What moat does ASSA ABLOY AB have?

The advantage is the lock already installed and the brand the installer already knows. The building can switch supplier on the next job or on the service. The moat narrows if the local purchase is not integrated, or if the service contract moves.

How do you read the ASSA ABLOY AB radar?

Health is the debt of the acquisitions, not of a building. Quality separates the margin on new product from the margin on service. Growth follows construction and purchases. P/E is read against a year of heavy building, not against that peak. Shareholder return is the dividend, checked against the cash the purchases leave.

Which multiples matter for ASSA ABLOY AB?

The P/E of a year of many acquisitions is not organic earnings. EV/EBITDA is read with the debt of those purchases inside. Do not use a toll-road concession multiple: the door here is not a toll. A dash if ASSAB.ST is missing.

What does this ASSA ABLOY AB analysis leave out?

Not advice on Assa Abloy. Vaultflake does not count countries and does not treat the installed lock as captive. This is not a monopoly. Read the filings. A past dividend is not a right. The table is a snapshot, not a target price.

ASSA ABLOY AB (ASSAB.ST) analysis

ASSA ABLOY AB

Sector:Industrials · Locks and Access Control

Country:Sweden

Profile and moat

Assa Abloy sells locks, doors and access control. Yale and HID sit in the group. It grows by placing product and by buying local lock companies. Buying is not growth on its own. Integration can fail and the debt of the purchase stays. Allegion and dormakaba do similar work. It is not the world's largest by decree and it is not a monopoly.

The lock already fitted can be maintained by someone else when the contract ends. The digital lock is a product line, not assured growth. A year of heavy new construction is not normal earnings.

The dividend comes from that cash, after the purchases. It has to fit.

Sustainable Competitive Advantage

ASSA ABLOY AB (ASSAB.ST) analysis

ASSA ABLOY AB

Sector:Industrials · Locks and Access Control

Country:Sweden

Profile and moat

The lock already fitted can be maintained by someone else when the contract ends. The digital lock is a product line, not assured growth. A year of heavy new construction is not normal earnings.

The dividend comes from that cash, after the purchases. It has to fit.

Sustainable Competitive Advantage

ASSA ABLOY AB (ASSAB.ST) analysis

Profile and moat

ASSA ABLOY AB (ASSAB.ST) analysis

Profile and moat

Radar axes

Limits of this report

Questions from this report

What moat does ASSA ABLOY AB have?

How do you read the ASSA ABLOY AB radar?

Which multiples matter for ASSA ABLOY AB?

What does this ASSA ABLOY AB analysis leave out?

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