Assa Abloy AB: 1 director

A director at Assa Abloy AB sold 15,200 shares at 329.645SEK and the significance rating of the trade was 55/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years clearly ...

The Capital Goods Data Miner – November 2024

Q3 trends, estimates, valuation and top picks

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 10/24/2024

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ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 24/10/2024

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Assa Abloy : Le T3 n’a pas entamé la reprise des volumes espérée, mais...

>T3 2024 : volume encore en recul de l’ordre de 1.2% - Le groupe a publié hier matin des résultats T3 2024 supérieurs aux attentes au niveau opérationnel (2%). Le chiffre d’affaires progresse de 0.3% en organique, dont -1.2% d’effet volumes (6ème trimestre consécutif de volumes négatifs, après -4.8%e au T1, -3.3%e au T2) et +1.5% d’effet prix.L’EBIT ajusté atteint 6 255 MSEK, en hausse de 8.3%. La marge de 16.7% progresse de 100 pb, lui permettant d’atteindre 15....

Assa Abloy : Hoped for upturn in volumes failed to materialise in Q3, ...

>Q3 2024: volumes remain on a downtrend at -1.2% - The group reported yesterday morning Q3 2024 results above expectations at the operating level (2%). Revenues rose by 0.3% on an organic basis, of which -1.2% was due to the volume effect (sixth consecutive quarter of negative volumes, after -4.8%e in Q1, -3.3%e in Q2) and +1.5% to the price effect.Adjusted EBIT rose by 8.3% to SEK 6.255bn. The margin gained 100bp to 16.7%, taking the average to 15.9% over 12 rol...

Assa Abloy (Buy, TP: SEK385.00) - PAC back in business

The key highlight in Q3 was the 15% EBIT beat in Global Technologies, driven by strong growth in Global Solutions, and that Physical Access Control (PAC) in HID returned to growth. The residential market in North America appears to have bottomed out, while Europe is behind in the cycle. Having made minor estimate changes, we reiterate our BUY but have edged up our target price to SEK385 (370).

Pricing power reaffirmed, awaiting volume

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 10/23/2024

Last week, we organised an Expert Access event on multiple sclerosis (MS) with the participation of Dr Géraldine Androdias, a neurologist at Lyon University Hospital. Dr Androdias presented the key points of the ECTRIMS 2024 conference, as well as new trends in treating the illness. We note an unmet need in the primary progressive and secondary progressive forms, a real interest for the BTKi class with the greater penetration of the blood-brain barrier, and expectations for the anti-C...

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 23/10/2024

Nous avons organisé la semaine dernière un Expert Access autour de la sclérose en plaques (SEP) avec la participation du Dr Géraldine Androdias, médecin neurologue au CHU de Lyon. Le Dr Androdias a présenté les points saillants du congrès de l’ECTRIMS 2024 ainsi que les nouvelles tendances dans la prise en charge de la maladie. Nous retenons un besoin insatisfait dans les formes progressives et secondairement progressives, un vrai intérêt de la classe des BTKi avec le passage accru de...

Assa Abloy : Solid Q3 results, especially on the EBIT margin side

>Q3 2024: organic revenue growth stable, EBIT margin 16.7% (+100bp) - Sales reached SEK 37.4bn, stable organically which is slightly below the consensus (1.1%), with pricing +1% and volumes -1%. The Americas (thanks notably to the US non-residential market), EMEIA (rebound in Nordics & Central Europe) and Global Technologies divisions were more resilient, with revenues up 4%, 1% and 2% respectively on a like-for-like basis.Entrance Systems and Asia-Pacific r...

Assa Abloy : Solid Q3 results, especially on the EBIT margin side

>Q3 2024: organic revenue growth stable, EBIT margin 16.7% (+100bp) - Sales reached SEK 37.4bn, stable organically which is slightly below the consensus (1.1%), with pricing +1% and volumes -1%. The Americas (thanks notably to the US non-residential market), EMEIA (rebound in Nordics & Central Europe) and Global Technologies divisions were more resilient, with revenues up 4%, 1% and 2% respectively on a like-for-like basis.Entrance Systems and Asia-Pacific r...

Global Tech margin normalization drives small beat

Heads-up for report 23 October

The Capital Goods Data Miner - October 2024

ODDO : US elections: between continuity and disruption, the benefits/r...

Accounting for an average of 19% of revenues for European capital goods groups (over 40% in some cases), the US is clearly a central factor in growth strategies, both organically and inorganically. Based on our analysis of the programmes of the two candidates running for the White House and the positioning of the various groups, we have established two scenarios through which to play the sector depending on the winner in November's election. In this still uncertain US election co...

ODDO : Election US : entre continuité et rupture, les bénéfices/risque...

Représentant 19% en moyenne du CA des groupes de biens d’équipement européens (plus de 40% pour certains), les Etats-Unis sont inévitablement au cœur des stratégies de croissance, tant organique qu’externe. Après analyse des programmes des deux candidats à la Maison Blanche, croisée avec celle du positionnement des groupes, nous avons établi 2 scénarios permettant de se positionner en fonction du candidat qui sera élu en novembre. Dans ce contexte électoral américain encore incer...

Q3e: Delayed recovery point

Stock now in neutral territory