Assa Abloy's Operating Performance Has Been Excellent, but Share Price Looks Stretched
Following a 13% rally since the start of the year, Assa Abloy's share price looks stretched, even after we made adjustments to our model for the time value of money, increasing our fair value estimate to SEK 166 from SEK 156. Assa Abloy's revenue grew 14% in the first quarter, with 8%--more than half--coming from artificial drivers like currency and acquisitions. However, organic growth was 6%, a sharp pickup from 2% in 2016. As with many other global industrials in our coverage universe, we bel...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.
Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.
Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
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