# Assa Abloy (ASSA-B.ST)

Canonical: https://gigainvestors.com/s/ASSA-B.ST

Analysis as of: 2026-10-16T07:34:06.146Z. Financial observations: FY1999–FY2025.

Listing currency: SEK. Reporting currency: SEK.

## Verdict

A wonderful business at too high a price

Quality tests for Buy: pass (profit record: pass; earnings resilience is evidence only). Published buy qualification: no.

Share price: SEK 356.30 per share; close as of 2026-10-15.

Estimated value: low SEK 178.52 per share, central SEK 203.03 per share, high SEK 235.66 per share. Buy at or below the central value SEK 203.03 per share. Valuation as of 2026-10-16T07:34:06.146Z; scenarios are not confidence intervals.

Expected annual return: 6.9% at the stated quote. About 6.9% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; SE 10-year bond 3.1% + 4 points).

## Checklist

### understandable: pass

- 1 revenue decline in the last 10 years (informational)

- Financial history: 10 years

- Years with declining revenue: 1

- Years with a net loss: 0

- Operating margin variation: 0.17×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.14×

- FY2017: 0.16×

- FY2018: 0.07×

- FY2019: 0.16×

- FY2020: 0.14×

- FY2021: 0.15×

- FY2022: 0.15×

- FY2023: 0.15×

- FY2024: 0.16×

- FY2025: 0.15×

### moat: pass

- ROIC, median of available years: 34.6%

- ROIC, second-lowest year: 24.8%

- Typical minus recent gross margin: -2.1 pp

- Typical gross margin (annual median): 39.7%

- Recent gross margin (lower of latest and 3-year median): 41.8%

- Years with nonpositive capital: 0

- Capital spending / revenue: 1.9%

- ROIC including acquisitions, ten-year median: 10.9%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 36.2%

- FY2017: 40.0%

- FY2018: 14.6%

- FY2019: 34.4%

- FY2020: 36.0%

- FY2021: 36.2%

- FY2022: 34.8%

- FY2023: 24.8%

- FY2024: 26.2%

- FY2025: 26.9%

### economics: pass

- Owner earnings / net income, 5-yr: 1.13×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: SEK 77B

- Net income, five-year total: SEK 68B

- Return on incremental invested capital: >100%

- Working capital / revenue, annual change: 0.0 pp

- Working capital / revenue, change between three-year averages: 0.2 pp

- Working capital / revenue, final three-year average: 22.7%

Chart: Annual owner cash / profit; fiscal year observations.

- FY2021: 1.13×

- FY2022: 1.10×

- FY2023: 1.13×

- FY2024: 1.15×

- FY2025: 1.15×

### management: pass

- Historical market-dollar context (not the management verdict): 2016 to 2025 (9 years)

- buybacks unrelated to price (informational)

- ROIC first 3 years vs last 3 years: 36.2% vs 26.2%

- Per-share earnings: 6.92 to 13.23 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: -0.0%

- Ordinary dilution, 5-year annual growth: -0.0%

- Market cap gain: SEK 211B

- Cumulative retained earnings: SEK 55B

- Diluted shares, 10-year annual growth: -0.0%

- Diluted shares, 5-year annual growth: -0.0%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 8.5%

- Per-share value change: SEK 6.32

- Per-share value, starting three-year median: SEK 6.92

- Per-share value, ending three-year median: SEK 13.23

- Buybacks concentrated in cheaper years (correlation): -0.43

- Average buyback yield: 0.1%

- Buyback history: 8 years

- Debt-funded buybacks: No

- Acquisition spending: SEK 94B

- Cumulative net income, 10 years: SEK 105B

- ROIC, first three-year median: 36.2%

- ROIC, last three-year median: 26.2%

Chart: Earnings per share; fiscal year observations.

- FY2016: SEK 5.99

- FY2017: SEK 7.78

- FY2018: SEK 2.48

- FY2019: SEK 9.01

- FY2020: SEK 8.25

- FY2021: SEK 9.81

- FY2022: SEK 11.97

- FY2023: SEK 12.27

- FY2024: SEK 14.08

- FY2025: SEK 13.23

### accounting: pass

- Sloan accruals: -3.2%

- Receivables to sales index (DSRI): 0.70×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 0.0%

- Earnings backed by cash: Yes

- Operating cash / earnings: 1.46×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 1.36×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -2.0%

- FY2017: -0.6%

- FY2018: -6.1%

- FY2019: -2.3%

- FY2020: -3.8%

- FY2021: -1.2%

- FY2022: -0.7%

- FY2023: -3.9%

- FY2024: -2.6%

- FY2025: -3.2%

## Holders

## Price story

Price needs cash profits to grow 8% a year for ten years · sales +1.5%

Story as of 2026-10-16T09:59:59.118Z; price observation 2026-10-15.

Price needs cash profits to grow 8% a year for ten years

### Sales · FY2024–2025

sales +1.5%; source https://filings.xbrl.org/549300YECS8HKCIMMB67/2024-12-31/ESEF/SE/0/ASSAABLOY-2024-12-31-0-en/reports/ASSAABLOY-2024-12-31-0-en.xhtml; observed 2025-05-08.

- FY2016: SEK 71B 

- FY2017: SEK 76B 

- FY2018: SEK 84B 

- FY2019: SEK 94B 

- FY2020: SEK 88B 

- FY2021: SEK 95B 

- FY2022: SEK 121B 

- FY2023: SEK 141B 

- FY2024: SEK 150B 

- FY2025: SEK 152B 

### Gross margin · FY2025

gross margin 42.6%; source https://filings.xbrl.org/549300YECS8HKCIMMB67/2024-12-31/ESEF/SE/0/ASSAABLOY-2024-12-31-0-en/reports/ASSAABLOY-2024-12-31-0-en.xhtml; observed 2025-05-08.

- FY2016: 37.8% 

- FY2017: 39.4% 

- FY2018: 38.9% 

- FY2019: 39.9% 

- FY2020: 39.1% 

- FY2021: 39.8% 

- FY2022: 39.7% 

- FY2023: 40.2% 

- FY2024: 41.8% 

- FY2025: 42.6% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in security & protection services; annual sales are SEK 152.4 billion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-05-08); FY2025: revenue 152409000000; grossProfit 64969000000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); ASSA-B.ST: ASSA ABLOY AB (publ) provides door opening and access products for the institutional, commercial, and residential markets. It operates through Europe, the Middle East, India, and Africa (EMEIA); North and South America (Americas); Asia and Oceania (Asia Pacific); Global Technologies; and Entrance Systems divisions. The company offers digital access solutions, such as electronic access control ecosystem, wireless and keyed access solutions, and standalone access and electrochemical solutions; swing, revolving, and sliding doors; hinges, lever handles, mortise lockcases, euro profile cylinders, panic exit devices, door closers, floor springs, pull handles, and general hardware; wooden and steel doors; and security entrance control and loading dock equipment. It also provides repair and maintenance, and digital services; building specification; and educational program and training services. In addition, the company's technology platforms for hi-tech door and entrance environments include Aperio, CLIQ, Hi-O, Incedo, and Seos. Further, it provides Openings Studio, a building information modeling software that integrates with design software to create and visualize openings for door, frame, and hardware specifications. The company offers its products under the ASSA ABLOY, Yale, ABLOY, Vachette, TESA, Kwikset, Baldwin, Weiser, Sargent, Curries, Norton Rixson, Papaiz, Odis, Philips, PanPan, Gateman, Lockwood, and HID brands. It sells its products through distributors and wholesalers. The company serves aviation, education, distribution and logistics, entertainment and public facilities, finance and banking, government and military, healthcare, hospitality, industry and manufacturing, mining, office and enterprise, residential, retail, shipyards, and transportation, hospitality, heavy, construction, critical infrastructure, key and asset management, marine, self-storage, and senior care industries. ASSA ABLOY AB (publ) was founded in 1881 and is based in Stockholm, Sweden.

### Why customers stay

Margins ranged from 40.2% to 42.6% during 2023–25; it earns 34.6% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-05-08); FY2023: grossProfit / revenue = 40.2%.

- Source: https://filings.xbrl.org/549300YECS8HKCIMMB67/2024-12-31/ESEF/SE/0/ASSAABLOY-2024-12-31-0-en/reports/ASSAABLOY-2024-12-31-0-en.xhtml (filed 2025-05-08); FY2024: grossProfit / revenue = 41.8%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-05-08); FY2025: grossProfit / revenue = 42.6%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-05-08); 10-year return on capital observations [[2016,0.36173241866920225],[2017,0.39994511422266876],[2018,0.14559617857799007],[2019,0.3439745606297701],[2020,0.3600549897514974],[2021,0.36187976730587806],[2022,0.3476001844967243],[2023,0.24790981648518928],[2024,0.2623951296191087],[2025,0.2689307190308372]]; median 0.3457873725632472. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Can it raise prices

Prices rose 2%.

- Source: https://filings.xbrl.org/549300YECS8HKCIMMB67/2024-12-31/ESEF/SE/0/ASSAABLOY-2024-12-31-0-en/reports/ASSAABLOY-2024-12-31-0-en.xhtml (filed 2025-05-08); [p0] , we have a favorable position from which we will continue to lead our industry going forward. In 2024, total sales grew by 7%, driven by strong net acquired growth of 8% and a small organic sales decline of 1%. More than 550 product launches and 2% price realization supported our organic sales in a challenging market environment with weak residential demand and low activity in the logistics vertical. The small organic sales decline was more than compen- sated by a record year for acquisitions. In total 26 businesses were acquired. In the last five years, we have acquired 96 businesses, which have contributed in a significant way to our financial result. Through the acquisitions, we have also obtained technology that is widening our product offering. The operating income grew by 10% to a record SEK 24,296 M with a margin of 16.2%. We are back within our target margin range despite challenging market conditions and the dilution from the recent integration of acquisitions like HHI, SKIDATA, Integrated Warehouse Solutions and Level Lock. Operating cash flow was strong at SEK 23,052 M (25,232) with a conversion rate of 110%. ASSA ABLOY is a strong cash generating business and over the last five years the accumulated operating cash flow has been SEK 91,917 M with a conversion rate of 111%. Divisional performance Our divisions delivered strong earnings in challenging market conditions. Organic sales growth was highest in the Americas division with 2%, driven by a robust demand in the North America Non-Residential seg- ment and stable development in the North America Residential segment. The operating margin reached 18.5%, despite dilution from the acquisition of HHI. HHI’s margin improved throughout the year thanks to the realization of synergies. In EMEIA the organic sales growth was stable. The residential segment was weak

[p1] its 30th anniversary in 2024. We have grown from a regional Nordic lock com- pany to the global leader in access solutions. Over the 30 years, our compounded annual growth rate has been 13% and we have paid almost SEK 58bn in dividends and our share price has increased by more than 17,800%. This has been achieved thanks to our dedicated employees around the world. Thank you to all of you who have contributed to this remarkable journey! Our decentralized organizational setup permits us to make decisions close to the customer with deep local knowledge. As our business dynamics are very ASSA ABLOY has made significant achievements over the last 30 years, but we have many more opportunities ahead of us. local, this gives us the agility to react fast to specific market conditions and has proven to be a strong competitive advantage. Our global footprint also permits us to realize important scale advantages. This is translated in higher innovation output and strong operational efficiencies. ASSA ABLOY has made significant achievements over the last 30 years, but we have many more opportunities ahead of us. By staying humble, curious and eager, our strategy will continue to deliver great value in the future. Thank you for your trust in ASSA ABLOY over the years. Stockholm, 12 March 2025 Nico Delvaux President and CEO Nico Delvaux at our Traka factory in Olney, the UK, during a visit in 2024. 5 ASSA ABLOY | ANNUAL REPORT 2024 download a printable pdf here Introduction The year in brief • Statement from our CEO Highlights in 2024 Who we are ASSA ABLOY as an investment Divisions overview Report of the Board of Directors Financial statements Statement from our CEO | Introduction 6 ASSA ABLOY | ANNUAL REPORT 2024 download a printable pdf here Introduction The year in brief Statement from our CEO • Highlights in 2024 Who we are ASSA

[p2] , we have a favorable position from which we will continue to lead our industry going forward. In 2024, total sales grew by 7%, driven by strong net acquired growth of 8% and a small organic sales decline of 1%. More than 550 product launches and 2% price realization supported our organic sales in a challenging market environment with weak residential demand and low activity in the logistics vertical. The small organic sales decline was more than compen- sated by a record year for acquisitions. In total 26 businesses were acquired. In the last five years, we have acquired 96 businesses, which have contributed in a significant way to our financial result. Th tements Margin within the target range We can look back at a successful year in which ASSA ABLOY reached several milestones. In a challenging market we delivered record earnings with the operating margin in line with our financial target. We achieved our Scope 1 & 2 carbon emission reduction target one year ahead of plan. During the year, we also celebrated the 30th anniversary of ASSA ABLOY and its remarkable journey. ASSA ABLOY is the global leader in the industry and with continued focus and investments in innovation, we have a favorable position from which we will continue to lead our industry going forward. In 2024, total sales grew by 7%, driven by strong net acquired growth of 8% and a small organic sales decline of 1%. More than 550 product launches and 2% price realization supported our organic sales in a challenging market environment with weak residential demand and low activity in the logistics vertical. The small organic sales decline was more than compen- sated by a record year for acquisitions. In total 26 businesses were acquired. In the last five years, we have acquired 96 businesses, which have contributed in a significant way to our financial resu

[p3] , we have a favorable position from which we will continue to lead our industry going forward. In 2024, total sales grew by 7%, driven by strong net acquired growth of 8% and a small organic sales decline of 1%. More than 550 product launches and 2% price realization supported our organic sales in a challenging market environment with weak residential demand and low activity in the logistics vertical. The small organic sales decline was more than compen- sated by a record year for acquisitions. In total 26 businesses were acquired. In the last five years, we have acquired 96 businesses, which have contributed in a significant way to our financial result. Through the acquisitions, we have also obtained technology that is widening our product offering. The operating income grew by 10% to a record SEK 24,296 M with a margin of 16.2%. We are ba ant way to our financial result. Through the acquisitions, we have also obtained technology that is widening our product offering. The operating income grew by 10% to a record SEK 24,296 M with a margin of 16.2%. We are back within our target margin range despite challenging market conditions and the dilution from the recent integration of acquisitions like HHI, SKIDATA, Integrated Warehouse Solutions and Level Lock. Operating cash flow was strong at SEK 23,052 M (25,232) with a conversion rate of 110%. ASSA ABLOY is a strong cash generating business and over the last five years the accumulated operating cash flow has been SEK 91,917 M with a conversion rate of 111%. Divisional performance Our divisions delivered strong earnings in challenging market conditions. Organic sales growth was highest in the Americas division with 2%, driven by a robust demand in the North America Non-Residential seg- ment and stable development in the North America Residential segment. The operating margi

[p4] RT 2024 download a printable pdf here Introduction Who we a everything we do Evolution through people Growth accelerators • Actively upgrade installed base • Increase service penetration • Generate more recurring revenue • Grow in emerging markets • Pricing excellence • Continue with successful acquisitions Growth enablers • Consolidate footprint and focus on value added • Optimize logistics • Reduce product cost 10 % growth / business cycle 16 –17 % EBIT / business cycle Financial targets 14 ASSA ABLOY | ANNUAL REPORT 2024 download a printable pdf here Introduction Who we are The global leader in access solutions ASSA ABLOY in your daily life Value-creating business model • People Sustainability 30 years of innovation and growth ASSA ABLOY as an investment Divisions overview Report of the Board of Directors Financial statements People | Who we are People make it happen As a decentralized organization with 63,000 employees in more than 70 countries, we embrace autonomy while leveraging our collective size to collaborate and realize synergies. This allows us to be agile and utilize scale. We are committed to our people, knowing that when they develop and grow, we will too. At ASSA ABLOY, we pride ourselves on our people, who are our most important asset. Our collective competency is the driving force behind our innovative solutions and consistent growth. We operate across various region wing HID- enabled Student IDs, then hotel keys in 2021 and employee badges in 2022. The global leader in access solutions Strong value creation 3.6 bn sales, SEK 150 bn sales, SEK 4.3% EBIT-margin 4,700 Emplolyees 16.2% EBIT-margin 63,000 Employees 1994 2024 2024 acquisition of SKIDATA, an international leading provider of access management solutions. Introduction Who we are The global leader in access solutions ASSA ABLOY in your daily 

[p5] have evolved, access solutions have also undergone continuo everything we do Evolution through people Growth accelerators • Actively upgrade installed base • Increase service penetration • Generate more recurring revenue • Grow in emerging markets • Pricing excellence • Continue with successful acquisitions Growth enablers • Consolidate footprint and focus on value added • Optimize logistics • Reduce product cost 10 % growth / business cycle 16 –17 % EBIT / business cycle 24 ASSA ABLOY | ANNUAL REPORT 2024 download a printable pdf here A well-proven strategy | ASSA ABLOY as an investment Introduction Who we are ASSA ABLOY as an investment Good industry to be in A leading market position • A well-proven strategy Financial targets Divisions overview Report of the Board of Directors Financial statements A well-proven strategy that is delivering consistent profitable growth ASSA ABLOY has a strong position in an attractive industry and a well-proven strategy. The ASSA ABLOY strategy house is our common strategic framework. It contains all the building blocks of our strategy, providing a great foundation from which we can accelerate our profitable growth to further deliver shareholder value. 25 download a printable pdf here ASSA ABLOY | ANNUAL REPORT 2024 A well-proven strategy | ASSA ABLOY as an investment Introduction Who we are ASSA ABLOY as an investment Good industry to be in A lea e are aiming to achieve financially over the business cycle. Our sales growth target of 10% per year is based on 5% organic growth and 5% growth through acquisitions. Our target for the operating margin is 16-17%. On page 29 we show what ASSA ABLOY might look like in 2028 if we achieve the targets. Priorities Our priorities are the key value-adding activities for us as a Group. They are divided into growth acceler- ators and growth enablers.

[p6] ponsibility to mitigate climate change and ensure the f SaaS further enhances this potential. We design complete solutions that fit seamlessly into a subscription-based model. This involves a concerted effort to enhance our training programs, sales, pricing, and marketing initiatives, but we also invest in the necessary infrastructure, tools and processes to support and sustain growth within this area. Through connected platforms and cloud- based solutions, we can provide ongoing value to our customers and end-users. To grow recurring revenue from service agree- ments, we develop customer segment-specific prod- ucts and solutions. We are leveraging value-based pricing and adding services that utilize IoT and connected technologies to improve conversion rates. Guaranteeing uptime and extending the lifespan of our products adds significant value for our customers. This not only boosts sales and profitability but also increases customer loyalty and sustainability. Emerging markets Emerging markets offer significant growth potential. Representing about 13% of ASSA ABLOY sales, emerg- ing markets has had an average annual growth rate of 10% per annum in the past ten years excluding China. Our strategy consists of finding suitable acquisi- tions as a base to enter a market while also launching products and solutions specifically tailored to their local needs and requirements. We continue to invest in people t de ongoing value to our customers and end-users. To grow recurring revenue from service agree- ments, we develop customer segment-specific prod- ucts and solutions. We are leveraging value-based pricing and adding services that utilize IoT and connected technologies to improve conversion rates. Guaranteeing uptime and extending the lifespan of our products adds significant value for our customers. This not only boosts s

[p7] cted platforms and cloud- based solutions, we can provide ongoing value to our customers and end-users. To grow recurring revenue from service agree- ments, we develop customer segment-specific prod- ucts and solutions. We are leveraging value-based pricing and adding services that utilize IoT and connected technologies to improve conversion rates. Guaranteeing uptime and extending the lifespan of our products adds significant value for our customers. This not only boosts sales and profitability but also increases customer loyalty and sustainability. Emerging markets Emerging markets offer significant growth potential. Representing about 13% of ASSA ABLOY sales, emerg- ing markets has had an average annual growth rate of 10% per annum in the past ten years excluding China. Our strategy consists of finding suitable acquisi- tions as a base to enter a market while also launching products and solutions specifically tailored to their local needs and requirements. We continue to invest in people t de ongoing value to our customers and end-users. To grow recurring revenue from service agree- ments, we develop customer segment-specific prod- ucts and solutions. We are leveraging value-based pricing and adding services that utilize IoT and connected technologies to improve conversion rates. Guaranteeing uptime and extending the lifespan of our products adds significant value for our customers. This not only boosts sales and profitability but also increases customer loyalty and sustainability. Emerging markets Emerging markets offer significant growth potential. Representing about 13% of ASSA ABLOY sales, emerg- ing markets has had an average annual growth rate of 10% per annum in the past ten years excluding China. Our strategy consists of finding suitable acquisi- tions as a base to enter a market while also launching product

[p8] ds and requirements. We continue to invest in people t de ongoing value to our customers and end-users. To grow recurring revenue from service agree- ments, we develop customer segment-specific prod- ucts and solutions. We are leveraging value-based pricing and adding services that utilize IoT and connected technologies to improve conversion rates. Guaranteeing uptime and extending the lifespan of our products adds significant value for our customers. This not only boosts sales and profitability but also increases customer loyalty and sustainability. Emerging markets Emerging markets offer significant growth potential. Representing about 13% of ASSA ABLOY sales, emerg- ing markets has had an average annual growth rate of 10% per annum in the past ten years excluding China. Our strategy consists of finding suitable acquisi- tions as a base to enter a market while also launching products and solutions specifically tailored to their local needs and requirements. We continue to invest in people to build local footprints and knowledge. For example, this includes setting up local assembly points and manufacturing facilities to better serve local needs, specifying prod- ucts from multiple divisions to offer our customers full solutions, and setting up local installation and service teams. Currency adjusted sales generated in emerging markets grew by 10% in 2024 excluding China. Pricing excellence Our pricing e divisions to offer our customers full solutions, and setting up local installation and service teams. Currency adjusted sales generated in emerging markets grew by 10% in 2024 excluding China. Pricing excellence Our pricing strategy reflects our position as a leading company in many markets, emphasizing our com- mitment to innovation and customer satisfaction. Our approach is decentralized and close to each local market

### Where the cash goes

Paid dividends in 10 of 10 years; bought back SEK 181 million of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-05-08); FY2016: growth capex 0; upkeep 1575000000; owner earnings 6656000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-05-08); FY2017: growth capex 417000000; upkeep 1688000000; owner earnings 8633000000. Growth capex / owner earnings = 0.04830302328275223.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-05-08); FY2018: growth capex 0; upkeep 1793000000; owner earnings 2923000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-05-08); FY2019: growth capex 0; upkeep 1842000000; owner earnings 10790200000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-05-08); FY2020: growth capex 0; upkeep 1806000000; owner earnings 10428600000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-05-08); FY2021: growth capex 0; upkeep 1713000000; owner earnings 12325000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-05-08); FY2022: growth capex 0; upkeep 1996000000; owner earnings 14601400000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-05-08); FY2023: growth capex 0; upkeep 2369000000; owner earnings 15349200000. Growth capex / owner earnings = 0.

- Source: https://filings.xbrl.org/549300YECS8HKCIMMB67/2024-12-31/ESEF/SE/0/ASSAABLOY-2024-12-31-0-en/reports/ASSAABLOY-2024-12-31-0-en.xhtml (filed 2025-05-08); FY2024: growth capex 0; upkeep 2063000000; owner earnings 17910200000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-05-08); FY2025: growth capex 0; upkeep 2598000000; owner earnings 16861000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-05-08); Dividend observations: [[2016,2944000000],[2017,3332000000],[2018,3666000000],[2019,3888000000],[2020,4277000000],[2021,4333000000],[2022,4666000000],[2023,5332000000],[2024,5999000000],[2025,6554000000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-05-08); FY2025: cash repurchases 181000000 SEK.

### Are managers owners

Insiders own 3.5% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); ASSA-B.ST SharesStats.PercentInsiders = 3.546 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits grow 8% yearly over ten years; actual growth was 8.2%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-05-08); Ten-year compound average after fade. Initial solved rate 0.10154841411608329. Price 356.3; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share 6.915891681655744 → FY2025 15.17947813060419. Closing-price date 2026-10-15.

## Monthly share-price history (SEK per share)

- 2016-10: SEK 164.30 per share

- 2016-11: SEK 174.40 per share

- 2016-12: SEK 169.10 per share

- 2017-01: SEK 165.60 per share

- 2017-02: SEK 175.60 per share

- 2017-03: SEK 184.30 per share

- 2017-04: SEK 191.90 per share

- 2017-05: SEK 195.20 per share

- 2017-06: SEK 185.10 per share

- 2017-07: SEK 173.00 per share

- 2017-08: SEK 171.80 per share

- 2017-09: SEK 186.00 per share

- 2017-10: SEK 176.70 per share

- 2017-11: SEK 169.70 per share

- 2017-12: SEK 170.40 per share

- 2018-01: SEK 174.50 per share

- 2018-02: SEK 185.85 per share

- 2018-03: SEK 180.35 per share

- 2018-04: SEK 184.20 per share

- 2018-05: SEK 189.60 per share

- 2018-06: SEK 190.90 per share

- 2018-07: SEK 174.35 per share

- 2018-08: SEK 186.40 per share

- 2018-09: SEK 178.65 per share

- 2018-10: SEK 182.50 per share

- 2018-11: SEK 169.20 per share

- 2018-12: SEK 158.15 per share

- 2019-01: SEK 168.25 per share

- 2019-02: SEK 191.05 per share

- 2019-03: SEK 200.70 per share

- 2019-04: SEK 202.60 per share

- 2019-05: SEK 185.20 per share

- 2019-06: SEK 209.90 per share

- 2019-07: SEK 222.90 per share

- 2019-08: SEK 204.90 per share

- 2019-09: SEK 219.10 per share

- 2019-10: SEK 229.00 per share

- 2019-11: SEK 227.40 per share

- 2019-12: SEK 219.00 per share

- 2020-01: SEK 229.30 per share

- 2020-02: SEK 214.90 per share

- 2020-03: SEK 187.70 per share

- 2020-04: SEK 176.05 per share

- 2020-05: SEK 190.70 per share

- 2020-06: SEK 189.45 per share

- 2020-07: SEK 191.65 per share

- 2020-08: SEK 200.00 per share

- 2020-09: SEK 210.10 per share

- 2020-10: SEK 191.00 per share

- 2020-11: SEK 204.10 per share

- 2020-12: SEK 202.50 per share

- 2021-01: SEK 207.10 per share

- 2021-02: SEK 211.70 per share

- 2021-03: SEK 251.00 per share

- 2021-04: SEK 241.30 per share

- 2021-05: SEK 254.90 per share

- 2021-06: SEK 257.80 per share

- 2021-07: SEK 276.10 per share

- 2021-08: SEK 275.80 per share

- 2021-09: SEK 255.70 per share

- 2021-10: SEK 251.50 per share

- 2021-11: SEK 253.80 per share

- 2021-12: SEK 276.20 per share

- 2022-01: SEK 253.00 per share

- 2022-02: SEK 251.60 per share

- 2022-03: SEK 254.90 per share

- 2022-04: SEK 251.00 per share

- 2022-05: SEK 240.20 per share

- 2022-06: SEK 217.30 per share

- 2022-07: SEK 238.90 per share

- 2022-08: SEK 216.70 per share

- 2022-09: SEK 209.70 per share

- 2022-10: SEK 223.00 per share

- 2022-11: SEK 238.30 per share

- 2022-12: SEK 223.70 per share

- 2023-01: SEK 245.40 per share

- 2023-02: SEK 255.10 per share

- 2023-03: SEK 248.30 per share

- 2023-04: SEK 243.90 per share

- 2023-05: SEK 240.80 per share

- 2023-06: SEK 259.00 per share

- 2023-07: SEK 253.00 per share

- 2023-08: SEK 246.90 per share

- 2023-09: SEK 238.20 per share

- 2023-10: SEK 237.50 per share

- 2023-11: SEK 268.70 per share

- 2023-12: SEK 290.30 per share

- 2024-01: SEK 286.70 per share

- 2024-02: SEK 295.40 per share

- 2024-03: SEK 307.10 per share

- 2024-04: SEK 295.00 per share

- 2024-05: SEK 307.20 per share

- 2024-06: SEK 299.60 per share

- 2024-07: SEK 325.90 per share

- 2024-08: SEK 331.10 per share

- 2024-09: SEK 341.60 per share

- 2024-10: SEK 332.90 per share

- 2024-11: SEK 334.90 per share

- 2024-12: SEK 326.80 per share

- 2025-01: SEK 340.60 per share

- 2025-02: SEK 329.30 per share

- 2025-03: SEK 299.90 per share

- 2025-04: SEK 291.60 per share

- 2025-05: SEK 303.90 per share

- 2025-06: SEK 295.20 per share

- 2025-07: SEK 323.80 per share

- 2025-08: SEK 334.10 per share

- 2025-09: SEK 326.60 per share

- 2025-10: SEK 358.70 per share

- 2025-11: SEK 358.60 per share

- 2025-12: SEK 358.90 per share

- 2026-01: SEK 359.90 per share

- 2026-02: SEK 385.60 per share

- 2026-03: SEK 336.40 per share

- 2026-04: SEK 351.40 per share

- 2026-05: SEK 332.70 per share

- 2026-06: SEK 342.40 per share

- 2026-07: SEK 353.10 per share

- 2026-08: SEK 357.20 per share

- 2026-09: SEK 355.60 per share

- 2026-10: SEK 349.60 per share

## Annual estimated value (SEK per share)

- FY2016: low SEK 80.15 per share, central SEK 95.25 per share, high SEK 110.88 per share

- FY2017: low SEK 87.57 per share, central SEK 103.19 per share, high SEK 120.07 per share

- FY2018: low SEK 95.70 per share, central SEK 111.48 per share, high SEK 129.63 per share

- FY2019: low SEK 109.22 per share, central SEK 130.01 per share, high SEK 151.36 per share

- FY2020: low SEK 100.85 per share, central SEK 117.35 per share, high SEK 136.30 per share

- FY2021: low SEK 120.45 per share, central SEK 151.26 per share, high SEK 176.25 per share

- FY2022: low SEK 158.98 per share, central SEK 203.06 per share, high SEK 237.12 per share

- FY2023: low SEK 182.01 per share, central SEK 229.94 per share, high SEK 268.51 per share

- FY2024: low SEK 193.97 per share, central SEK 241.95 per share, high SEK 282.15 per share

- FY2025: low SEK 178.88 per share, central SEK 203.54 per share, high SEK 236.37 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

Prior published observations retained from 2026-10-15T06:39:54.081Z where newer inputs omit a numeric field or fiscal period.

## Sources

[Original ESEF filing](https://filings.xbrl.org/549300YECS8HKCIMMB67/2024-12-31/ESEF/SE/0/ASSAABLOY-2024-12-31-0-en/reports/ASSAABLOY-2024-12-31-0-en.xhtml); period 2024-12-31, filed 2025-05-08.

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.

## Reported holder observations