Rankings Construction & materials Securitas
Securitas
72
15070100
A view of the same findings, not a new score. How it works
A strong score: the model found few serious problems, but analysts see limited upside from here.
Biggest deductions
- Margin−4
- Multiples vs own history−4
- Quality of growth−3
Strengths
- Dividend from FCF and debt reduction+2
How the score is built
From 100 to 72, step by step: points off for the business, the price and the cracks, back for documented strengths, then three data adjustments.
Start
Score
Hover or select a step to see what drove it. Steps with findings open them below.
Key numbers
As of 3 Nov 2026. Analyst targets tend to be optimistic; read upside as a hint, not a forecast.
- Price
- 154.80 SEK
- Median analyst target
- 165.50 SEK
- Upside to median
- +6.9%
- Analysts
- 14
- Target range
- 130.00 – 210.00 SEK
- 52-week change
- +10%
- P/E (trailing)
- 12.5
- Forward P/E
- 11.1
- PEG
- 1.59
Findings
Every deduction and every plus, with its source. Open a step to read them.
Business
Is the company getting stronger, not just bigger? · 3 findings−9 of −30
- −4MarginAdjusted operating margin 7.3% in H1 2026 (7.1% a year earlier) and net margin 3.7% TTM. It is a thin margin in a labour-intensive security industry with low barriers to entry, and the long-term ambition of over 10% is far away.
- −3Quality of growthOrganic growth was 0% in H1 2026 (2% adjusted for the closure of SCIS, a business with critical infrastructure for the US government), and Europe is slowed by clearing out unprofitable contracts. Revenue has fallen from DKK 161.9bn (2024) to DKK 155.1bn (2025), and consensus expects −2% in 2026. Technology and solutions grow only 4–5% in real terms.
- −2Capital allocation (Stanley)The acquisition of Stanley Security in 2022 cost DKK 32.2bn and was partly financed with a share issue of DKK 9.5bn, which diluted the share count by 28% (2022) and 22% (2023). ROIC is 10.2% TTM vs 10.6% in 2021, so the acquisition has not lifted returns.
Price
Today's multiples against the company's own history and its peers. · 1 finding−4 of −35
- −4Multiples vs own historyForward P/E 11.9 is above the whole range of 8.8–11.6 in 2021–25, and P/B 2.3 is a record (1.4–2.2). EV/EBITDA 8.8 is at the low end of 8.7–11.2, and FCF yield after leases is about 6.6%. The stock is not expensive in absolute terms, but pricier than ever on earnings and book value.
Cracks
Cash flow, customers, debt, insiders, guidance and what sits behind the headline numbers. · 4 findings−8 of −35
- −3DebtNet debt is DKK 33.8bn including leasing (2.6x EBITDA; the company's own measure is 2.2x vs a ceiling of 2.5x). Interest cover is 5.3, and quick ratio is only 0.16. The acquisition debt from Stanley still ties up the balance sheet.
- −2Targets and one-offsEPS before one-offs rose only 4.9% in H1 2026 (DKK 5.40 vs 5.15), below the target of 10% annual EPS growth. The reported EPS increase of 17% is lifted by divestment gains of DKK 213m.
- −2Currency and revenue declineSales in kronor fell 5% in H1 2026 (74.1 vs SEK 78.2bn) despite 0% organic growth, because of currency (especially a weaker USD vs SEK) and divestments. A large part of earnings comes from North America.
- −1Cash flowOperating cash flow was 65% of operating profit in H1 (target is 80–90%) and 87% in Q2 vs 106% a year earlier.
Plus
Only documented strengths. · 1 finding+2 of +15
- +2Dividend from FCF and debt reductionThe dividend has been raised 18% to DKK 5.30 (DKK 2.8bn) and is covered by FCF after leasing of about DKK 6.2bn. Gross debt has been reduced (repayment of DKK 12.0bn vs issuance of DKK 6.3bn TTM), and leverage has fallen from 2.4 to 2.2x.
Caveats
What the score does not capture, or where the data is weak.
Security services do not fit the industrials list and are placed under Construction & materials like ISS, the nearest service company. The Q3 report comes 23/10/2026, and analysts' price targets were last updated 28/7. Segment margins, wage pressure vs price increases, customer churn, litigation in the USA and insider trades are not examined. The net debt of DKK 33.8bn at stockanalysis includes leasing, while the company's own measure (2.2x EBITDA) is calculated on its own definition.
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