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Free AccessMNI China Daily Summary: Wednesday, December 11
Securitas (SECUSS; NR, BBB) 2Q (to June) Results
Securitas still trades at top end of consumer services but the whole sector looks bid in; 29s have gone to trade flat to tad longer Tesco 29s and it's not far off top-end of brewer curves either. We don't see value, results below for Securitas were fine.
- SEK 40.6b (€3.5b) in sales over 2Q up +5% (organic). EBIT at SEK2.8b (€0.24b) at a 6.9% margin (+30bps). Headline was a small miss but organic growth in-line and margin a +20bp beat.
- Above run rate is slightly lower than 1H (at +6%) but 2Q firmer on margins (1H was 6.5%).
- By region over 1H; NA (40% of group) grew +3% and ran a 9.2% margin (+10bps), Europe (43%) +8% running a 6.4% margin (+50bps) and LATAM + Spain and Portugal (10%) +8% running a 6.8% margin (+90bps).
- By segment over 1H; security services (65% of group sales and 50% of EBIT) grew +3% and ran a 5% margin (+30bps) while Technology & Solutions (33% of sales, 53% of EBIT) grew +7% and ran a 10.3% margin (+10bps). Risk mgmt/group functions contributes -3% to group EBIT.
- FCF was negative SEK930m (-€80m) some on WC seasonality but also a larger drag from "financial expenses paid". It paid SEK1.1b (€94m) in dividends this half. Another dividend of the same amount tabled for 2H.
- Net leverage (incl. lease liabilities) at SEK41.9b (€3.6b) was levered 2.9x down from 3.3x last year and now within target for <3x.
- Light on guidance outside of confirming 8% EBIT by end of '25 target; consensus only sees 7%. It also targets +8-10% growth in technology and solutions business - 1H was not far off that (at 7%).
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.