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Assa Abloy (A-) 4Q23 Revenue In Line

BASIC INDUSTRIES
  • Revenue of SEK36.97bn, +12% vs 4Q22, +0% organic. Consensus was SEK37.03bn. EBIT came in slightly lower than consensus at SEK5.54bn vs SEK5.93bn estimated
  • Dividend increased to SEK5.40 vs SEK4.80; higher than estimate of SEK5.15
  • Integration and synergy realisation in HHI is a priority for 2024; should provide comfort that meaningful M&A seems less likely for now
  • Expect neutral impact on spreads

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