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Securitas is engaged in integrated security solutions. Co.'s main service offering categories are specialized guarding, mobile security services, monitoring, technical solutions and consulting and investigation services. Co. operates in 52 countries throughout North America, Europe, Latin America, the Middle East, Asia and Africa. Co. is organized into three business segments: Security Services North America, Security Services Europe and Security Services Ibero-America. In addition to the three business segments, Co. conducts guarding operations in the Middle East, Asia and Africa.
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As Managing Partner of Expert Corprate Governance Service Ltd (ECGS), Proxinvest has built a large network of corporate governance experts to support clients in corporate governance analysis worldwide.
Securitas’ Q1 report showed continued strong organic growth (6.8% YOY) with returning earnings leverage (15bp YOY), with all geographies contributing and Technology Solutions growing 22% in Q1. With the future proofing of the Securitas service model with Technology Solutions as the main business driver, we see good support for continued valuation multiples expansion and we have raised our EPS forecasts for 2019–2021 by 2–4%, also suggesting continued positive momentum in earnings. We reiterate our BUY and have lifted our target price to SEK185 (180).
No-moat Securitas delivered a very decent first-quarter trading update, posting organic revenue growth of 7%, a slight improvement on the already high 6% delivered in 2018. Operating margins improved to 4.8% from 4.7% this time last year. Overall, the numbers were broadly inline with our expectations for the full year, and as such, we do not expect to make any material changes to our forecasts nor to our SEK 152 fair value estimate. We believe the shares are currently up with events. North Ameri...
In our security sector coverage list, Securitas is the purest play on the manned guarding space, which encompasses manned security, mobile security, monitoring, and risk assessment. In this highly fragmented space, Securitas is the market leader, with estimated 15% market share, a significant standing considering that the fourth-largest firm has just 1% market share.Securitas has gone through several material portfolio changes. In 2006, it divested its cash-in-transit and alarms businesses, which initially excited the market, but following several years of relatively weak organic growth, ultim...
La société fait preuve d'une grande transparence concernant les montants attribués aux mandataires sociaux. En revanche, elle l'est beaucoup moins concernant les critères de performances des parts variables de la rémunération, qui restent inconnus. Par ailleurs, l'indépendance du Conseil d'administration est particulièrement préoccupante puisqu'il n'est composé que d'un administrateur indépendant sur six. Pour cette raison la résolution 11 portant sur le renouvellement de Marie Meynadier (membre non indépendante) n'est pas soutenue.
Suite à l'augmentation de capital lancée en mars 2019, 4 nouveaux actionnaires ((i) Latricogne Capital, (ii) les SCI Allianz Immobilier Durable et SCI Alliance Value Pierre, (iii) Cargo Investment B.V. et (iv) Madame Danièle Fredj) ont demandé à obtenir un siège au conseil. Il est donc proposé la nomination de 4 de ces représentants. Comme le conseil ne comprend pas une majorité d'administrateurs indépendants et que ces nouveaux actionnaires ne sont pas les principaux actionnaires de la société, conformément à notre politique de vote, nous ne soutenons aucun de ces candidats. Par ailleurs, la...
"Le 16 novembre 2018, les conseils d’administration de Groupe SFPI et DOM Security ont constaté la réalisation définitive de la fusion absorption de Dom Security SA par Groupe SFPI. "(Document de référence 2018 - Groupe SFPI) La gouvernance pourrait être améliorée en augmentant le taux d'indépendance du Conseil. Nous recommandons l'opposition à la nomination d'ARC Management, notamment pour cette raison. La société ne communique pas suffisamment d'informations sur les politiques de rémunération. Bien que les montants en ex-post soient raisonnables, il serait positif que la société s'améliore...
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