The world's second-largest security services provider by total revenues. Wide geographic presence and well-diversified customer base. Successful track record of integrating acquisitions. The competitive and fragmented nature of the security services industry, with low entry barriers, leading to modest EBITDA margins. Solid free operating cash flow generation supported by low capital expenditure requirements. Moderate financial policies, leading to a "strong" liquidity position. Stretched balance sheet due to debt-financed acquisitions. Relatively weak capital structure metrics and asset protection measures due to sizable intangible assets. The stable outlook reflects Standard&Poor's Ratings Services' view that Sweden-based security services provider Securitas AB will continue to benefit from robust free operating cash flow (FOCF) as a result of its limited capital expenditure (capex)
