Morningstar | Securitas Company Report
In our security sector coverage list, Securitas is the purest play on the manned guarding space, which encompasses manned security, mobile security, monitoring, and risk assessment. In this highly fragmented space, Securitas is the market leader, with estimated 15% market share, a significant standing considering that the fourth-largest firm has just 1% market share.Securitas has gone through several material portfolio changes. In 2006, it divested its cash-in-transit and alarms businesses, which initially excited the market, but following several years of relatively weak organic growth, ultimately disappointed. While the geographic focus of the company remains heavily weighted toward developed markets, it has since refocused its effort on driving revenue and margin growth through upselling to its clients and providing more value-add services, such as security consulting and risk analysis, executive protection, and the outsourcing of airport security operations.Over the longer term, we believe Securitas can benefit from several structural trends. An increasing focus on corporations' operational risks and an increased disposition toward outsourcing of noncore operations should incrementally boost activity in Securitas’ higher-margin offerings, such as risk consulting and security systems. Similarly, rising levels of travel have resulted in increased exposure to disease pandemics and international terrorism. This has led to airports and transit centres continually looking to increase and improve security measures, which, while good for the security industry, particularly benefits global security firms like Securitas with high-end knowledge and capabilities.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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