Securitas (Buy, TP: SEK153.00) - Moving towards its targets
Securitas saw strong profit margin progress across its geographies in Q3, with another record high in the US. We have tweaked our forecasts following the results. As the company’s good progress towards its 8% profit margin target by end-2025 is still far from reflected in consensus (or our forecasts) and with the stock trading at a c30% discount to its 10-year average, we still see a strong transformation case. We reiterate our BUY and have raised our target price to SEK153 (150).Securitas is engaged in integrated security solutions. Co.'s main service offering categories are specialized guarding, mobile security services, monitoring, technical solutions and consulting and investigation services. Co. operates in 52 countries throughout North America, Europe, Latin America, the Middle East, Asia and Africa. Co. is organized into three business segments: Security Services North America, Security Services Europe and Security Services Ibero-America. In addition to the three business segments, Co. conducts guarding operations in the Middle East, Asia and Africa.
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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