Assa Abloy's FY17 In Line; Channel Expansion Necessary to Push Home Smart Locks
Assa Abloy's full-year 2017 results were in line with expectations, both ours and consensus, and we see future underlying growth as dependent on the continued conversion to electromechanical locks globally, proliferation of software-controlled locking systems in commercial properties, and finally smart locks (which allow the homeowner to remotely give access to a visitor, for example) in the residential market. Assa Abloy is strategically well placed for the first two, but for the last, we see t...
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