Spun off from Ingersoll Rand in 2013, , the NYSE listed Allegion group focuses specifically on security around the door and adjacent areas, offering a range of solutions under numerous brands for residential and commercial buildings around the world. In this research note we examine Allegion based on their 2021 10K Report, released last week, as well as Q4 investor presentations and other company information across the course of a challenging year for the global economy. Full-year 2021 net revenues of $2.87 billion increased 5.4%, compared with the prior year and were up 4.5% on an organic basis. The revenue increases were primarily driven by continued, strong end-market demand and COVID19 pandemic related pressures in the prior year, which easily offset the impact of ongoing supply-chain related revenue delays. Full-year 2021 net earnings were $483 million or $5.34 per share, compared with $314.3 million or $3.39 per sharefor the prior year. While Full-year 2021 operating margin was 18.5%, compared with […]