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Assa Abloy (A-): 1Q24 Results

CAPITAL GOODS

Small miss, unlikely to move spreads


• Revenue and adj. EBITDA missed consensus by 1 and 1.7%.

• FCF missed at 2,650 vs 2856 expected, driven by higher WC build.

• Investments also dragged on cash, causing a slight uptick in leverage to 2.4x from 2.3x QoQ.

• Management expect to continue bolt on acquisitions, presumably reducing scope for deleveraging back to 1 handles; they describe their balance sheet as strong.

• Call 08.00 CET https://access.creomediamanager.com/17d97436-7254-...

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