Assa Abloy: Fair value höjs till 215 kronor

AKTIE: Starka varumärken, kundernas höga kostnader för att byta låssystem och stor eftermarknad gör Assa Abloy till en branschledare även framöver. Morningstars analytiker höjer fair value till 215 kronor per aktie (2021-05-27).

Morningstar Equity Analysts 2021-05-27 | 11:53
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Analyst Note | May 27, 2021

We believe Assa Abloy's medium-term 10% revenue growth ambition is becoming less of a stretch due to evidence of an increased pace of new product introductions, particularly in digital and integrated security solutions across the group. The company's capital markets day reinforced our thesis. Historically, the Global Technologies division has given birth to most of the company's product innovations but mainly for the division's own customer base. In the last three years, 27% of the division's sales have come from product launches. Encouragingly, at the CMD we saw evidence of other divisions using technology from Global Technologies to rollout digital products across more customer segments in the group. These product introductions have the potential to accelerate the core's revenue growth. We believe that growth will be fueled by a growing appetite for digital locks and integrated security systems across all building types after the pandemic, due to product features such as touchless door access and ability to remotely manage and track building visitors. We maintain our wide moat rating and fair value estimate.

Lock on red door

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