Commercial Integrator + Security Sales Jan/Feb 2024 - 56

SSI
ECONOMIC ANALYSIS: INSIGHTS ON M&A, STOCKS
SECURITY
SOLUTIONS M&As
REMAIN STABLE
AMID AN EVOLVING
ECONOMIC BACKDROP
ITCHAZNONG/STOCK.ADOBE.COM
Despite an unpredictable macroeconomic environment, the sector's M&A
market is anticipated to build this year on sustained growth from 2023.
By Tom McConnell
THE SECURITY SOLUTIONS merger and
acquisition (M&A) market held strong
through late November 2023, outperforming
the prior-year period.
Fragmentation across the sector - and
in the systems integrator (security and
fi re/life safety) segment in particular
- spurred a frenzy of consolidation activity
from private equity-backed buyers.
Buyers also showed continued interest
in residential end-market participants,
which saw top-line growth supported by
strong demand from homeowners.
Across the commercial end market,
increasing construction value spurred
acquirer appetite for targets with strong
industrial surveillance capabilities. Robust
equity market returns in recent months
also off ered an optimistic acquisition outlook
for strategic buyers this year.
Despite an unpredictable macroeconomic
environment, the sector's M&A market for
the year ahead is anticipated to build on the
sustained growth experienced in 2023.
Infl ation has cooled in recent months.
The core personal consumption expenditures
(PCE) index rose 3.5% year over
year (YOY) in October, a decline from
3.7% in September and approaching the
U.S. Federal Reserve's goal of 2%, according
to the Bureau of Economic Analysis.1
Equity markets have subsequently
benefi ted from the disinfl ation trend. As
of Dec. 13, 2023, total return for the S&P
56 Commercial Integrator+Security Sales & Integration | Jan/Feb 2024
500 was 20.9%; meanwhile, total return
for the Nasdaq Composite and Dow Jones
Industrial Average indices were 38.7%
and 10.4%, respectively.
In turn, security solutions sector participants
experienced favorable growth
during 2023. Allegion (NYSE:ALLE), a
provider in the access control segment,
reported a 36.2% increase YOY in net earnings
per share (EPS) to $1.77, according to
its Q3 2023 earnings transcript.2
According to the earnings call, the
company is expected to build on its robust
fi nancial performance and pursue
a structured acquisition strategy focused
on access technology and Soſt ware-as-aService
(SaaS) businesses.

Commercial Integrator + Security Sales Jan/Feb 2024

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Commercial Integrator + Security Sales Jan/Feb 2024 - Bellyband1
Commercial Integrator + Security Sales Jan/Feb 2024 - Bellyband2
Commercial Integrator + Security Sales Jan/Feb 2024 - Cover1
Commercial Integrator + Security Sales Jan/Feb 2024 - Cover2
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Commercial Integrator + Security Sales Jan/Feb 2024 - Cover3
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