Securitas Fails to Maintain Strong Momentum From 2016 into 1Q; Shares Fairly Valued
No-moat Securitas delivered a relatively disappointing first-quarter update. Organic growth of 4%, while still ahead of GDP growth, was significantly lower than the 7% delivered in full-year 2016, while operating margins also fell 4.7% to 5% in the first quarter. We do not expect to make any changes to our forecasts at this early point in the year, given our recent initiation on the company (see our March 31 report). As such, we reiterate our SEK 142 fair value estimate and believe the shares ar...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.
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