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.