Prosegur Cash (CASH) AI Stock Analysis

• Market Cap: €900.08M
• Dividend Yield: 7.1%
• Average Volume (3M): 774.02K
• Price to Earnings (P/E): 10.2
• Beta (1Y): 0.67
• Revenue Growth: N/A
• EPS Growth: N/A
• Country: ES
• Employees: 56,532
• Sector: Industrials
• Sector Strength: 72
• Industry: Integrated Freight & Logistics
• EPS (TTM): 0.01
• Shares Outstanding: 1,484,913,500
• 10 Day Avg. Volume: 761,721
• 30 Day Avg. Volume: 774,025
• PEG Ratio: 0.22
• Price to Book (P/B): 3.65
• Price to Sales (P/S): 0.39
• P/FCF Ratio: 4.80
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: €0.82
• Price Target Upside: 32.26% Upside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 2
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 53 Neutral
• Price Target: €0.65 ▲(4.84% Upside)

The score is held back primarily by balance-sheet fragility (very high leverage) alongside softer TTM revenue/gross margin trends, despite steady operating profitability and positive cash generation. Technicals remain weak on a longer-term basis, while valuation (low P/E and high dividend yield) provides the main offset.

Positive Factors

Contractual, fee-based revenue

Prosegur Cash's core model relies on long-term, fee-based contracts with banks, retailers and public entities. This creates predictable recurring revenue, high client stickiness from ATM and cash services, and durable cash flows that support operations and strategic investments.

Steady operating margins

A consistent ~17% EBITDA margin indicates resilient operational performance across cycles, reflecting cost discipline and scale in cash logistics. Sustained operating profitability underpins cash generation and provides a buffer for reinvestment and servicing obligations over the medium term.

Positive cash generation

Consistent positive operating and free cash flow demonstrates the business converts revenue into cash reliably. This supports dividend policy, day-to-day liquidity and potential debt reduction, providing a foundation for financial stability if management prioritizes cash allocation.

Negative Factors

Very high leverage

Extremely high debt-to-equity sharply limits financial flexibility and raises refinancing and interest-rate sensitivity. Thin equity amplifies shocks: adverse earnings or cash-flow hiccups could force restructuring or asset sales, a persistent risk for the next several quarters unless leverage is meaningfully reduced.

Top-line softness & gross margin decline

Recent TTM revenue softness coupled with a notable drop in gross margin suggests structural pressure from pricing, mix shifts, or cost inflation. For a service provider, sustained margin compression can erode operating leverage and limit the firm's ability to rebuild margins without contract repricing or efficiency gains.

Reduced free cash flow coverage

Free cash flow covering only about two-thirds of net income reduces internal funding for debt paydown and capex. Given elevated leverage, this lower conversion weakens the company's ability to deleverage organically and raises reliance on external financing or asset sales over the medium term.

Prosegur Cash Business Overview & Revenue Model

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.

How the Company Makes Money

Prosegur Cash generates revenue primarily through its cash management services, which include cash transportation, processing, and storage. The company charges fees for these services based on the volume of cash handled, the distance of transportation, and the complexity of services provided. Key revenue streams include contracts with banks and financial institutions for ATM replenishment and maintenance, as well as agreements with large retailers for cash collection and deposit services. Additionally, Prosegur Cash benefits from long-term partnerships with various organizations that require secure cash handling, which ensures a steady flow of income. The company may also engage in technology-driven solutions that enhance cash management efficiency, potentially opening up new avenues for revenue generation.

Prosegur Cash Financial Statement Overview

Summary

Prosegur Cash shows solid revenue growth and improved profit margins, but high leverage and moderate cash flow management pose risks. The company is on a positive growth path but must address leverage and improve profitability.

Income Statement

Prosegur Cash shows a consistent growth trajectory in revenue, with a notable increase of 12.3% from 2023 to 2024. The company's gross profit margin improved slightly from 34.5% in 2023 to 36.2% in 2024, while the net profit margin increased to 4.3% from 3.4%. However, the EBIT margin decreased slightly to 10.8% from 10.4%. Although there is positive revenue growth, margins indicate room for improvement in profitability and cost management.

Balance Sheet

The debt-to-equity ratio is high, indicating significant leverage, as total debt remains much higher than stockholders' equity. The equity ratio improved to 9.2% in 2024 from 7.8% in 2023, indicating slow improvement in financial stability. The return on equity increased to 40.0% in 2024 from 40.7% in 2023, showing efficient use of equity, but the overall high leverage presents potential risk.

Cash Flow

Prosegur Cash's free cash flow increased by 32.8% from 2023 to 2024, indicating strong cash generation. The operating cash flow to net income ratio remained robust at 3.0 in 2024, highlighting strong cash flow relative to net income. However, the company's free cash flow to net income ratio is moderate at 1.9, suggesting potential for better cash flow management.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	2.06B	2.09B	1.86B	1.87B	1.52B	1.51B
Gross Profit	66.67M	756.27M	641.34M	639.88M	509.32M	496.58M
EBITDA	357.59M	363.25M	284.98M	337.97M	244.18M	223.58M
Net Income	89.17M	89.07M	62.93M	94.39M	33.16M	15.89M
Balance Sheet
Total Assets	2.45B	2.43B	1.99B	2.13B	1.73B	1.82B
Cash, Cash Equivalents and Short-Term Investments	721.00M	568.61M	249.74M	323.58M	252.12M	402.97M
Total Debt	1.57B	1.12B	1.16B	1.14B	896.40M	1.09B
Total Liabilities	2.26B	2.17B	1.84B	1.98B	1.66B	1.74B
Stockholders Equity	193.00M	222.71M	154.51M	148.63M	77.20M	80.97M
Cash Flow
Free Cash Flow	152.76M	169.26M	127.44M	173.99M	173.85M	167.67M
Operating Cash Flow	237.38M	270.58M	233.45M	250.78M	241.07M	237.37M
Investing Cash Flow	-74.13M	-99.60M	-126.52M	-68.76M	-46.13M	-89.62M
Financing Cash Flow	187.25M	149.05M	-156.25M	-14.09M	-321.21M	14.45M

Prosegur Cash Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 0.62
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Negative
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For ES:CASH, the sentiment is Negative. The current price of 0.62 is below the 20-day moving average (MA) of 0.63, below the 50-day MA of 0.64, and below the 200-day MA of 0.71, indicating a bearish trend. The MACD of >-0.01 indicates Negative momentum. The RSI at 43.28 is Neutral, neither overbought nor oversold. The STOCH value of 28.92 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for ES:CASH.

Prosegur Cash Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
LOG	67 Neutral	€4.14B	14.75	43.74%	7.05%	4.24%	-8.96%
Sector *	63 Neutral	$10.79B	15.43	7.44%	2.01%	2.89%	-14.66%
CASH	53 Neutral	€900.08M	10.25	41.93%	7.10%	―	―