World's largest security services provider by total revenues. Wide geographic presence and well-diversified customer base across vertical markets. Successful track record of integrating acquisitions. Competitive and fragmented nature of the security services industry, with low entry barriers especially in manned guarding, leading to modest EBITDA margins. Relatively stable and predictable revenues, margins, and solid free operating cash flow generation. Moderate, clearly-stated financial policies measured through free operating cash flow to net debt above 20%. Track record of complementing organic growth with debt-funded acquisitions. An exceptional liquidity position. The stable outlook reflects our view that Securitas will be able to maintain its steady organic growth as the commercial synergies of Diebold acquisition contribute to strong organic growth in North America. Despite
