Download PDF

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.

Show Full description

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 Q4 2025 Earnings: A Resilient Performance

Prosegur Cash reported revenue of EUR 1,987 million, with organic growth reaching 5.3%, and inorganic growth at almost 1%. However, foreign exchange had a negative impact of 11.1%, resulting in a reported revenue decline. The company's EBITDA margin remained stable at 12%, with EBITDA totaling EUR 356 million. Net profit increased by 3.3% to EUR 94 million, beating expectations. Earnings per share (EPS) came in at EUR 0.0175, slightly below the estimated EUR 0.02. The company's financial performance was resilient, despite the challenging currency environment.

Publication Date: Mar -03

📋 Highlights
  • Organic Revenue Growth:: EUR 1,987 million revenue with 5.3% organic growth, despite 11.1% negative forex impact.
  • EBITDA Margin Stability:: Maintained 12% EBITDA margin (EUR 356 million) despite currency headwinds and 5% EBIT decline.
  • Asia-Pacific Surge:: 26.4% YoY revenue growth (EUR 180 million) driven by 21.7% organic expansion in the region.
  • Sustainability Milestone:: 8.4% carbon footprint reduction vs. 2023, exceeding 1.7% annual target.
  • LatAm Resilience:: 5.4% organic growth in Latin America offset by 11.5% revenue decline due to 17% adverse currency effects.

Regional Performance

The company's regional performance was mixed, with Latin America experiencing a decline in revenue due to a 17% adverse currency effect, although underlying organic growth was 5.4%. Europe reported a 1.4% increase in revenue, driven by a 1.5% organic growth, which is expected to continue into 2026. Asia Pacific showed significant growth, with sales increasing by 26.4% year-on-year, driven by a 21.7% organic growth. As Miguel noted, "In Latin America, underlying organic growth has been 5.4%, which reflects a positive evolution overall in the region, save Argentina."

Transformation Efforts

The company's transformation efforts are yielding positive results, with revenue from transformation solutions reaching EUR 700 million, a 4.1% increase. The penetration of total sales now stands at 35.2%, an increase of 300 basis points year-on-year. This highlights the company's ability to adapt to changing market conditions and its commitment to innovation.

Valuation and Outlook

Prosegur Cash's valuation metrics appear reasonable, with a P/E ratio of 9.97 and an EV/EBITDA ratio of 2.36. The company's dividend yield stands at 5.62%, providing a relatively attractive return for investors. Looking ahead, the company expects mid-single-digit EBITDA growth globally, driven by improvements in Latin America, Europe, and Asia. With a net debt/EBITDA ratio of 1.17, the company's leverage is manageable, and its commitment to deleveraging is evident. Analysts estimate revenue growth at 3.9% for the next year, which is slightly below the company's expected growth rate.

3. NewsRoom

Card image cap

Prosegur Cash SA (FRA:PQN) Q4 2025 Earnings Call Highlights: Navigating Currency Challenges ...

Feb -27

Source:

Card image cap

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

Nov -24

Source:

Card image cap

European Value Stocks That May Be Priced Below Their Estimated Worth

Nov -04

Source:

Card image cap

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

Nov -04

Source:

Card image cap

European Stocks That May Be Undervalued In November 2025

Nov -03

Source:

Card image cap

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

Nov -03

Source:

Card image cap

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

Oct -30

Source:

Card image cap

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

Sep -30

Source:

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
Prosegur Cash

A-Score: 6.2/10

Value: 7.1

Growth: 4.1

Quality: 4.0

Yield: 7.5

Momentum: 8.0

Volatility: 6.3

1-Year Total Return ->

View Full Report
Stock-Card
Hargreaves Services

A-Score: 6.0/10

Value: 7.2

Growth: 5.0

Quality: 5.7

Yield: 7.5

Momentum: 7.0

Volatility: 3.3

1-Year Total Return ->

View Full Report
Stock-Card
STEF

A-Score: 5.5/10

Value: 6.0

Growth: 5.8

Quality: 2.5

Yield: 6.9

Momentum: 3.0

Volatility: 8.7

1-Year Total Return ->

View Full Report
Stock-Card
PostNL

A-Score: 4.7/10

Value: 7.7

Growth: 1.6

Quality: 1.3

Yield: 10.0

Momentum: 3.0

Volatility: 4.3

1-Year Total Return ->

View Full Report
Stock-Card
bpost

A-Score: 3.8/10

Value: 9.8

Growth: 2.8

Quality: 1.3

Yield: 4.4

Momentum: 2.5

Volatility: 2.0

1-Year Total Return ->

View Full Report
Stock-Card
Wincanton

A-Score: 3.7/10

Value: 7.4

Growth: 3.7

Quality: 2.9

Yield: 3.8

Momentum: 4.0

Volatility: 0.7

1-Year Total Return ->

View Full Report

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