Prosegur : Q4 operating results in line but slower than expected deleveraging
>Organic sales keep the pace and meet ours and the consensus estimates - Group sales decelerated to +7% y-o-y in Q4 (vs +28% in Q3 and +27% in Q2), reaching € 1.0bn, aligned both with our estimate and the consensus. There was a material negative forex impact (-23pp vs -2pp in Q3) with the group still posting a very solid organic growth of +26% (vs +26% in Q3 and +20% in Q2). Reported sales for the cash division increased +4% y-o-y in Q4 (vs +37% in Q3 and +36% in Q2),...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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