Financials Assa Abloy AB

Equities

ASSA B

SE0007100581

Construction Supplies & Fixtures

Market Closed - Nasdaq Stockholm Other stock markets 16:29:48 26/04/2024 BST			5-day change	1st Jan Change
299.5 ^SEK	+1.66%		-1.93%	+3.17%

04-24	Global markets live: Heineken, AT&T Hasbro, Visa, Boeing...
04-24	Assa Abloy AB Approves Dividend, Payable on May 2, 2024 and November 14, 2024	CI

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	243,260	224,932	306,796	248,481	322,458	332,678	-	-
Enterprise Value (EV) ¹	271,966	254,687	333,867	280,213	386,567	388,544	379,535	371,289
P/E ratio	24.3 x	24.5 x	28.2 x	18.7 x	23.7 x	21.3 x	19.2 x	17.4 x
Yield	1.76%	1.93%	1.52%	2.15%	1.86%	1.95%	2.12%	2.34%
Capitalization / Revenue	2.59 x	2.57 x	3.23 x	2.06 x	2.29 x	2.2 x	2.09 x	1.98 x
EV / Revenue	2.89 x	2.91 x	3.51 x	2.32 x	2.75 x	2.57 x	2.39 x	2.21 x
EV / EBITDA	14.9 x	16.2 x	18.5 x	12.4 x	14.1 x	13.2 x	12.1 x	11.1 x
EV / FCF	24.7 x	21.3 x	30.8 x	22.7 x	20.5 x	25.8 x	21 x	18.8 x
FCF Yield	4.05%	4.71%	3.24%	4.41%	4.88%	3.87%	4.77%	5.31%
Price to Book	4.11 x	3.82 x	4.41 x	2.89 x	3.52 x	3.24 x	2.92 x	2.65 x
Nbr of stocks (in thousands)	1,110,776	1,110,776	1,110,776	1,110,776	1,110,776	1,110,776	-	-
Reference price ²	219.0	202.5	276.2	223.7	290.3	299.5	299.5	299.5
Announcement Date	06/02/20	05/02/21	04/02/22	03/02/23	07/02/24	-	-	-

¹SEK in Million²SEK

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	94,029	87,649	95,007	120,793	140,716	151,053	158,898	167,811
EBITDA ¹	18,307	15,692	18,023	22,620	27,358	29,456	31,352	33,537
EBIT ¹	14,920	11,916	14,181	18,532	22,185	24,048	26,055	27,918
Operating Margin	15.87%	13.6%	14.93%	15.34%	15.77%	15.92%	16.4%	16.64%
Earnings before Tax (EBT) ¹	13,571	11,676	13,538	17,521	19,254	20,990	23,371	25,816
Net income ¹	9,993	9,171	10,901	13,291	13,633	15,520	17,395	19,265
Net margin	10.63%	10.46%	11.47%	11%	9.69%	10.27%	10.95%	11.48%
EPS ²	9.000	8.260	9.810	11.97	12.27	14.04	15.60	17.26
Free Cash Flow ¹	11,003	11,984	10,827	12,367	18,875	15,037	18,099	19,733
FCF margin	11.7%	13.67%	11.4%	10.24%	13.41%	9.96%	11.39%	11.76%
FCF Conversion (EBITDA)	60.1%	76.37%	60.07%	54.67%	68.99%	51.05%	57.73%	58.84%
FCF Conversion (Net income)	110.11%	130.67%	99.32%	93.05%	138.45%	96.89%	104.04%	102.43%
Dividend per Share ²	3.850	3.900	4.200	4.800	5.400	5.834	6.341	7.007
Announcement Date	06/02/20	05/02/21	04/02/22	03/02/23	07/02/24	-	-	-

¹SEK in Million²SEK

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2021 Q4	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1	2025 Q2
Net sales ¹	25,623	26,591	29,466	31,820	32,915	32,391	34,474	36,881	36,970	35,200	38,535	38,110	38,827	38,207	40,551
EBITDA ¹	4,982	4,941	5,367	6,014	6,298	6,241	6,658	7,148	7,312	6,728	7,646	7,758	8,419	7,762	8,548
EBIT ¹	4,013	4,001	4,406	4,973	5,152	5,186	5,500	5,777	5,722	5,427	6,107	6,318	6,457	6,053	6,729
Operating Margin	15.66%	15.05%	14.95%	15.63%	15.65%	16.01%	15.95%	15.66%	15.48%	15.42%	15.85%	16.58%	16.63%	15.84%	16.59%
Earnings before Tax (EBT) ¹	3,819	3,811	4,208	4,736	4,766	3,619	6,430	4,509	4,696	4,598	5,240	5,394	5,628	5,208	5,897
Net income ¹	3,043	2,858	3,153	3,551	3,728	2,713	3,574	3,386	3,959	3,452	4,117	4,277	4,464	3,932	4,452
Net margin	11.88%	10.75%	10.7%	11.16%	11.33%	8.38%	10.37%	9.18%	10.71%	9.81%	10.68%	11.22%	11.5%	10.29%	10.98%
EPS ²	2.740	2.570	2.840	3.200	3.360	2.440	3.220	3.050	3.560	3.110	3.543	3.677	3.830	3.541	4.010
Dividend per Share ²	4.200	-	-	-	4.800	-	-	-	5.400	-	-	-	5.600	-	-
Announcement Date	04/02/22	27/04/22	19/07/22	26/10/22	03/02/23	26/04/23	19/07/23	25/10/23	07/02/24	24/04/24	-	-	-	-	-

¹SEK in Million²SEK

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	28,706	29,755	27,071	31,732	64,109	55,866	46,857	38,611
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	1.568 x	1.896 x	1.502 x	1.403 x	2.343 x	1.897 x	1.495 x	1.151 x
Free Cash Flow ¹	11,003	11,984	10,827	12,367	18,875	15,037	18,099	19,733
ROE (net income / shareholders' equity)	18.4%	14.2%	17%	17.1%	15.3%	16%	16.2%	16%
ROA (Net income/ Total Assets)	8.9%	7.79%	8.81%	9.34%	7.77%	7.6%	8.21%	8.47%
Assets ¹	112,309	117,743	123,702	142,271	175,457	204,300	211,837	227,405
Book Value Per Share ²	53.30	53.00	62.60	77.40	82.50	92.60	102.0	113.0
Cash Flow per Share ²	11.40	12.30	11.20	12.90	19.20	15.40	18.70	20.10
Capex ¹	1,662	1,674	1,629	1,990	2,419	2,919	2,939	3,512
Capex / Sales	1.77%	1.91%	1.71%	1.65%	1.72%	1.93%	1.85%	2.09%
Announcement Date	06/02/20	05/02/21	04/02/22	03/02/23	07/02/24	-	-	-

¹SEK in Million²SEK

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for Assa Abloy AB

Trading Rating

Investor Rating

ESG Refinitiv

C+

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

299.5 SEK

Average target price

318.3 SEK

Spread / Average Target

+6.29%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Other Construction Supplies & Fixtures

	1st Jan change	Capi.
ASSA ABLOY AB	+3.17%	30.34B
SAINT-GOBAIN	+12.87%	40.33B
BUILDERS FIRSTSOURCE, INC.	+12.41%	22.89B
CARLISLE COMPANIES INCORPORATED	+28.21%	19.09B
MASCO CORPORATION	+4.28%	15.38B
TREX COMPANY, INC.	+9.35%	9.84B
FORTUNE BRANDS INNOVATIONS, INC.	-2.57%	9.32B
AGC INC.	+10.03%	7.75B
SIMPSON MANUFACTURING CO., INC.	-12.31%	7.37B
BEIJING NEW BUILDING MATERIALS PUBLIC LIMITED COMPANY	+28.77%	7.01B

Other Construction Supplies & Fixtures