Europe Business Services Security Services Continued Impact From Macro Uncertainty

Goldman Sachs reiterates Neutral ratings on Prosegur Cash and Prosegur Group, noting that while Q1 results were strong, substantial FX headwinds and Argentine macro uncertainty persist.

Key Takeaways

• 1.Maintain Neutral ratings on Prosegur Cash and Prosegur Group due to heavy exposure to macroeconomic uncertainty in Argentina.
• 2.Prosegur Group saw revenue and EBITA estimates increase by 5% and 2% respectively for FY26-30, primarily driven by a lower FX drag.
• 3.Prosegur Cash estimates saw slightly better organic growth but a lower margin outlook following a 1Q margin miss.

Table of Contents

• Estimate Changes
• Prosegur Group
• Company Profile - Prosegur Cash
• Company Profile - Prosegur Group
• Valuation & key risks
• Disclosure Appendix
• Price target and rating history chart(s)
• Target price history table(s)

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