As previously reported, William Blair analyst Tim Mulrooney initiated coverage of APi Group (APG) with an Outperform rating. The company’s inspection work is mostly covered by statutory or insurance requirements at regular intervals, which results in a recurring revenue stream that continues to grow as a percentage of the total sales mix, the analyst tells investors in a research note. The firm says APi Group’s “growing predictable” revenue stream and asset-light business model yield a financial profile with expanding margins and compounding cash flows. The shares in morning trading are up 4% to $39.96.
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