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    ASSA B   SE0007100581

ASSA ABLOY AB

(ASSA B)
  Report
Real-time Estimate Quote. Real-time Estimate Cboe Europe - 10/18 11:29:45 am
251.6 SEK   -1.37%
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Assa Abloy : buys Spectrum home improvement business for $4.3 billion

09/09/2021 | 03:42am EDT
The logo for Spectrum Brands Holdings, Inc., is displayed screen on the floor of the NYSE in New York

(Reuters) - U.S. lockmaker Spectrum Brands Holdings Inc has agreed to sell its hardware and home improvement division to Swedish rival Assa Abloy for $4.3 billion in cash.

Shares in Assa Abloy rose 6.2% in early trade on Thursday, buoyed by the deal and the prospects for expansion beyond its commercial business in North America into the residential market.

Assa, the world's biggest lockmaker, expects operating earnings benefits from the deal to reach around $100 million in 2025, it said in a statement.

The deal, expected to close in the fourth quarter, would immediately add about 14% to Assa's consolidated sales, which were 88 billion crowns ($10.2 billion) in 2020.

"In summary, a great addition to Assa Abloy Group; really the missing piece for us in the Americas and in North America, the U.S. in particular," CEO Nico Delvaux told analysts and reporters.

Investment bank Jefferies said the deal multiples were sensible.

"We see strong strategic rationale behind the deal, as it enables Assa to strengthen its position in the North America residential market," it said.

Shares in Spectrum had risen 18% on Wednesday after the company said it would use the proceeds to reduce debt and make complementary acquisitions.

The deal will also allow Spectrum to sharpen its focus on its pet care, home and garden and personal care businesses, with Chief Executive David Maura saying the downsized company would have higher growth rates and strong margins.

Spectrum's California-based hardware and home improvement division houses brands such as Kwikset, Baldwin and Weiser.

Demand for home improvement products has soared during the COVID-19 pandemic as people largely worked from home during the health crisis.

Net sales at Spectrum's hardware and home improvement unit increased 48.8% from a year earlier to $419 million in the third quarter ended July 4, boosted by new products.

($1 = 8.6344 Swedish crowns)

(Reporting by Praveen Paramasivam in Bengaluru and Helena Soderpalm in Stockholm; Editing by Krishna Chandra Eluri and David Goodman)

By Helena Soderpalm and Praveen Paramasivam


© Reuters 2021
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Analyst Recommendations on ASSA ABLOY AB
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Financials
Sales 2021 94 750 M 10 943 M 10 943 M
Net income 2021 10 706 M 1 237 M 1 237 M
Net Debt 2021 20 758 M 2 397 M 2 397 M
P/E ratio 2021 26,4x
Yield 2021 1,65%
Capitalization 279 B 32 246 M 32 278 M
EV / Sales 2021 3,17x
EV / Sales 2022 2,90x
Nbr of Employees 50 727
Free-Float 91,4%
Chart ASSA ABLOY AB
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Assa Abloy AB Technical Analysis Chart | ASSA B | SE0007100581 | MarketScreener
Technical analysis trends ASSA ABLOY AB
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Income Statement Evolution
Consensus
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Mean consensus OUTPERFORM
Number of Analysts 22
Last Close Price 255,10 SEK
Average target price 285,90 SEK
Spread / Average Target 12,1%
EPS Revisions
Managers and Directors
Nico Delvaux President & Chief Executive Officer
Erik Pieder Chief Financial Officer & Executive VP
Lars Sture Renström Chairman
Carl Fredrik Wilhelm Douglas Vice Chairman
Eva Irene Karlsson Independent Director
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