Report
Juan Ros-Padilla

Prosegur : “Alarms day” highlights

>Entering a sustainable growth period - Between 2018 and 2022, Prosegur’s alarms JV created with Telefonica in 2020 (Movistar Prosegur Alarmas) went through a period of fast growth (BTCs +23% CAGR to 445k) that entailed a high churn rate (+320bp over the period to 14.1%) and very limited recurring (€ 12m pre-SAC) cash generation (cash burn after SAC, capex, etc.). Its ROW (Portugal + LatAM) went through a similar phase but between the years 2016 and 2019 when the BTCs...
Underlying
Prosegur Compania de Seguridad SA

Prosegur, Compania de Seguridad and its subsidiaries are engaged in the provision of security guards and related services; fund transport and handling through a fleet of armored vehicles; alarm and electronic security systems; distribution and auxiliary services, including storage, logistics and distribution services; document transport and courier services; cleaning services and temporary employment. Co. is also engaged in security consulting and external training.

Provider
Oddo BHF
Oddo BHF

​Oddo Securities provides securities brokerage and research services. The company offers equity, economic, and derivatives research and credit analysis services. It focuses on insurance, automotive, building materials, pharmaceuticals, telecommunications, information technology, and agri-food industries.

Analysts
Juan Ros-Padilla

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