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1. Company Snapshot

1.a. Company Description

Prosegur Cash, S.A., together with its subsidiaries, provides cash cycle management solutions and automating payments in retail establishments, ATM management for financial institutions, business, government agencies, central banks, mints, and jewellery stores.The company offers national and international transport services, including collection, transport, custody, and deposit services for funds and other valuables that include jewellery, artworks, precious metals, electronic devices, voting ballots, and legal evidence.It also provides cash processing and automation services, such as counting, processing, and packaging, as well as coin recycling, cash flow control, and monitoring systems; ATM solutions comprising planning, loading, monitoring, first- and second-tier maintenance, and balancing services; and cash planning and forecasting services.


In addition, the company offers self-service cash machines that provide cash deposit, recycling, bank notes and coins dispensing, and collection, payment management, invoice payments services; and added-value outsourcing services for banks, such as multiagency, cheque processing, and related administrative services, as well as teller outsourcing service.It serves in Spain, Portugal, Germany, Luxembourg, Argentina, Brazil, Chile, Peru, Uruguay, Paraguay, Colombia, the Philippines, Guatemala, El Salvador, Honduras, Nicaragua, Costa Rica, Ecuador, Mexico, India, Singapore, Indonesia, and Australia.The company was incorporated in 2016 and is headquartered in Madrid, Spain.


Prosegur Cash, S.A. is a subsidiary of Prosegur Compañía de Seguridad, S.A.

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1.b. Last Insights on CASH

Prosegur Cash, S.A. faces challenges due to currency headwinds, despite showcasing strong regional performance and strategic financial maneuvers. The company's recent earnings call highlighted its ability to navigate these challenges. However, European market downturns, driven by concerns over inflated AI stock valuations and receding US interest rate cut expectations, have impacted the stock. Additionally, mixed European market performances and cautious central bank policies have created uncertainty. Prosegur Cash's Q3 2025 earnings call highlighted its resilience, but the market environment remains complex.

1.c. Company Highlights

2. Prosegur Cash's Q3 2025 Earnings: Resilient Business Model Amidst Currency Headwinds

Prosegur Cash reported revenue of EUR 1,488 million, a 2.3% reduction over 2024, primarily due to a negative currency impact of 10.5%, offset by a positive organic contribution to growth of 6.9%. EBITDA stood at EUR 251 million, representing 11% of sales. Net income reached EUR 67 million, a 1.6% improvement over 2024. Earnings per share (EPS) came in at EUR 0.02, in line with analyst estimates. The company's transformation products continue to drive growth, reaching over 35% of sales, with a 6.8% increase in euro terms.

Publication Date: Nov -20

📋 Highlights
  • Sales & Organic Growth:: Revenue declined 2.3% to EUR 1,488M but organic growth offset 10.5% negative currency impact, achieving 6.9% growth.
  • EBITDA & Profitability:: EBITDA reached EUR 251M (11% of sales), net profit rose 1.6% to EUR 67M, with free cash flow at EUR 76M.
  • Regional Performance:: Latin America sales fell 8.2% (58% of total sales), Asia Pacific surged 37.3%, while Europe grew 1%.
  • Deleveraging & Funding:: Net debt reduced by EUR 62M, EUR 300M bond issued for flexibility, maintaining 2.3x leverage ratio.
  • Transformation Products:: High-growth solutions reached 35.1% of sales, up 6.8% in euros, driven by customer adoption of innovations.

Regional Performance

Prosegur Cash's regional performance was mixed, with Latin America accounting for 58% of total group sales, despite an 8.2% decrease over 2024, largely due to Argentina's challenging macroeconomic environment. Europe, on the other hand, reported a 1% improvement in revenue, reaching EUR 497 million, while Asia Pacific saw a significant 37.3% improvement in sales, totaling EUR 136 million. According to Miguel Ángel Bandrés Gutiérrez, "Excluding Argentina, the region's organic growth remains at solid mid-single-digit levels."

Deleveraging and Cash Flow

The company's deleveraging strategy continues to bear fruit, with total net debt reduced by EUR 62 million, and a stable leverage ratio of 2.3x total net debt-to-EBITDA. Free cash flow reached EUR 76 million in the first 9 months, supporting the company's financial discipline. Prosegur Cash has also issued a EUR 300 million bond at a competitive rate, providing flexibility for the future.

Valuation and Outlook

Prosegur Cash's current valuation metrics indicate a Price-to-Earnings (P/E) Ratio of 10.39 and a Price-to-Book (P/B) Ratio of 7.43. The company's EV/EBITDA ratio stands at 4.78, suggesting a relatively reasonable valuation. Analysts estimate revenue growth of 4.6% for next year. With a focus on innovative solutions and growth venues, such as Prosegur Digital Gold, the company is well-positioned to drive future growth.

3. NewsRoom

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Prosegur Cash And 2 European Stocks That Could Be Trading Below Their Estimated Value

Nov -24

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European Value Stocks That May Be Priced Below Their Estimated Worth

Nov -04

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3 European Stocks Estimated To Be Undervalued By Up To 48.8%

Nov -04

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European Stocks That May Be Undervalued In November 2025

Nov -03

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European Stocks That Investors Might Be Undervaluing By Up To 49.9%

Nov -03

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Prosegur Cash SA (XMAD:CASH) Q3 2025 Earnings Call Highlights: Navigating Currency Challenges ...

Oct -30

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European Market Highlights 3 Stocks That May Be Trading Below Their Estimated Value

Sep -30

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3 European Stocks Estimated To Be Undervalued By Up To 48.4%

Sep -29

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4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (3.81%)

6. Segments

National and International Shipping and Custody of Valuable Goods

Expected Growth: 3%

Prosegur Cash, S.A.'s 3% growth in national and international shipping and custody of valuable goods is driven by increasing demand for secure logistics, expansion into new markets, and strategic partnerships. Additionally, investments in technology and infrastructure have improved operational efficiency, allowing for cost savings and enhanced customer experience.

New Products

Expected Growth: 5%

Prosegur Cash, S.A.'s new products drive 5% growth, fueled by increasing demand for cash management solutions, expansion into emerging markets, and strategic partnerships. Innovative product features, such as enhanced security and digital integration, also contribute to growth. Additionally, the company's focus on customer experience and tailored solutions for specific industries, like retail and banking, further boost sales.

Cash Management

Expected Growth: 4.0%

Prosegur Cash, S.A.'s 4.0% growth in Cash Management is driven by increasing demand for secure cash handling and management services, expansion into new markets, and strategic partnerships. Additionally, investments in digitalization and technology have improved operational efficiency, enabling the company to offer competitive pricing and attract new customers.

7. Detailed Products

Cash Management

Prosegur Cash, S.A. offers cash management services, including cash transportation, storage, and processing, ensuring secure and efficient management of cash for businesses.

ATM Services

Prosegur Cash, S.A. provides ATM services, including cash replenishment, maintenance, and monitoring, ensuring that ATMs are always available and functioning properly.

Cash Recycling

Prosegur Cash, S.A. offers cash recycling services, allowing businesses to recycle cash and reduce the need for new cash orders, reducing costs and environmental impact.

Smart Safes

Prosegur Cash, S.A. provides smart safe solutions, enabling businesses to securely store and manage cash, reducing the risk of theft and increasing efficiency.

Cashless Payment Solutions

Prosegur Cash, S.A. offers cashless payment solutions, enabling businesses to accept digital payments and reduce their reliance on cash.

8. Prosegur Cash, S.A.'s Porter Forces

Forces Ranking

Threat Of Substitutes

The threat of substitutes for Prosegur Cash, S.A. is medium due to the presence of alternative cash management services and digital payment systems.

Bargaining Power Of Customers

The bargaining power of customers is low due to the specialized nature of cash management services and the lack of alternatives for large corporations.

Bargaining Power Of Suppliers

The bargaining power of suppliers is medium due to the presence of multiple suppliers of cash handling equipment and services, but the high switching costs for Prosegur Cash, S.A.

Threat Of New Entrants

The threat of new entrants is low due to the high barriers to entry, including the need for significant capital investment and regulatory compliance.

Intensity Of Rivalry

The intensity of rivalry is high due to the presence of established competitors in the cash management services market, leading to a competitive pricing environment.

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 87.42%
Debt Cost 8.24%
Equity Weight 12.58%
Equity Cost 8.33%
WACC 8.25%
Leverage 695.10%

11. Quality Control: Prosegur Cash, S.A. passed 5 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

Stock-Card
Hargreaves Services

A-Score: 6.1/10

Value: 7.4

Growth: 5.0

Quality: 5.6

Yield: 6.9

Momentum: 8.5

Volatility: 3.3

1-Year Total Return ->

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Stock-Card
Prosegur Cash

A-Score: 5.9/10

Value: 7.1

Growth: 4.1

Quality: 4.8

Yield: 4.4

Momentum: 8.0

Volatility: 7.0

1-Year Total Return ->

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Stock-Card
STEF

A-Score: 5.4/10

Value: 6.5

Growth: 5.8

Quality: 2.4

Yield: 6.9

Momentum: 3.0

Volatility: 8.0

1-Year Total Return ->

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Stock-Card
PostNL

A-Score: 4.4/10

Value: 7.6

Growth: 1.6

Quality: 1.0

Yield: 10.0

Momentum: 2.5

Volatility: 4.0

1-Year Total Return ->

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Stock-Card
bpost

A-Score: 3.7/10

Value: 9.8

Growth: 2.8

Quality: 1.1

Yield: 4.4

Momentum: 2.5

Volatility: 1.7

1-Year Total Return ->

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Stock-Card
Wincanton

A-Score: 3.7/10

Value: 7.3

Growth: 3.7

Quality: 2.6

Yield: 3.8

Momentum: 4.0

Volatility: 0.7

1-Year Total Return ->

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Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

0.63$

Current Price

0.63$

Potential

-0.00%

Expected Cash-Flows