Allegion plc - Locking and Security Solutions

Stocks
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Allegion plc (ALLE) is an Irish-domiciled, US-listed lock and security company. The company went public as a spin-off in 2013, meaning it has a long history but is new to the stock market.

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Allegion could be called a “mini-Abloy” (pikku-Abloy), operating in the same industry but being a clearly smaller company.

Some key figures:

  • Revenue $3.9 billion
  • Employees 12,000
  • Sales in 120 countries
  • Profit margin 16.2%
  • Market capitalization $14.9 billion (share price $173.29)
  • P/E (total) 24.1

The company has numerous (over 30) brands and has acquired companies in the industry for its portfolio. Production is worldwide.

I owned this for a while in 2013 when I received the shares as a spin-off, but I sold them soon after and didn’t delve into the company further. Now I’ve started researching it as a competitor to Abloy and a potential alternative to Assa Abloy as an investment.

Has anyone looked into this more closely? Has anyone bought it or consciously chosen not to buy it? The floor is open!

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(I will gradually add more information here as I research the company.)

Allegion is practically a North American company; 80% of its revenue comes from the Americas (the company is divided into two segments: Americas and International). Production is extensive in the United States but also elsewhere in the world.

In addition to locks and locking solutions, the company sells many other access control related products. Below is the company’s sales breakdown for 2024:

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The company distributed 73% of its earnings (2024) as dividends and share buybacks. The dividend yield at the current price is approximately 1.2%. (Share buybacks are slightly larger than dividend distributions).

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