APi Group Corporation: Specialty Drives Beat/Raise, but Safety Growth Lower

研报英文原文证据摘录

APi Group Corporation: Specialty Drives Beat/Raise, but Safety Growth Lower

Global Research

30 July 2026ab

APi Group Corporation Equities

AmericasSpecialty Drives Beat/Raise, but Safety Growth

Lower Industrial, Diversified

12-month rating Buy

12m price target US$52.00Updated Stock Thoughts

APG shares +1% in intraday trading on Thursday after Q2 results. While APG beat

revenue/EBITDA and raised full-year guidance similarly (and Q3 guide was ahead of Price (30 Jul 2026) US$38.38

Street), the quarter continued a dynamic started in Q1 when most/all of the upside was RIC: APG.N BBG: APG US

driven by Specialty. Meanwhile, Safety organic growth was slightly below expectations

for the second consecutive quarter (also decelerated) driven by a flat organic compare in Trading data and key metrics

International. Encouragingly, APG commented that International backlog/orders are up, 52-wk range US$49.40-33.64

which should translate to improving growth in the quarters ahead. We think shares Market cap. US$15.8b

trading at ~15X NTM EBITDA is attractive for a company with exposure to AI buildout, Shares o/s 412m (COM)

positive earnings revision, and longer-term compounding traits. But we also Free float 82%

acknowledge that some near-term patience may be needed until Safety organic growth Avg. daily volume ('000) 909

can noticeably re-accelerate. Avg. daily value (m) US$38.2

Common s/h equity (12/26E) US$3.75b

Key Q2-26 Metrics P/BV (12/26E) 4.4x

Adjusted EPS was $0.44, above consensus of $0.43 and UBSe of $0.42. Net debt to EBITDA (12/26E) 2.0x

Operations were +$0.01 versus our estimate.

EPS (UBS, diluted) (USD)

Revenue was $2.25B, above consensus and UBSe of $2.20B. Revenue was +13% 12/26E

yoy with organic revenue of +10.1% ahead of our +7.5% estimate. From To % ch Cons.