Growth Picks Up for Narrow-Moat Prosegur in 2017
Even taking into account several one-off costs associated with the cash business IPO in 2017, narrow-moat Prosegur’s full-year results were impressive. Organic revenue growth hit 11.4% in 2017, while EBIT margins continued their five-year upward trend, rising by 70 basis points to 9.1% over the period. We do not expect to make any material changes to our forecasts, however, nor to our EUR 7.10 fair value estimate, as these results were broadly in-line with our expectations.Strong organic revenu...
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.
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