (Forward)
1.59%
Total Yield
1.51%

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. Some 70% of the group's revenue is derived from commercial, government, 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
Website
https://www.assaabloy.com

Competitors

Valuation

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Metric
ASSA B
JCI
ALLE
Price/Earnings (Normalized)
 21.1721.5020.43
Price/Book Value
 3.763.178.90
Price/Sales
 2.561.913.49
Price/Cash Flow
 20.1822.5120.17
Price/Earnings
ASSA B
JCI
ALLE

Financial Strength

Metric
ASSA B
JCI
ALLE
Quick Ratio
 0.690.591.18
Current Ratio
 1.100.961.66
Interest Coverage
 6.845.767.77
Quick Ratio
ASSA B
JCI
ALLE

Profitability

Metric
ASSA B
JCI
ALLE
Return on Assets (Normalized)
 7.49%5.49%15.05%
Return on Equity (Normalized)
 16.09%14.60%50.56%
Return on Invested Capital (Normalized)
 10.83%9.94%21.27%
Return on Assets
ASSA B
JCI
ALLE

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