APi Group Corporation "Management Fireside Highlights Strong Growth Backdrop"

研报英文原文证据摘录

APi Group Corporation "Management Fireside Highlights Strong Growth Backdrop"

Global Research

22 June 2026ab

APi Group Corporation Equities

United StatesManagement Fireside Highlights Strong Growth

Backdrop Industrial, Diversified

12-month rating Buy

12m price target US$56.00Updated Stock Thoughts

We hosted a fireside chat with APG last week. Organic growth backdrop remains strong,

driven by a robust project pipeline (including datacenters) with visibility into this strong Price (18 Jun 2026) US$42.27

project environment continuing, albeit against tougher comps in H2. Management also RIC: APG.N BBG: APG US

alluded to service growth potentially re-accelerating in H2, as international growth

potentially improves. Outside of growth, APG reiterated margin expectations (for 2026 Trading data and key metrics

and three-year targets), while noting a continued strong M&A pipeline. APG is 52-wk range US$49.40-33.09

structurally in the right place being a clear AI winner, executing reasonably well and with Market cap. US$17.4b

estimate upside likely through the year. As such, we remain buyers. That said, to get Shares o/s 412m (COM)

multiple expansion from here, we think service re-acceleration could become Free float 82%

increasingly important, as this is a key part of compounding growth at APG. Avg. daily volume ('000) 866

Avg. daily value (m) US$37.3

Datacenter Remains Key Growth Driver in Projects Common s/h equity (12/26E) US$3.90b

Growing representation within APG. Datacenter revenue is expected to P/BV (12/26E) 4.7x

comprise 10-11% of revenue in 2026, up from 8-9% in 2025 and 6% in 2024. Net debt to EBITDA (12/26E) 1.3x

This implies continued strong double-digit revenue growth within this vertical,

which benefits both the Safety and Specialty businesses.