Securitas AB (publ) (SECU-B.ST) | Investment Case

1. Company Snapshot

1.a. Company Description

Securitas AB (publ) provides security services in North America, Europe, Latin America, Africa, the Middle East, Asia, and Australia.The company operates through three segments: Security Services North America, Security Services Europe, and Security Services Ibero-America.It offers on-site guarding, mobile patrol, loss prevention, canine security, track and trace, and reception services, as well as operates Securitas operation centers.

The company also provides alarm verification, access management, area protection, remote patrolling, business intelligent, and video surveillance services.In addition, it offers physical security, screening, airline security, hospitality, and consultancy related services.Further, the company provides system design and installation, fire and safety, risk management, intelligent security, and home alarm services.

Securitas AB (publ) was founded in 1934 and is headquartered in Stockholm, Sweden.

Show Full description

1.b. Last Insights on SECU

Securitas AB's recent performance has been driven by robust Q4 2025 results, characterized by improved operating margins and strategic acquisitions. The company's acquisition of Liferaft, a SaaS threat intelligence platform provider, and Sonitrol Ft. Lauderdale and Level 5 Security Group, have strengthened its intelligence-led security capabilities. Additionally, Securitas' significant dividend increase has likely attracted investors seeking stable returns. According to a recent report, European dividend stocks, including Securitas, are being closely watched for their consistent payouts and resilience in uncertain times.

1.c. Company Highlights

Last Price	156.05
Change Percentage	-0.89%
Open	157.45
Previous Close	157.45
Market Cap ( Millions)	85200
Volume	285296
Year High	160.75
Year Low	125.85
M A 50	149.05
M A 200	144.73

FCF Yield	7.39%
Dividend Yield	2.88%
ROE	13.15%
Debt / Equity	108.87%
Net Debt / EBIDTA	269.69%
Price To Book	2.29
Price Earnings Ratio	17.48
Price To FCF	13.54
Price To sales	0.55
EV / EBITDA	9.18

2. Securitas' Q4 Results Exceed Expectations, Driven by Technology & Solutions Growth

Securitas reported strong Q4 and full-year 2025 results, with key highlights including 3% organic growth in Q4, driven by 6% growth in Technology & Solutions. The adjusted operating margin improved to 8.2% in Q4, and the operating margin reached 8%, meeting the target announced 3.5 years ago. EPS, excluding IAC, rose by 18% to €2.98, beating analyst estimates of €2.7. The company's operating cash flow was 88% for the full year, with free cash flow at SEK 3 billion.

Publication Date: Feb -15

                                    📋 Highlights
                                    Strong Q4 Organic Growth:
                                                Organic growth of 3%, driven by 6% growth in Technology & Solutions and 1% in Security Services (excluding SCIS impact).
Margin Target Achieved:
                                                Operating margin reached 8% in Q4, fulfilling the 8% target set 3.5 years ago, with adjusted margin at 8.2%.
Free Cash Flow & Debt Reduction:
                                                Full-year free cash flow of SEK 3 billion; net debt to EBITDA improved to 2.1x, below the 3x target.
Strategic Acquisition:
                                                Acquisition of Liferaft to enhance threat intelligence, driving high-margin recurring revenue growth and client value.
EPS Growth & Margin Leverage:
                                                EPS real change (excluding IAC) up 18% in Q4, with margin improvement from automation, AI, and portfolio optimization.

                                

Segment Performance

Technology & Solutions had a 2% sequential improvement, while Security Services had 1% growth, negatively impacted by the SCIS business closure. The growth in Technology & Solutions was a key driver of Q4 growth, with a 6% increase compared to the previous quarter. As Magnus Ahlqvist stated, "the growth in Technology & Solutions was a key driver of Q4 growth," highlighting the segment's importance to the company's overall performance.

Acquisition and Strategic Development

Securitas announced the acquisition of Liferaft, a leading threat intelligence provider, which is expected to strengthen the company's client value proposition and drive growth in high-margin recurring monthly revenue. The acquisition is a strategic move to enhance the company's capabilities and expand its offerings. The company's focus on investing in core capabilities, such as presence, technology, and data, is expected to drive future growth.

Valuation and Outlook

With a P/E Ratio of 17.6 and an EV/EBITDA of 9.23, the company's valuation appears reasonable considering its growth prospects. Analysts estimate next year's revenue growth at 3.3%, which is in line with the company's historical performance. The company's net debt to EBITDA ratio improved to 2.1, below the target of less than 3x. With a strong track record of delivering on targets, Securitas is well-positioned for future growth.

Margin Improvement and Future Prospects

The company's operating margin improvement was driven by a combination of factors, including active portfolio management, leveraging new platforms for efficiency through automation and AI, and optimizing operations. Magnus Ahlqvist believes there's still opportunity to improve services margins over the next couple of years, and he doesn't agree that peak margin has been reached. The company's focus on driving good growth in Technology & Solutions is expected to have a positive impact on margin.

3. NewsRoom

European Dividend Stocks To Watch In February 2026

Feb -06

Source:

Is It Too Late To Consider Securitas (OM:SECU B) After Its Strong Share Price Run?

Feb -06

Source:

Securitas AB (SCTBF) Q4 2025 Earnings Call Highlights: Strong Margins and Strategic ...

Feb -04

Source:

Liferaft to be acquired by Securitas

Feb -04

Source:

Securitas AB Full Year Report Q4 2025 | January-December

Feb -04

Source:

Securitas acquires Liferaft, a leading SaaS threat intelligence platform provider

Feb -03

Source:

Securitas AB to publish the Full-Year Report January-December 2025 on February 4, 2026

Jan -27

Source:

Shaya Prager Announces Opal Holdings Leasing Activity of 250,000 Square Feet Across Portfolio in 2025

Jan -06

Source:

4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (3.11%)

6. Segments

Security Services Europe

Expected Growth: 3.5%

Securitas AB's Security Services Europe segment growth of 3.5% is driven by increasing demand for electronic security solutions, expansion in emerging markets, and strategic acquisitions. Additionally, the segment benefits from a growing trend towards outsourcing of security services, cost savings initiatives, and a strong focus on innovation and technology.

Security Services North America

Expected Growth: 2.8%

Securitas AB's Security Services North America segment growth of 2.8% is driven by increasing demand for security solutions from commercial and industrial clients, expansion of electronic security services, and strategic acquisitions. Additionally, the segment benefits from a growing trend towards outsourcing of security services, and a focus on technology-enabled security solutions.

Security Services Ibero-America

Expected Growth: 3.2%

The 3.2% growth in Security Services Ibero-America from Securitas AB (publ) is driven by increasing demand for security solutions in Latin America, fueled by rising crime rates and urbanization. Additionally, the region's growing economy and infrastructure development have led to increased investments in security services, further boosting demand.

Other

Expected Growth: 2.5%

Securitas AB's 2.5% growth in the 'Other' segment is driven by increasing demand for electronic security solutions, expansion into emerging markets, and strategic acquisitions. Additionally, the company's focus on innovation, such as AI-powered security systems, and cost savings initiatives contribute to its growth momentum.

7. Detailed Products

Security Services

Securitas AB provides manned guarding services, including security officers, mobile patrols, and reception services to protect people, property, and assets.

Electronic Security

Securitas offers electronic security solutions, including CCTV, access control, intruder detection, and alarm monitoring to protect people and property.

Fire and Safety

Securitas provides fire safety and emergency response services, including fire risk assessments, fire alarm installation, and emergency response planning.

Monitoring and Response

Securitas offers monitoring and response services, including alarm monitoring, video monitoring, and response services to respond to security incidents.

Consulting and Advisory

Securitas provides consulting and advisory services, including security risk assessments, security audits, and security strategy development.

Cash Handling

Securitas offers cash handling services, including cash transportation, cash processing, and cash management solutions.

8. Securitas AB (publ)'s Porter Forces

Forces Ranking

Threat Of Substitutes

Securitas AB (publ) operates in a industry where there are few substitutes, but the threat is still medium due to the presence of alternative security solutions.

Bargaining Power Of Customers

Securitas AB (publ) has a large customer base, which reduces the bargaining power of individual customers, making the threat low.

Bargaining Power Of Suppliers

Securitas AB (publ) relies on a few large suppliers for equipment and technology, giving them some bargaining power, making the threat medium.

Threat Of New Entrants

The security industry has high barriers to entry, including regulatory requirements and high capital costs, making it difficult for new entrants, thus the threat is low.

Intensity Of Rivalry

The security industry is highly competitive, with many established players, leading to a high intensity of rivalry among competitors.

9. SWOT Analysis

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

	Value
Debt Weight	54.51%
Debt Cost	8.46%
Equity Weight	45.49%
Equity Cost	8.46%
WACC	8.46%
Leverage	119.81%

11. Quality Control: Securitas AB (publ) passed 3 out of 9 key points

Strong Liquidity

Low Deb

Strong Interest Coverage

Healthy Cash Flow

Operating Efficiency

Strong Return On Equity

Consistent Revenue Growth

Consistent Operating Cash Flow Growth

Margin Improvement

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

Logista

A-Score: 6.9/10

Value: 7.0

Growth: 4.8

Quality: 5.6

Yield: 10.0

Momentum: 4.0

Volatility: 10.0

1-Year Total Return ->

Strabag

A-Score: 6.6/10

Value: 7.5

Growth: 4.7

Quality: 6.5

Yield: 8.1

Momentum: 10.0

Volatility: 3.0

1-Year Total Return ->

Wallenius Wilhelmsen

A-Score: 6.0/10

Value: 10.0

Growth: 8.2

Quality: 6.7

Yield: 6.2

Momentum: 2.5

Volatility: 2.3

1-Year Total Return ->

Securitas

A-Score: 5.7/10

Value: 5.7

Growth: 4.4

Quality: 3.9

Yield: 6.2

Momentum: 5.0

Volatility: 8.7

1-Year Total Return ->

Allegion

A-Score: 5.4/10

Value: 2.3

Growth: 6.3

Quality: 6.9

Yield: 2.5

Momentum: 6.5

Volatility: 8.0

1-Year Total Return ->

Dormakaba

A-Score: 4.7/10

Value: 3.5

Growth: 5.1

Quality: 5.1

Yield: 3.8

Momentum: 3.0

Volatility: 7.7

1-Year Total Return ->

Peers Metrics

12.e Scoring ^Insights

12.f DCF ^BETA

Parameters

Short Term Growth

2.89%

Short term Time

10.0

Long-Term Growth

2.00%

WACC

8.46%

Securitas AB (publ) - SE0000163594

1. Company Snapshot

1.a. Company Description

1.b. Last Insights on SECU

1.c. Company Highlights

Lower Quality

Less Volatile

Strong Momentum

Earnings Miss

Revenues Beats

Lower Growth

Medium Volatility

Revenues Miss

Stable Momentum

Average Quality

Average Yield

Higher Yield

Earnings Beats

2. Securitas' Q4 Results Exceed Expectations, Driven by Technology & Solutions Growth

Segment Performance

Acquisition and Strategic Development

Valuation and Outlook

Margin Improvement and Future Prospects

3. NewsRoom

4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (3.11%)

6. Segments

Security Services Europe

Expected Growth: 3.5%

Security Services North America

Expected Growth: 2.8%

Security Services Ibero-America

Expected Growth: 3.2%

Other

Expected Growth: 2.5%

7. Detailed Products

Security Services

Electronic Security

Fire and Safety

Monitoring and Response

Consulting and Advisory

Cash Handling

8. Securitas AB (publ)'s Porter Forces

Forces Ranking

Threat Of Substitutes

Bargaining Power Of Customers

Bargaining Power Of Suppliers

Threat Of New Entrants

Intensity Of Rivalry

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

11. Quality Control: Securitas AB (publ) passed 3 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

156.05$

Current Price

156.05$

Potential

-0.00%

Expected Cash-Flows

12.e Scoring ^Insights

12.f DCF ^BETA