By revenue, SECOM is the world’s largest security company. But Verisure is growing four times faster (13.6% p.a. vs. SECOM’s 3.4%) and is on track to overtake SECOM as early as 2032.
The difference is overseas. 93% of Verisure’s revenue comes from outside its home market; for SECOM, it is 5.4%. No wonder Verisure trades at 10.0x EV/EBITDA and SECOM at 6.8x.