Prosegur : Q3 operating performance in line, net income a touch below
>Organic pace keeps accelerating but so does the forex deterioration - Sales decelerated to +2% y-o-y in Q3 2023 (vs +7% in Q2 2023, +13% in Q1 2023 and +7% in Q4 2022), reaching € 1.2bn, aligned with both our estimate and the consensus. There was a material negative FX (-40pp vs -25pp in Q2 2023) with the group still posting a solid organic growth of +42% (vs +30% in Q2 2023, +24% in Q1 2023 and +26% in Q4 2022). Sales for the cash division decreased -3% y-o-y in Q3...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.
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.
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