Securitas (Buy, TP: SEK180.00) - Seeking European leverage
We see relatively easy comparables YOY for Securitas in Q3 (results due at 13:00 CET on 26 October) and find our EBITA estimate 5% ahead of consensus. The new CEO’s first efficiency move targeting getting earnings leverage back into the European operation indicates to us yet another step towards the inflection point when earnings leverage and valuation multiples expansion appears, possibly transforming the investment case. We reiterate BUY and our SEK180 target priceSecuritas 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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