CMD failed to excite, but some positives

研报英文原文证据摘录

CMD failed to excite, but some positives

Equity Research - 17 June 2026 11:45 CEST

Fast commentSecuritas

CMD failed to excite, but some positives HOLD

• A slightly more educational and vision-oriented presentation Services

• The market questions AI-powered intelligence as a growth catalyst SECU.B-SE/SECUB SS

• Impressive data centre business the main bright spot Share price (SEK) 16/6/2026 151.70

AI-powered intelligence is an opportunity, but will Securitas Target price 165.00

win in this area?

The CMD centred mostly around organic growth initiatives and the future MCap (SEKm) 87,442

of intelligent security, with significant emphasis on AI-powered intelligence. MCap (EURm) 8,039

We think Securitas has a strong case for how it will remain one of the No. of shares (m) 546.5

leaders in a more digital security landscape mainly due to its customer

Free float (%) 91.9

base and installed base of hardware technology collecting proprietary

Av. daily volume (k) 4,996data. What we think both we and the market are a bit more sceptical

about is whether Securitas will develop the best software layer on top

of that, which we believe will be the most valuable part of the security Next event Q2 report 24 July 2026

offering in the future - AI has accelerated this. We agree that it is a great

opportunity for Securitas, and it is investing both internally and through Analyst:

strategic acquisitions like Liferaft to succeed in this area, but we left the simon.jonsson@abgsc.se, +46 8 566 286 89

CMD thinking it makes sense in theory but that Securitas is not there in

practice.

Could have focused more on the existing business

We think a bit more emphasis could have been put on where the business

is today, how data and AI can drive efficiencies in the legacy business, and