Easing Monetary Conditions Should Support Assa Abloy's Organic Sales Growth From Late 2024 Onward

Assa Abloy is the clear global leader in locking and physical access system markets, accounting for about 13% of supply of the global addressable market—estimated to be worth around USD 100 billion. Assa Abloy’s installed-based business model confers the benefit of significant aftermarket sales—contributing about two thirds of annual revenue at high profit margins. Importantly, we think Assa Abloy’s strategic focus areas—customer relevance, product leadership, and cost-efficiency—work to protect, grow, and optimally monetise the global industry-leading installed base of locking and access systems it has amassed over many decades.