Report
Pedro Echeguren
EUR 10.00 For Business Accounts Only

Prosegur Cash: Solid growth marred by the depreciation of LatAm currencies

Prosegur Cash: Solid growth marred by the depreciation of LatAm currencies

  • LatAm currencies have depreciated in 1H18
  • We expect sales to decline –7.4% in 2018e
  • Rising margins in local currencies
  • Target price trimmed to €2.65
  • The positives are growth and margins
  • Recommendation: Buy
Underlyings
Prosegur Cash SA

Prosegur Cash SA, formerly Prosegur Cit Holding SA, is a Spain-based company engaged in the provision of security services. The Company's activities are divided into three business areas: Logistics, Cash management and Outsourcing. The Logistics division focuses on the provision of local and international transport services of cash and other valuable goods. The Cash management division offers counting, processing, custody, preparation and delivery of notes and coins, as well as replenishment of automatic teller machines (ATMs). The Outsourcing division includes a number of support financial services, such as automation of retail operations through self-service cash automatization machines (MAEs), ATMs management, as well as branch forecasting, reconciliation, settlement and credit card support services. The Company operates through own branches and joint ventures in Europe, Central and South America, Africa, Asia and Australia. It operates through Contesta Teleservicios SAU.

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
Bankinter S.A.
Bankinter S.A.

Bankinter S.A. is a Spanish brokerage firm established in 1989. The company's line of business includes the provision of market research and trading services for Equity and Fixed Income products.

Analysts
Pedro Echeguren

Other Reports on these Companies
Other Reports from Bankinter S.A.

ResearchPool Subscriptions

Get the most out of your insights

Get in touch