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MarketScreener Homepage  >  Equities  >  NASDAQ OMX STOCKHOLM  >  Assa Abloy AB    ASSA B   SE0007100581

ASSA ABLOY AB

(ASSA B)
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Assa Abloy circles back to pre-pandemic dividend proposal as profits recover

10/21/2020 | 03:52am EST

STOCKHOLM (Reuters) - Profits at Assa Abloy, the world's biggest lockmaker, fell less than expected in the third quarter due to a strong recovery across divisions and especially in Europe, from the pandemic-induced slump earlier in the year.

The Swedish group said that following the improvement, its board now proposed to restore 2019 dividends to 3.85 crowns per share as originally proposed before the wider COVID-19 outbreak.

It had lowered the proposed dividend in March after the Swedish government urged all companies in the country to drop 2019 dividends altogether.

Adjusted operating profits for July-September were down 8% from a year earlier to 3.59 billion crowns ($412 million) against a mean forecast in a Refinitiv poll of analysts of 3.11 billion.

"The quarter continued to be impacted by COVID-19, but most of our important markets showed good recovery. In particular, the markets in Europe recovered faster than in the US, as lockdowns were eased and distributors started to restock," Chief Executive Nico Delvaux said.

Sales were down 8% year-on-year, with sales excluding acquisitions declining 5%.

"Significant cost-saving measures have been implemented, partly offsetting the lower volumes," Delvaux said.

The rival to Allegion and Stanley Black & Decker had in July predicted a gradual improvement after reporting a 44% second-quarter profit plunge and a 15% sales drop, however adding that uncertainty about the recovery remained high in the short term.

The quarterly operating profit is adjusted for 1.9 billion crowns in income from a revaluation of a stake in Swiss company Agta Record that Assa Abloy bought in August.

Assa Abloy's shares were up 1.5% in early trade, resulting in a price roughly unchanged year-to-date.

($1 = 8.7197 Swedish crowns)

(Reporting by Anna Ringstrom; editing by Niklas Pollard and Philippa Fletcher)

By Anna Ringstrom


© Reuters 2020
Stocks mentioned in the article
ChangeLast1st jan.
AGTA RECORD LTD 0.00%End-of-day quote.3.79%
ALLEGION PLC -1.27% 113.54 Delayed Quote.-8.83%
ASSA ABLOY AB -1.37% 202 Delayed Quote.-6.58%
STANLEY BLACK & DECKER, INC. -1.81% 178.62 Delayed Quote.7.77%
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11/12ASSA ABLOY : divestiture of CEDES in Switzerland to capiton AG completed
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11/11ASSA ABLOY : Sustainability roundtable discussion 2020
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10/22ASSA ABLOY : Strong recovery in the quarter
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10/22ASSA ABLOY : Board propose a second dividend
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10/21EUROPE : European stocks fall as healthcare, construction sectors drag
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10/21ASSA ABLOY : Notice of Extraordinary General Meeting in ASSA ABLOY AB
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10/21European stocks fall as healthcare, construction sectors drag
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More news
Financials
Sales 2020 88 575 M 10 467 M 10 467 M
Net income 2020 9 460 M 1 118 M 1 118 M
Net Debt 2020 27 869 M 3 293 M 3 293 M
P/E ratio 2020 24,1x
Yield 2020 1,81%
Capitalization 227 B 26 720 M 26 856 M
EV / Sales 2020 2,88x
EV / Sales 2021 2,65x
Nbr of Employees 47 573
Free-Float 91,4%
Chart ASSA ABLOY AB
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Technical analysis trends ASSA ABLOY AB
Short TermMid-TermLong Term
TrendsNeutralNeutralNeutral
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus OUTPERFORM
Number of Analysts 22
Average target price 221,05 SEK
Last Close Price 204,60 SEK
Spread / Highest target 32,0%
Spread / Average Target 8,04%
Spread / Lowest Target -13,0%
EPS Revisions
Managers
NameTitle
Nico Delvaux President & Chief Executive Officer
Lars Sture Renström Chairman
Erik Pieder Chief Financial Officer & Executive VP
Carl Fredrik Wilhelm Douglas Vice Chairman
Mats Persson Director
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