Assa Abloy : Q3 2018: very strong growth, EBITA margin still undermined by China
>High-quality Q3, with 5.2% organic growth - Assa Abloy's Q3 2018 earnings, reported last Friday, were broadly in line with expectations. Specifically, we note the following points: organic growth of 5.2% (including a price effect of 2%), fuelled by the Americas (+10.1%) and Global Tech (+11.8%) divisions while EMEA and APAC chalked up disappointing growth (1.7% and 0.8% respectively). Acquisitions contributed 2.4% to business growth (+4% ex disposals impact) and...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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