Assa Abloy (Hold, TP: SEK290.00) - Showing resilience
Assa Abloy’s Q1 was in line, but the call leaned slightly positive, with April activity trends steady compared with February–March, and no slowdown observed in US non-residential demand despite new tariffs. Some tariff-related pre-ordering in March should support Q2 sales, while Global Tech margin headwinds from M&A are expected to ease. We reiterate our HOLD, but have cut our 2025–2027e sales and adj. EBIT by 3% on average due to FX, and lowered our target price to SEK290 (345).ASSA ABLOY provides a range of door opening solutions. Co. is organized into five divisions. Europe, Middle East and Africa division, Americas (North and South America) division and Asia Pacific (Asia, Australia and New Zealand) division manufacture and sell mechanical and electromechanical locks, security doors and hardware in their respective geographical markets. Global Technologies division operates worldwide in the product areas of access control systems, secure card issuance, identification technology and hotel locks. Entrance Systems division is a global supplier of entrance automation products and service.
DNB Markets is the investment banking arm of DNB Bank ASA and is focused primarily on the Nordic region, as well as internationally on niches such as global shipping, energy and related services, and seafood. DNB Markets offers services in FICC, Equities and Investment Banking advisory from offices in Oslo, Stockholm, London, Singapore and New York. Equity research coverage is offered on c250 Nordic companies. DNB was ranked no.2 in Extel Nordic Research 2017. The DNB Markets’ Credit and FICC Macro & FX Research teams are repeatedly highly rated by Prospera Nordic Institutional Investor Surveys.
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