Report
Sabadell
Alfredo del Cerro
EUR 200.00 For Business Accounts Only

PROSEGUR / PROSEGUR CASH: PRINCIPALES MENSAJES DE SU CMD'21 (ANÁLISIS BANCO SABADELL)

Principales mensajes del CMD’21. COMPRAR/COMPRAR
PSG realizó ayer un CMD donde, además de aportar un detallado guidance a 2023 y 2030 de sus diferentes divisiones, explicó su estrategia de crecimiento por negocios y países, donde la innovación tecnológica jugará un papel clave. Valoramos positivamente los mensajes lanzados y en particular el hecho de que el guidance aportado por PSG para 2023 estaría por encima de nuestra estimación y la del consenso (más en línea en EBITA en el caso de CASH) con unas ventas de entre 4.200 y 4.500 M euros (vs 3.970 M euros BS(e) y 3.888 consenso) y un margen EBITA del ~10% (vs 9,2% BS(e) y 9,0% consenso). Tras haberse comportado en línea con el IBEX en 2021, el potencial que arrojan PSG y CASH asciende a un +16% y +14% respectivamente. Reiteramos nuestra recomendación de COMPRAR en ambas compañías, si bien vemos mayor recorrido en PSG.
30/06/2021 4 ES
Underlyings
Prosegur (PSG SM)
Prosegur (PSG SM)

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Prosegur Cash SA
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.

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ES0105229001 Madrid Stock Exchange Spain
Provider
Sabadell
Sabadell

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Analysts
Alfredo del Cerro

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