Latour trims ASSA and Securitas to fund private growth

Research evidence excerpt

Latour trims ASSA and Securitas to fund private growth

Equity Research - 26 May 2026 18:31 CEST

Fast commentLatour

Latour trims ASSA and Securitas to fund SELL

private growth Investment Companies

• Selling Assa Abloy and Securitas shares LATO.B-SE/LATOB SS

• ~7% of Assa Abloy, ~25% of Securitas stake Share price (SEK) 25/5/2026 197.80

• Lower gearing, but mixed signal Target price 204.00

More flexibility for the industrial portfolio

Latour plans to sell shares in Assa Abloy and Securitas for roughly SEK MCap (SEKm) 118,273

5bn in total, corresponding to about 7% of its Assa Abloy stake and 25% MCap (EURm) 10,938

of its Securitas stake. The stated purpose is to create additional room to No. of shares (m) 592.3

continue building the wholly owned industrial operations. Strategically, the Free float (%) 22.0

move is understandable as it lowers pro forma net gearing from around

11% to 8% and provides more firepower to invest in the private portfolio, Next event Q2 report 19 August 2026

which already accounts for nearly half of the asset base. In that sense, the

transaction is logical and consistent with Latour’s long-term ambition to

grow the industrial operations further. Analyst:

derek.laliberte@abgsc.se, +46 8 566 286 78

Slightly negative signal, in our view

That said, we view the announcement as slightly negative in the short

term. Assa Abloy and Securitas have been two of the better-performing

public holdings in a listed portfolio that has otherwise lagged the broader

market over the past five years. Trimming Assa Abloy makes some sense

given its size as Latour’s largest public holding (23% of assets), but the

relatively larger reduction in Securitas (6% of assets) is, in our view, a

more questionable signal. More broadly, the move does not alter our

stance.