Securitas (Buy, TP: SEK180.00) - Right strategy with 2024e payback
Securitas enjoyed strong portfolio and Technical Solutions growth as well as widening margins in Q2, and the Stanley Security acquisition has been completed. After consolidating Stanley Security into our forecasts, we see Securitas becoming a faster-growing and higher-margin operation. With Securitas valued at a 40% discount to its 10-year average, we believe near-term refinancing and integration risks are well priced in. We reiterate our BUY and SEK180 target price.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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