PROSEGUR / PROSEGUR CASH: MESSAGES FROM ITS CMD'21 (ANÁLISIS BANCO SABADELL)
Main messages from CMD’21. BUY/BUYYesterday PSG held a CMD in which, apart from giving a detailed guidance’23-30 on its different divisions, detailed its growth strategy by business and country, where technological innovation will play a key role. We welcome the messages conveyed, specifically the fact that the guidance given by PSG for 2023 would be above our estimate and the consensus (more in line in EBITA in the case of CASH), with sales of € 4.2-4.5 Bn (vs. € 3.97 Bn BS(e) and € 3.89 Bn consensus) and an EBITA margin of ~10% (vs. 9.2% BS(e) and 9.0% consensus). After performing in line with the IBEX in 2021, the upside potential in PSG and CASH is +16% and +14%, respectively. We reiterate our BUY recommendation in both companies, although we see more upside in PSG.
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.
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