Assa Abloy (Buy, TP: SEK310.00) - Solid as a brick wall
We are roughly in line with consensus on Q4e after lowering our sales and EBIT by c2% based on FX. We do not expect the report to be a trigger for the share price per se but believe it will continue to underline Assa Abloy’s defensive characteristics and ability to perform well in a weak construction market. We reiterate our BUY but have reduced our target price to SEK310 (325) after cutting our 2024–2025e adj. EBIT by c6% due to FX.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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