In this Research Note, we examine one of the top three companies in the global access solutions market, dormakaba Group, based on their FY2021/2022 financial results, year ending 30 June 2022 and their latest Annual Report. This analysis also covers the firm’s strategic partnerships and acquisitions, focused on digital solutions.  dormakaba increased net sales by 10.3% to approx. CHF 2,756.9 million year ending 30 June 2022 (previous year: CHF 2,499.7 million). Organic sales growth was strong at around 7.7% and above the guidance range of 3% to 5%. An adjusted EBITDA margin of 13.5% was posted, lower than the previous year of 14.5%.  External headwinds such as supply chain constraints and inflationary trends impacted the company’s profitability and prevented even better growth. Organic sales for Region Europe & Africa, the largest region by turnover, grew by 5.9% to CHF 1,144.5 million year-on-year. The adjusted EBITDA was 20.6% (previous year: 21.1%) as higher sales volumes, price increases, operational efficiency […]