Initiating coverage on Assa Abloy with a wide moat, positive trend rating; shares look fully priced.
We are lowering our fair value estimate for Assa Abloy by 5% to SEK 156 per share from SEK 165 due to greater uncertainty in the company’s Asia-Pacific business, following the announcement of a revenue overstatement and, to a lesser extent, our lower expectations for revenue growth in Europe. We have lowered our Asia-Pacific region revenue by 10%-12% per year in the medium term. The company took a charge of SEK 260 million for overstated revenue in 2015 and the beginning of 2016 in two of its bu...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.
We have operations in 27 countries.
Unfortunately, this report is not available for the investor type or country you selected.
Browse all ResearchPool reportsReport is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.