Securitas (SECUB SS) Sweden
Industrials
Following publication of the company's FY23 annual report, Iron Blue increases their SECUB score from 23/60 to 26/60 (now top quartile / fertile grounds for shorting). This reflects: 1) Sustained elevated stripped out costs. 2) Trade receivables days outstanding compressed at a decade low. 3) One third of debt scheduled to mature during FY24. 4) Sizeable fair value adjustments applied to Stanley Security’s balance sheet. 5) A new contingent liability concerning a US government investigation. 6) Another increase in the rate of employee injuries.
Edition: 191
- 26 July, 2024