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1、Security and Safety SolutionsIndustry Update|Fall 2022Dear Clients and Friends,Houlihan Lokey is pleased to present its Security and Safety Solutions Industry Update for fall 2022.We have included important news stories,transaction announcements,a public markets overview,and industryinsights to help
2、 you stay ahead in our dynamic and constantly evolving industry.We hope you find this industryupdate to be informative and that it serves as a valuable resource to you in staying abreast of the market.If there is additional content you would find useful for future updates,please dont hesitate to cal
3、l or email us withyour suggestions.We look forward to staying in touch with you and addressing any questions you and/or yourcolleagues may have.Sincerely,Michael Morabito Managing Director,Sector LeadNew YorkMMorabitoHL.com212.497.7966Select Security and Safety TransactionsRoman DebaldDirectorFrankf
4、urtRDebaldHL.com+49(0)69 256 246 148Jim LavelleManaging DirectorHead of Corporate CoverageDallasJLavelleHL.com214.220.8475an operating subsidiary of has been acquired bySellside Advisorhas been acquired bySellside Advisorhas been acquired bySellside Advisorhas merged withSellside Advisora subsidiary
5、 ofhas been acquired bySellside Advisora portfolio company ofhas been acquired bySellside Advisora portfolio company of has been acquired bySellside Advisora portfolio company ofhas been acquired bySellside AdvisorTombstones included herein represent transactions closed from 2018 forward.*Selected t
6、ransactions were executed by Houlihan Lokey professionals while at other firms acquired by Houlihan Lokey or by professionals from a Houlihan Lokey joint venture company.Adam SivnerManaging DirectorManchesterAdam.SivnerHL.com+44(0)161 240 6439has been acquired bySellside Advisor*has soldtoSellside A
7、dvisor*ISC West 2023International Security ConferenceMarch 2831,2023Las Vegas,NVHoulihan Lokey Global Industrials ConferenceSpring 2023New York,NY2Houlihan Lokey Security and Safety Solutions UpdateAccomplishments No.1 Global Investment Banking Restructuring Advisor(2021)Refinitiv No.1 Global M&A Fa
8、irness Opinion Advisor Over the Past 20 Years(20022021)Refinitiv*No.1 M&A Advisor for All U.S.Transactions(20152021)Refinitiv Top 5 Most Active Global M&A Advisor (2021)Refinitiv Ranked Top 10 in Vs Best Places to Work in Investment Banking(2021)Houlihan Lokey is the trusted advisor to more top deci
9、sion-makers than any other independent global investment bank.Our clients benefit from our local presence and global reach.North AmericaAtlantaBostonChicagoDallasHoustonLos AngelesMiamiMinneapolisNew YorkSan FranciscoWashington,D.C.Asia-PacificBeijingFukuokaGurugramHo Chi Minh CityHong Kong SARMumba
10、iNagoyaOsakaShanghaiSingaporeSydneyTokyoEurope and Middle EastAmsterdamDubaiFrankfurtLondonMadridManchesterMilanMunichParisStockholmTel AvivZurichNo.1M&A AdvisorAs the markets leading industrials advisory firm,Houlihan Lokey has more than 100 dedicated industrials professionals throughout the United
11、 States and internationally to match the global needs of its clients.For Seven Straight YearsAll U.S.Transactions3*Announced or completed transactions.2021 M&A Advisory RankingsAll U.S.Industrial TransactionsAdvisorDeals1Houlihan Lokey552Jefferies 533JP Morgan454Goldman Sachs 445Robert W Baird42Sour
12、ce:Refinitiv.Excludes brokers.2020 M&A Advisory RankingsAll U.S.Industrial TransactionsAdvisorDeals1Houlihan Lokey362Generational Equity353Goldman Sachs304Jefferies275JP Morgan215Moelis21Source:Refinitiv.2019 M&A Advisory RankingsAll U.S.Industrial TransactionsAdvisorDeals1Houlihan Lokey462Lincoln I
13、nternational403Goldman Sachs 354Generational Equity305JP Morgan255Morgan Stanley25Source:Refinitiv(formerly known as Thomson Reuters).Security and Safety Solutions Market Coverage Access ControlHardware-and software-based solutions to manage entry into,access to,and use of physical and digital sites
14、CBRNE and TestingSensor technologies that screen and detect for chemical,biological,radiological,nuclear,and explosivesRisk MitigationDisaster recovery,emergency procedures,investigations,business intelligence,consulting,and employee screening servicesSystems IntegrationServices comprising installat
15、ion and maintenance of intrusion,fire,and other critical security systemsIndustrial CyberSoftware and hardware to provide security to the industrials sector for IoT and operational technology applicationsAuthentication and IdentificationTechnologies used to address counterfeiting activities and solu
16、tions used to identify individuals based on biological factorsPhysical SecurityThreat protection products for people,vehicles,and buildings,including armor and blast-protection technologiesSafety Products and ServicesProducts,technology,and services designed to protect people and property in life-th
17、reatening or harsh conditionsTrack and TraceHardware and software that enables asset tracking,field personnel communications,and supply-chain managementConnected HomeTechnology allowing for complete automation of the home,including lights,doors,systems,and temperatureBuilding Technology and Automati
18、onFully integrated solutions offering energy efficiency,quality control,and systems control for commercial usePublic Safety TechnologyHardware and software technologies to manage retrieval,analysis,and storage of data as part of public safety operationsSecurity MonitoringIntrusion,fire,and video sys
19、tem design,installation,and monitoring for residential and commercial customersFire and Life SafetyFire systems solutions,including fire alarms,sprinklers,wet and dry agent suppression systems,and extinguishersVideo SurveillanceHardware and software technologies that capture,record,and analyze real-
20、time images4ASSA ABLOY to Sell Yale,Emtek Brands in Response to Antitrust Concerns Over Spectrum Acquisition(Security Sales&Integration,October 17,2022)“The ASSA ABLOY Group has formally filed its response to the U.S.Department of Justices complaint to block the proposed acquisition of the Hardware
21、and Home Improvement division(HHI)of Spectrum Brands.ASSA ABLOY announced the$4.3 billion acquisition of Spectrums HHI division in September 2021Filed last month,the DOJs complaint alleges that the merger would eliminate important head-to-head competition between ASSA ABLOY and Spectrum,risking high
22、er prices,lower quality,reduced innovation and poorer service in the sale of at least two types of residential door hardware:premium mechanical door hardware and smart locksTo fully resolve all the alleged competitive concerns surrounding the acquisition of HHI,ASSA ABLOY says it has initiated a sal
23、es process of Emtek and its Yale smart residential business in the U.S.and Canada.”Link to articlePye-Barker Continues Northeast Expansion With Survivor Fire Acquisition(Security Sales&Integration,October 14,2022)“Pye-Barker Fire&Safety announces the additions of Survivor Fire&Safety Equipment and T
24、otal Fire&Safety Equipment,collectively Survivor Fire,to the Pye-Barker family of companies.Both Survivor Fire and Total Fire provide full-service fire and safety systems throughout New Jersey and eastern Pennsylvania.Terms of the transaction were not disclosed.The acquisition is the latest in an ag
25、gressive acquisition strategy that Pye-Barker has made over the last few months,including in this area.”Link to articleAvantGuard Strengthens Canadian Presence With Armstrongs National Monitoring Centers Acquisition(Security Sales&Integration,October 12,2022)“AvantGuard,a Becklar Company,announces t
26、he acquisition of Armstrongs National Alarm Monitoring and its monitoring centers and offices in Dartmouth,Montreal,Edmonton and Moncton,Canada.AvantGuard says it continues to broaden the markets it serves and protects,now with eight monitoring centers spread across the U.S.and CanadaThe acquisition
27、 of Armstrongs National Monitoring Centers is said to allow AvantGuard to continue to broaden the geographical markets it serves,now saving lives and protecting property for over 1.3 million customers across North America.”Link to articleKnightscope to Acquire Public Safety Provider CASE Emergency S
28、ystems(Security Sales&Integration,October 12,2022)“Knightscope(Nasdaq:KSCP),a developer of advanced physical security technologies utilizing fully autonomous robots,announces the signing of a definitive agreement to acquire CASE Emergency Systems and to close on the transaction during October.The ac
29、quisition is planned to boost the companys revenues while increasing its positive impact on the safety of communities nationwide,according to the announcement.CASE said to be a leader in blue light emergency phones and an innovator in next generation wireless emergency communications technology,prov
30、iding Knightscope with a strategic entry into a nationwide market.”Link to articleCTSI Relaunches as Pavion Following 10 Acquisitions,400%Growth(Security Sales&Integration,October 11,2022)“Corbett Technology Solutions(CTSI)announces it has relaunched under the brand name PavionThe company cites the
31、shift from CTSI to Pavion as the result of significant and unprecedented growth over the past 15 months.Since 2020,CTSI has grown over 400%and acquired 10 companies:The Security Division of EC&M Electrical,DavEd Fire Systems,Collaborative Technology Solutions,The Protection Bureau,Star Asset Securit
32、y/Ion247,AFA Protective Systems,Structure Works,Enterprise Security Solutions,Systems Electronics and Firecom.”Link to articleSignificant News Stories and M&A Activity5Pye-Barker Acquires New Jersey-Based Metro Fire&Safety(Security Sales&Integration,October 7,2022)“Pye-Barker Fire&Safety announces t
33、he acquisition of Metro Fire&Safety Equipment in New Jersey.This addition strengthens Pye-Barkers footprint in the state and the surrounding areas,according to the company.Terms of the transaction were not disclosed.Metro Fire&Safety Equipment provides full-service fire protection and life-safety sy
34、stems,including fire extinguishers,fire sprinklers,fire suppression systems,fire and security alarms,and safety training.”Link to articleASSA ABLOY Acquires Maker of DoorBird(Security Sales&Integration,October 6,2022)“The ASSA ABLOY Group has acquired 100%of the shares in Bird Home Automation GmbH,t
35、he makers of the DoorBird video doorbell.ASSA ABLOY says the aim is to further expand and scale the business in the coming years in view of changing market requirements.Terms were not disclosedThe company says it has the size and scale to further invest in the relevant market sector and further expa
36、nd the DoorBird brand as part of its smart home and access control offering.”Link to articleLone Star Communications Expands Alarm Management Services With CareSight Buy(Security Sales&Integration,October 6,2022)“Lone Star Communications,a provider of life and safety solutions in the healthcare indu
37、stry,announces the acquisition of CareSight,an alarm analytics-as-a-service company that delivers the information required to help hospitals manage their alarm,alert and notification environments.CareSight will operate as a majority-owned division of Lone Star Communications Companies.Terms of the t
38、ransaction were not disclosed.”Link to articleAMAG Technology Hires David Sullivan as New President(Security Sales&Integration,September 12,2022)“AMAG Technology announces the appointment of David Sullivan to the position of president.Sullivan joins AMAG from ACRE Group where he has held positions o
39、f president intl and President Americas.AMAG says he brings a wealth of international experience running a global security technology organization.The industry veteran specializes in identifying strategic mergers and acquisitions,leading organizations through change,product development strategy,oper
40、ational excellence and company culture transformation,according to the company.”Link to articleNAPCO Continues to Break Financial Records in Q4(Security Sales&Integration,August 30,2022)“NAPCO Security Technologies(Nasdaq:NSSC)announces its financial results for its fourth quarter and fiscal year en
41、ded June 30,2022.The company reports net sales for the quarter increased 22%to a quarterly record of$43.2 million as compared to$35.4 million for the same period last year.Net sales for the fiscal year increased 26%to a record$143.6 million as compared to$114 million last year.”Link to articleSignif
42、icant News Stories and M&A Activity(cont.)6Notable Recent Houlihan Lokey Security and Safety M&A Transactions Cognytes Situational Intelligence Solutions business(SIS)is a cutting-edge,data-centric security operations and analytics platform with multiple solutions under one centralized interface.The
43、 company has a world-class global customer base across a diverse set of verticals,including essential retail government and safe city and transportation.Symphia,SIS core software offering,is an integrated,intelligence-driven portfolio of security solutions that deliver actionable insights for deeper
44、 situational awareness,greater command and control,as well as more effective incident management,response,and investigations.SIS was sold to Volaris Group Inc.,a Canada-based buy-and-hold acquirer of mission-critical software businesses.180+Full-Time Employees50%Recurring Revenue2MVideo/Device Licen
45、sesDec.2022Close Date110+Full-Time EmployeesNo.3Video Doorbell Brand Among the CE Pro 100145KProduct Installed BaseOct.2022Close Date Bird Home Automation develops and manufactures high-quality,IP-based video door intercoms,access control devices,indoor stations,and accessories under the trademark“D
46、oorBird.”Operating on a global scale with strong presence in the U.S.,the companys installed base exceeds 145,000 DoorBirds to date.The companys solutions serve single-and multi-family buildings,as well as indoor station markets.DoorBird was acquired by ASSA ABLOY Group,the global leader in access s
47、olutions.ASSA ABLOY Group brings the size and scale to further invest in the relevant market sector and further expand the DoorBird brand as part of its smart home and access control offering.7Las Vegas,NVMarch 2225,2022New York,NYMay 17,2022London,U.K.May 1719,2022Washington,D.C.May 2425,2022San Fr
48、ancisco,CAJune 69,2022Boston,MAJune 69,2022Atlanta,GASeptember 1214,2022San Diego,CASeptember 1921,2022Essen,GermanySeptember 2023,2022New York,NYOctober 1819,2022New York,NYNovember 1617,2022Select 2022 Industry EventsSources:Industry websites.Note:All data as of October 2022.8ShowLocationDate 125t
49、h Anniversary Conference Series16th Annual Global Industrials ConferenceGlobal Real GDP Growth(Annual%Change)Relevant Sector and Macroeconomic TrendsSource:University of Michigan as of October 2022.Real GDP Growth(1)(3)(1)Seasonallyadjusted.(2)North America includes Canada,Mexico,and the U.S.Western
50、 Europe consists of France,Germany,Italy,and the U.K.APAC consists of Australia,China,India,Indonesia,Japan,and South Korea.South America consists of Argentina and Brazil.EEMEA consists of Russia,Saudi Arabia,South Africa,and Turkey.(3)Annualized.G20 Weighted Avg.Real GDP Growth Outlook(2)Key U.S.Co
51、nstruction TrendsGlobal Annual Real GDP(1)U of M Consumer SentimentISM Manufacturing Index(1)Source:Bureau of Economic Analysis as of October 2022.Source:International Monetary Fund as of October 2022.Source:International Monetary Fund as of October 2022.Key U.S.Economic IndicatorsSource:Institute f
52、or Supply Management as of October 2022.Housing Starts(1)(3)Nonresidential Construction Put in PlaceRemodeling Market Index(RMI)Source:United States Census Bureau,FMI U.S.Construction Outlook,as of October 2022.Source:United States Census Bureau,Fannie Mae,National Association of Realtors,Mortgage B
53、ankers Associations,as of October 2022.Source:National Association of Home Builders as of October 2022.9Declining51%Expanding($in trillions)CAGR:5.1%(000s)ExpandingExpanding$530$569$562$544$561$596$635$673($in millions)607080901001,2501,2901,3801,6011,6951,5111,716$600$700$800$900$1,000$1,100$1,200$
54、1,300HistoricalProjected(40.0%)(20.0%)0.0%20.0%40.0%5558487382798687 87838677 7711.3%12.0%15.1%14.3%20.0%9.1%(4.0%)1.6%17.8%4.6%3.4%5.1%7.1%0.2%(25.0%)(15.0%)(5.0%)5.0%15.0%NorthAmericaWesternEuropeAPACSouthAmericaEMEA202.8%25.0%35.0%45.0%55.0%65.0%75.0%(60.0%)(40.0%)(20.0%)0.0%20.0%Oct-2
55、1Dec-21Feb-22Apr-22Jun-22Aug-22Oct-22Security Products and SolutionsIntelligent Video and SurveillanceBuilding Intelligence and AutomationPublic SafetyGuarding and Cash Handling ServicesDiversified SafetySafety Monitoring,Gas Detection,and TestingPersonal Protective Equipment and ClothingIdentificat
56、ion SolutionsAlarm MonitoringPublic Markets OverviewMedian TEV/NTM EBITDA12-Month Indexed Stock Price Performance(19.8%)(32.1%)(39.0%)(29.3%)(22.4%)(43.9%)(22.3%)(21.8%)(32.4%)Source:S&P Capital IQ.Note:All data as of October 17,2022.(14.3%)1014.9x13.0 x15.1x15.4x13.0 x7.3x14.1x19.6x11.2x6.4x11.4x7.
57、5x12.2x11.2x12.1x6.1x11.7x12.9x8.0 x5.4x0.0 x4.0 x8.0 x12.0 x16.0 x20.0 xSecurityProducts andSolutionsIntelligent VideoandSurveillanceBuildingIntelligence andAutomationIdentificationSolutionsPublic SafetyGuarding andCash HandlingServicesDiversifiedSafetySafetyMonitoring,GasDetection,andTestingPerson
58、alProtectiveEquipment andClothingAlarmMonitoringOct-21Oct-22Public ComparablesSecurity and Safety SolutionsSecurity Products and SolutionsIntelligent Video and Surveillance($in millions,except per-share prices)($in millions,except per-share prices)Building Intelligence and Automation($in millions,ex
59、cept per-share prices)Source:S&P Capital IQ.Note:All data as of October 17,2022.11LTMTEV/Company Name Stock Price%of 52 Week High Equity Value Enterprise Value Revenue EBITDA EBITDA Margin Net Debt/EBITDA LTM Revenue NTM Revenue LTM EBITDA NTM EBITDA Danaher Corporation$259.93 78.4%$189,085$207,938$
60、30,816$10,764 34.9%2.0 x 6.7x 6.9x 19.3x 20.3x Honeywell International Inc.$177.04 77.6%$119,270$131,342$34,459$8,375 24.3%2.4x 3.8x 3.6x 15.7x 14.0 x Siemens Aktiengesellschaft$105.00 67.8%$82,909$128,964$67,553$9,581 14.2%5.6x 1.9x 1.8x 13.5x 8.2x Schneider Electric S.E.$122.45 69.8%$67,974$80,712
61、$30,620$5,700 18.6%2.2x 2.6x 2.4x 14.2x 12.2x Johnson Controls International$52.45 64.1%$36,128$46,554$24,966$3,847 15.4%2.8x 1.9x 1.8x 12.1x 11.3x Roper Technologies,Inc.$370.94 73.5%$39,323$43,901$6,023$2,300 38.2%3.2x 7.3x 7.8x 19.1x 19.1x Carrier Global Corporation$35.55 61.3%$29,918$36,254$20,3
62、39$2,902 14.3%3.1x 1.8x 1.7x 12.5x 11.3x ASSA ABLOY AB(publ)$18.87 74.4%$20,957$23,624$9,443$1,669 17.7%1.8x 2.5x 2.2x 14.2x 11.4x Stanley Black&Decker,Inc.$76.47 38.4%$11,303$23,237$16,939$2,144 12.7%5.4x 1.4x 1.4x 10.8x 14.0 x Fortune Brands Home$55.87 51.1%$7,225$10,372$7,977$1,320 16.5%2.7x 1.3x
63、 1.3x 7.9x 7.2x Smiths Group plc$17.53 93.5%$6,246$6,397$2,929$487 16.6%2.9x 2.2x 2.1x 13.1x 10.6x Allegion plc$93.53 68.0%$8,215$9,429$2,923$610 20.9%3.5x 3.2x 2.7x 15.5x 12.2x Resideo Technologies,Inc.$20.97 74.0%$3,055$4,408$6,142$764 12.4%2.1x 0.7x 0.7x 5.8x 5.1x Diebold Nixdorf,Incorporated$2.7
64、1 24.0%$214$2,366$3,699$220 6.0%11.0 x 0.6x 0.6x 10.7x 5.4x dormakaba Holding AG$313.06 42.4%$1,308$2,034$2,766$379 13.7%2.2x 0.7x 0.7x 5.4x 5.4x Napco Security Technologies$27.53 88.0%$1,011$972$144$21 14.8%0.3x 6.8x 5.9x N/M 27.9x Rosenbauer International AG$28.16 54.2%$191$622$939$19 2.1%24.4x 0.
65、7x 0.6x 32.0 x 12.1x Identiv,Inc.$11.71 40.4%$263$240$111$1 1.1%1.3x 2.2x 1.7x N/M 22.9x GROUPE SFPI SA$2.08 53.9%$192$151$580$55 9.4%1.8x 0.3x 0.2x 2.8x 2.5x Mean:$14,177$2,693 16.0%4.3x 2.6x 2.4x 13.2x 12.3x Median:$6,142$1,320 14.8%2.7x 1.9x 1.8x 13.1x 11.4x LTMTEV/Company Name Stock Price%of 52
66、Week High Equity Value Enterprise Value Revenue EBITDA EBITDA Margin Net Debt/EBITDA LTM Revenue NTM Revenue LTM EBITDA NTM EBITDA Hangzhou Hikvision Digital$4.35 55.5%$41,024$38,891$11,783$2,392 20.3%0.6x 3.3x 3.0 x 16.3x 13.0 x Canon Inc.$22.02 93.2%$22,364$23,649$24,650$3,745 15.2%0.8x 1.0 x 0.8x
67、 6.3x 5.7x Zhejiang Dahua Technology$1.73 46.7%$5,221$5,005$4,645$482 10.4%1.4x 1.1x 1.0 x 10.4x 7.5x Verint Systems Inc.$34.64 61.4%$2,259$2,888$900$102 11.3%4.4x 3.2x 3.0 x 28.3x 10.7x Shenzhen Infinova Limited$0.65 91.3%$785$827$309($87)N/M N/M 2.7x N/A N/M N/A Sercomm Corporation$2.53 75.2%$641$
68、787$1,631$69 4.3%5.3x 0.5x 0.4x 11.3x 7.4x Vivotek Inc.$4.47 94.7%$387$387$207$13 6.1%1.9x 1.9x N/A 30.8x N/A Taiwan Shin Kong Security Co.,Ltd.$1.21 94.1%$463$340$239$49 20.4%2.2x 1.4x N/A 7.0 x N/A AVer Information Inc.$1.28 56.4%$119$102$102$19 18.4%1.2x 1.0 x N/A 5.5x N/A DynaColor,Inc.$1.08 84.
69、6%$108$93$58$6 11.0%3.2x 1.6x N/A 14.5x N/A Mobotix AG$3.24 51.2%$43$81$64($1)N/M N/M 1.3x 1.5x N/M N/M Irisity AB(publ)$1.26 20.6%$48$46$12($1)N/M N/M 3.8x 2.9x N/M 18.8x Mean:$3,717$566 13.0%2.3x 1.9x 1.8x 14.5x 10.5x Median:$274$34 11.3%1.9x 1.5x 1.5x 11.3x 9.1x LTMTEV/Company Name Stock Price%of
70、 52 Week High Equity Value Enterprise Value Revenue EBITDA EBITDA Margin Net Debt/EBITDA LTM Revenue NTM Revenue LTM EBITDA NTM EBITDA Honeywell International Inc.$177.04 77.6%$119,270$131,342$34,459$8,375 24.3%2.4x 3.8x 3.6x 15.7x 14.0 x Siemens Aktiengesellschaft$105.00 67.8%$82,909$128,964$67,553
71、$9,581 14.2%5.6x 1.9x 1.8x 13.5x 8.2x Schneider Electric S.E.$122.45 69.8%$67,974$80,712$30,620$5,700 18.6%2.2x 2.6x 2.4x 14.2x 12.2x Emerson Electric Co.$80.07 79.7%$47,345$62,920$19,216$4,244 22.1%2.9x 3.3x 3.1x 14.8x 12.3x ABB Ltd$26.24 73.1%$49,673$55,477$28,811$4,364 15.1%2.1x 1.9x 1.8x 12.7x 1
72、1.9x Johnson Controls International plc$52.45 64.1%$36,128$46,554$24,966$3,847 15.4%2.8x 1.9x 1.8x 12.1x 11.3x Carrier Global Corporation$35.55 61.3%$29,918$36,254$20,339$2,902 14.3%3.1x 1.8x 1.7x 12.5x 11.3x Otis Worldwide Corporation$65.37 74.1%$27,471$33,540$14,091$2,320 16.5%3.0 x 2.4x 2.5x 14.5
73、x 14.2x Stanley Black&Decker,Inc.$76.47 38.4%$11,303$23,237$16,939$2,144 12.7%5.4x 1.4x 1.4x 10.8x 14.0 x Legrand SA$70.11 68.4%$18,696$21,462$7,489$1,604 21.4%3.6x 2.9x 2.6x 13.4x 11.6x Hubbell Incorporated$223.73 93.6%$11,684$12,811$4,596$747 16.3%2.1x 2.8x 2.6x 17.2x 15.5x APi Group Corporation$1
74、4.72 54.8%$3,500$6,224$5,279$455 8.6%6.7x 1.2x 0.9x 13.7x 8.8x Resideo Technologies,Inc.$20.97 74.0%$3,055$4,408$6,142$764 12.4%2.1x 0.7x 0.7x 5.8x 5.1x A Holdings,Inc.$62.55 69.0%$3,111$3,016$806$83 10.3%6.4x 3.7x 3.5x 36.2x 18.7x Janus International Group,Inc.$8.83 60.4%$1,295$2,007$900$172 19.1%4
75、.4x 2.2x 2.1x 11.7x 9.0 x SmartRent,Inc.$2.29 15.5%$453$198$150($106)N/M 0.0 x 1.3x 0.9x N/M N/M Latch,Inc.$0.93 9.1%$135($127)$48($159)N/M N/M N/M N/M 0.8x 0.7x Mean:$16,612$2,767 16.1%3.4x 2.2x 2.1x 13.7x 11.2x Median:$14,091$2,144 15.4%3.5x 2.1x 2.0 x 13.6x 11.0 x Public ComparablesSecurity and S
76、afety Solutions(cont.)Identification SolutionsGuarding and Cash Handling($in millions,except per-share prices)($in millions,except per-share prices)Public Safety($in millions,except per-share prices)12Source:S&P Capital IQ.Note:All data as of October 17,2022.LTMTEV/Company Name Stock Price%of 52 Wee
77、k High Equity Value Enterprise Value Revenue EBITDA EBITDA Margin Net Debt/EBITDA LTM Revenue NTM Revenue LTM EBITDA NTM EBITDA 3M Company$113.86 61.1%$63,060$77,346$35,085$8,616 24.6%2.0 x 2.2x 2.2x 9.0 x 8.2x Illinois Tool Works Inc.$190.97 76.4%$59,128$65,890$15,185$3,950 26.0%1.9x 4.3x 4.1x 16.7
78、x 15.3x Safran SA$103.57 85.7%$44,207$44,855$16,873$3,108 18.4%2.3x 2.7x 2.3x 14.4x 11.8x ASSA ABLOY AB(publ)$18.87 74.4%$20,957$23,624$9,443$1,669 17.7%1.8x 2.5x 2.2x 14.2x 11.4x Zebra Technologies Corporation$261.64 42.5%$13,594$15,812$5,803$1,148 19.8%2.0 x 2.7x 2.6x 13.8x 11.2x Brady Corporation
79、$42.49 75.9%$2,121$2,136$1,302$227 17.4%0.6x 1.6x 1.6x 9.4x 8.9x De La Rue plc$1.02 50.2%$199$314$428$55 12.8%2.6x 0.7x 0.7x 5.7x 4.8x Identiv,Inc.$11.71 40.4%$263$240$111$1 1.1%1.3x 2.2x 1.7x N/M 22.9x Digimarc Corporation$14.03 26.1%$276$215$29($42)N/M N/M 7.5x 7.1x N/M N/A Fingerprint Cards AB(pu
80、bl)$0.57 25.8%$168$177$111($0)N/M N/M 1.6x 1.5x N/M 24.7x Precia S.A.$23.74 60.5%$129$128$154$17 11.2%1.6x 0.8x 0.8x 7.5x 5.6x Verimatrix Socit anonyme$0.62 45.5%$53$71$65$2 2.5%23.8x 1.1x 1.1x N/M 39.2x Precise Biometrics AB(publ)$0.45 30.0%$21$16$9($0)N/M 0.0 x 1.8x 1.4x N/M 9.9x Mean:$6,507$1,442
81、 15.1%3.6x 2.4x 2.3x 11.3x 14.5x Median:$428$55 17.6%1.9x 2.2x 1.7x 11.6x 11.3x LTMTEV/Company Name Stock Price%of 52 Week High Equity Value Enterprise Value Revenue EBITDA EBITDA Margin Net Debt/EBITDA LTM Revenue NTM Revenue LTM EBITDA NTM EBITDA SECOM CO.,LTD.$57.56 90.6%$12,429$9,144$7,070$1,386
82、 19.6%0.3x 1.3x 1.2x 6.6x 6.4x Securitas AB(publ)$7.66 57.1%$4,389$6,139$10,240$649 6.3%3.4x 0.6x 0.5x 9.5x 5.8x The Brinks Company$56.65 77.2%$2,676$5,465$4,382$587 13.4%5.8x 1.2x 1.2x 9.3x 6.7x The GEO Group,Inc.$8.56 87.3%$1,032$3,426$2,254$464 20.6%6.4x 1.5x 1.4x 7.4x 6.8x Prosegur Compaa de Seg
83、uridad,S.A.$1.66 63.8%$881$2,270$3,790$369 9.7%7.0 x 0.6x 0.6x 6.1x 4.8x Loomis AB(publ)$25.45 95.2%$1,840$2,257$1,994$386 19.4%2.7x 1.1x 1.0 x 5.8x 4.9x Mean:$4,955$640 14.8%4.3x 1.1x 1.0 x 7.5x 5.9x Median:$4,086$526 16.4%4.6x 1.2x 1.1x 7.0 x 6.1x LTMTEV/Company Name Stock Price%of 52 Week High Eq
84、uity Value Enterprise Value Revenue EBITDA EBITDA Margin Net Debt/EBITDA LTM Revenue NTM Revenue LTM EBITDA NTM EBITDA L3Harris Technologies,Inc.$223.56 79.9%$42,779$50,265$16,817$3,517 20.9%2.2x 3.0 x 2.8x 14.3x 13.1x Motorola Solutions,Inc.$220.74 80.7%$36,838$42,549$8,459$2,236 26.4%2.9x 5.0 x 4.
85、7x 19.0 x 15.2x Constellation Software Inc.$1,347.53 77.5%$28,556$30,075$5,732$1,019 17.8%2.2x 5.2x 4.3x 29.5x 16.4x Thales S.A.$111.90 87.0%$23,693$24,749$16,463$1,987 12.1%2.8x 1.5x 1.4x 12.5x 8.8x Tyler Technologies,Inc.$326.25 58.5%$13,566$14,588$1,818$341 18.8%3.8x 8.0 x 7.5x N/M 30.3x Smiths G
86、roup plc$17.53 93.5%$6,246$6,397$2,929$487 16.6%2.9x 2.2x 2.1x 13.1x 10.6x The GEO Group,Inc.$8.56 87.3%$1,032$3,426$2,254$464 20.6%6.4x 1.5x 1.4x 7.4x 6.8x Federal Signal Corporation$43.42 88.8%$2,632$2,955$1,297$189 14.6%1.9x 2.3x 2.0 x 15.7x 12.1x CoreCivic,Inc.$9.52 66.9%$1,120$2,333$1,853$357 1
87、9.3%3.7x 1.3x 1.2x 6.5x 6.8x QinetiQ Group plc$3.94 87.2%$2,255$1,997$1,507$204 13.6%0.1x 1.3x 1.3x 9.8x 8.3x Kratos Defense&Security Solutions,Inc.$9.98 42.5%$1,257$1,516$833$51 6.1%7.8x 1.8x 1.6x 29.8x 15.2x Evolv Technologies Holdings,Inc.$2.51 31.5%$362$132$33($81)N/M N/M 4.0 x 3.9x N/M N/M Mean
88、:$5,000$898 17.0%3.3x 3.1x 2.8x 15.8x 13.1x Median:$2,054$410 17.8%2.9x 2.2x 2.0 x 13.7x 12.1x Public ComparablesSecurity and Safety Solutions(cont.)Diversified SafetySafety Monitoring,Gas Detection,and Testing($in millions,except per-share prices)($in millions,except per-share prices)Personal Prote
89、ctive Equipment and Clothing($in millions,except per-share prices)13Source:S&P Capital IQ.Note:All data as of October 17,2022.Alarm Monitoring($in millions,except per-share prices)LTMTEV/Company Name Stock Price%of 52 Week High Equity Value Enterprise Value Revenue EBITDA EBITDA Margin Net Debt/EBIT
90、DA LTM Revenue NTM Revenue LTM EBITDA NTM EBITDA Honeywell International Inc.$177.04 77.6%$119,270$131,342$34,459$8,375 24.3%2.4x 3.8x 3.6x 15.7x 14.0 x 3M Company$113.86 61.1%$63,060$77,346$35,085$8,616 24.6%2.0 x 2.2x 2.2x 9.0 x 8.2x Johnson Controls International plc$52.45 64.1%$36,128$46,554$24,
91、966$3,847 15.4%2.8x 1.9x 1.8x 12.1x 11.3x Fortive Corporation$60.55 75.8%$21,532$24,536$5,516$1,377 25.0%2.7x 4.4x 4.1x 17.8x 16.1x Teledyne Technologies Incorporated$341.35 69.1%$15,997$19,802$5,364$1,228 22.9%3.3x 3.7x 3.5x 16.1x 15.1x Smiths Group plc$17.53 93.5%$6,246$6,397$2,929$487 16.6%2.9x 2
92、.2x 2.1x 13.1x 10.6x Rosenbauer International AG$28.16 54.2%$191$622$939$19 2.1%24.4x 0.7x 0.6x 32.0 x 12.1x Groupe Gorg SA$17.46 82.0%$299$396$191$16 8.6%8.6x 2.1x 1.3x 24.1x 8.1x Mean:$13,681$2,996 17.4%6.1x 2.6x 2.4x 17.5x 11.9x Median:$5,440$1,302 19.8%2.9x 2.2x 2.1x 15.9x 11.7x LTMTEV/Company N
93、ame Stock Price%of 52 Week High Equity Value Enterprise Value Revenue EBITDA EBITDA Margin Net Debt/EBITDA LTM Revenue NTM Revenue LTM EBITDA NTM EBITDA AMETEK,Inc.$116.96 79.0%$26,851$29,180$5,918$1,723 29.1%1.6x 4.9x 4.7x 16.9x 15.8x Halma plc$23.15 62.0%$8,761$9,075$1,741$395 22.7%1.4x 5.2x 4.6x
94、23.0 x 18.9x Spectris plc$32.35 71.7%$3,398$3,593$1,512$253 16.7%1.4x 2.4x 2.4x 14.2x 12.2x INFICON Holding AG$680.31 49.5%$1,663$1,664$545$122 22.4%0.5x 3.1x 2.9x 13.6x 13.5x Drgerwerk AG&Co.KGaA$37.82 53.6%$695$704$2,941$36 1.2%9.6x 0.2x 0.2x 19.4x 2.2x Riken Keiki Co.,Ltd.$24.84 60.6%$578$462$263
95、$79 30.0%0.2x 1.8x 1.7x 5.9x 5.3x Blackline Safety Corp.$1.33 24.5%$96$90$51($33)N/M N/M 1.8x 1.2x N/M N/M Mean:$1,853$368 20.4%2.5x 2.8x 2.5x 15.5x 11.3x Median:$1,512$122 22.6%1.4x 2.4x 2.4x 15.6x 12.9x LTMTEV/Company Name Stock Price%of 52 Week High Equity Value Enterprise Value Revenue EBITDA EB
96、ITDA Margin Net Debt/EBITDA LTM Revenue NTM Revenue LTM EBITDA NTM EBITDA Bunzl plc$31.26 84.3%$10,498$12,636$12,635$940 7.4%3.8x 1.0 x 0.9x 13.4x 10.7x MSA Safety Incorporated$116.52 74.1%$4,559$5,054$1,453$325 22.4%2.0 x 3.5x 3.1x 15.5x 14.1x Ansell Limited$16.61 76.6%$2,089$2,357$1,952$293 15.0%1
97、.7x 1.2x 1.3x 8.1x 8.0 x Delta Plus Group$52.59 52.7%$376$571$375$53 14.1%5.0 x 1.5x 1.4x 10.8x 9.2x Bergman&Beving AB(publ)$7.64 50.1%$203$320$410$33 8.2%4.4x 0.8x 0.8x 9.6x 6.3x Lakeland Industries,Inc.$11.84 53.3%$89$52$112$10 9.1%0.4x 0.5x 0.4x 5.1x 3.3x Mean:$2,823$276 12.7%2.9x 1.4x 1.3x 10.4x
98、 8.6x Median:$932$173 11.6%2.9x 1.1x 1.1x 10.2x 8.6x LTMTEV/Company Name Stock Price%of 52 Week High Equity Value Enterprise Value Revenue EBITDA EBITDA Margin Net Debt/EBITDA LTM Revenue NTM Revenue LTM EBITDA NTM EBITDA ADT Inc.$8.35 80.4%$7,535$17,467$5,844$2,176 37.2%4.6x 3.0 x 2.6x 8.0 x 7.0 x
99、Vivint Smart Home,Inc.$6.85 51.5%$1,457$3,920$1,583$43 2.7%N/M 2.5x 2.4x N/M 5.4x Prosegur Compaa de Seguridad,S.A.$1.66 63.8%$881$2,270$3,790$369 9.7%7.0 x 0.6x 0.6x 6.1x 4.8x Mean:$3,739$862 16.6%5.8x 2.0 x 1.9x 7.1x 5.7x Median:$3,790$369 9.7%5.8x 2.5x 2.4x 7.1x 5.4x Disclaimer 2022 Houlihan Loke
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