Assa Abloy : Q2 should be complicated, but perhaps less so than feared
>Q2 to be very complicated... - We think that Assa Abloy was the most cautious group in its comments when the Q1 figures were published. Admittedly, the EBIT margin had been disappointing (-270bp on an organic contraction of 3.5% in sales). Management indicated that it had taken significant cost-cutting measures (since does not subscribe to the forecast of a V-shaped recovery) and is expecting a very sharp contraction in Q2. Our takeaways from recent contact with the...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.
Oddo Securities provides securities brokerage and research services. The company offers equity, economic, and derivatives research and credit analysis services. It focuses on insurance, automotive, building materials, pharmaceuticals, telecommunications, information technology, and agri-food industries.
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