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Securitas (NR, BBB- Pos) has missed on FY23 results; still lifts dividends

CONSUMER CYCLICALS

It reported FY23 results with Q4 revenue ~SEK700m lower than expectations & EBITA ~100m lower.

Only miss in organic revenue seems to be in NA but CEO remarks pointed to weaker performance due to negative results in Securitas critical infra services & weaker Europe performance. Operating margin improvements were touted in the presentation but EBITA margins still seem to have missed expectations by 10bps at 6.79%

Its adj. net debt to EBITDA fell to 2.7* (reported 4.1*) down from 3.3* the prior year. It has relatively heavy '24 maturities totalling ~SEK 9b (including a Feb €350m/SEK 4b line) which may see continued refi activity. Its reiterated commitment to IG rating.

Still dividends has come above expectations at 3.8/share (c3.4) that may be helping equities up +7% this morning. Dividend is up from 3.45/share last yr where it was 1.98b drag on cash. € cash lines look unch to tighter this morning.

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