olivLaw · European equity research
PROSEGUR CASH, S.A. CASH.MC
Spain · BME Madrid · ISIN ES0105229001 · Vertical: Listed companies from Spain
Prosegur Cash is a cash management services company operating across several regions, and its revenue from service provision reached 1,987,329 thousand EUR in fiscal 2025. For investors the key issue is whether the company can protect its Australian business, where an equity stake remains impaired while negotiations with financial institutions continue.
At the close of 05 Nov 2026, PROSEGUR CASH, S.A. (CASH.MC) stock was 0.68 EUR (+0.74% on the day), with beta 0.36, 52-week range 0.59–0.73 EUR.
Data as of · AI analysis dated · Source: ESEF annual reports and closing prices, computed by olivLaw.
Price history
Loading chart…
Technical reading
- RSI (14)
- 57.5
- strong (55–70)
- Bollinger (20, 2)
- 0.66 – 0.68
- in the upper half of the band · %B 0.87 · band width 4.0%
- SMA 50 / 200
- 0.67 / 0.64
- uptrend (price > SMA50 > SMA200)
- MACD (12, 26, 9)
- 0.00 / 0.00
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | EURO STOXX 50 | vs EURO STOXX 50 | Vertical median | |
|---|---|---|---|---|
| 1 month | +1.0% | +0.4% | +0.7 pp | — |
| 3 months | +2.1% | −3.3% | +5.4 pp | — |
| 6 months | +5.3% | +4.0% | +1.3 pp | — |
| Year to date | +7.3% | +8.1% | −0.8 pp | — |
| 1 year | −1.4% | +10.7% | −12.1 pp | +6.7% |
| 3 years | +28.8% | +50.1% | −21.3 pp | +26.9% |
| 5 years | +7.9% | +43.6% | −35.7 pp | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
EPS unavailable in the issuer's structured filings (e.g. a partnership reports per unit, not per share).
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Fiscal years
| Fiscal year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | 1.9 bn | 2.1 bn | 2.0 bn |
| Revenue YoY | unavailable | +12.3% | −4.9% |
| Net income | 62.9 m | 89.1 m | 90.1 m |
| Net income YoY | unavailable | +41.5% | +1.2% |
| Diluted EPS | unavailable | unavailable | unavailable |
| Diluted EPS YoY | unavailable | unavailable | unavailable |
| net % | 3.4% | 4.3% | 4.5% |
| Free cash flow | 140.2 m | 191.8 m | 137.6 m |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 1.0 bn EUR
- Financial debt
- unavailable EUR
- Net debt
- unavailable EUR
- Equity
- 220.1 m EUR
- Total assets
- 2.7 bn EUR
- Debt / equity
- unavailable
- Current ratio
- 0.93x
- ROE
- 37.3%
- ROA
- 3.5%
- FCF margin
- 6.9%
Financial statements (source on every figure)
Revenue and net income (EUR)
Margins
Income statement · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 1.9 bn | 2.1 bn | 2.0 bn | esef· 20 Oct 2026verified |
| Cost of revenue | 1.2 bn | 1.3 bn | 1.3 bn | esef· 20 Oct 2026verified |
| Gross profit | 641.3 m | 756.3 m | 685.4 m | esef· 20 Oct 2026verified |
| Operating income | 194.1 m | 226.0 m | 216.2 m | esef· 20 Oct 2026verified |
| Interest expense | 91.0 m | 73.2 m | 61.3 m | esef· 20 Oct 2026verified |
| Pre-tax income | 117.7 m | 165.6 m | 169.1 m | esef· 20 Oct 2026verified |
| Income tax | 54.9 m | 74.6 m | 75.0 m | esef· 20 Oct 2026verified |
| Net income | 62.9 m | 89.1 m | 90.1 m | esef· 20 Oct 2026verified |
Balance sheet · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Cash | 248.8 m | 551.3 m | 1.0 bn | esef· 20 Oct 2026verified |
| Receivables | 312.9 m | 368.1 m | 334.0 m | esef· 20 Oct 2026verified |
| Inventories | 22.1 m | 25.6 m | 25.7 m | esef· 20 Oct 2026verified |
| Current assets | 690.9 m | 1.1 bn | 1.5 bn | esef· 20 Oct 2026verified |
| Property, plant & equipment, net | 352.4 m | 401.9 m | 373.6 m | esef· 20 Oct 2026verified |
| Goodwill | 440.2 m | 488.4 m | 467.8 m | esef· 20 Oct 2026verified |
| Total assets | 2.0 bn | 2.4 bn | 2.7 bn | esef· 20 Oct 2026verified |
| Current liabilities | 720.4 m | 1.1 bn | 1.6 bn | esef· 20 Oct 2026verified |
| Total liabilities | 1.8 bn | 2.2 bn | 2.5 bn | esef· 20 Oct 2026verified |
| Equity | 154.1 m | 263.8 m | 220.1 m | esef· 20 Oct 2026verified |
Cash flow · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | 233.4 m | 270.6 m | 209.7 m | esef· 20 Oct 2026verified |
| Capex | 93.2 m | 78.8 m | 72.1 m | esef· 20 Oct 2026verified |
| Free cash flow | 140.2 m ≈ | 191.8 m ≈ | 137.6 m ≈ | esef· 20 Oct 2026derived |
| Investing cash flow | -126.5 m | -99.6 m | -89.4 m | esef· 20 Oct 2026verified |
| Financing cash flow | -156.2 m | 149.1 m | 359.5 m | esef· 20 Oct 2026verified |
| Dividends paid | 38.9 m | 59.0 m | 60.5 m | esef· 20 Oct 2026verified |
| Share repurchases | 10.1 m | 0 | 8.1 m | esef· 20 Oct 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- indicators available: 5 of at least 6
- score weight coverage: 27.1% of at least 60%
- valuation methods computed: 0 of at least 1
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: unavailable
Key indicators
Coverage and freshness
Score by group
27% · Insufficient data
Estimated value range
unavailable — no valuation method could be computed
Valuation assumptions are editorial choices, not measured; beta is not measured.
Valuation methods
- DCF (discounted cash flow)unavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: EV/EBITDAunavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: P/Eunavailable · input data missing
- Dividend discount (DDM)unavailable · input data missing
no valuation method could be computed
Assumptions (illustrative, editorial)
- Risk-free rate
- 3.0%
- Equity risk premium
- 5.5%
- Beta (default)
- 1.00
- Cost of equity
- 8.5%
- Terminal growth
- 2.0%
Factor scorecard
Insufficient data
Minimum-evidence gate: indicators available: 5 of at least 6; score weight coverage: 27.1% of at least 60%; valuation methods computed: 0 of at least 1
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | 4.5% | 49 (vs peers) | 23% |
| FCF conversion · Quality | 152.7% | 100 (on a fixed band) | 23% |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | 3.5x | 31 (on a fixed band) | 23% |
| Current ratio · Balance sheet | 0.9x | 11 (on a fixed band) | 15% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
| Payout ratio (FCF) · Returns | 44.0% | 100 (on a fixed band) | 15% |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet23/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality74/100 · 2/3 factors with a value
- Returns· partial100/100 · 1/2 factors with a value
- Valuation· partialunavailable · 0/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
PROSEGUR CASH, S.A. (CASH.MC). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 2.0 bn EUR in 2025; YoY growth -4.9%; net margin 4.5%; ROE 45.2%.
Valuation cannot be computed from the available data.
Insufficient data for a verdict (indicators available: 5 of at least 6; score weight coverage: 27.1% of at least 60%; valuation methods computed: 0 of at least 1).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- FCF conversion: 152.7%
- Payout ratio (FCF): 44.0%
What contradicts it
- Current ratio: 0.9x
Not assessed (insufficient data or a ratio without meaning): ROIC, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, P/E (TTM), EV/EBITDA, FCF yield, Shareholder yield (distributions).
Versus the vertical median
Listed companies from Spain · same country · compared with 39 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| ELE.MCEndesa SA | 46.9 bn | 21.4 | 26.4% | 10.5% | +0.5% | +43% / +134% |
| AENA.MCAena S.m.e. SA | 42.6 bn | 19.9 | 24.2% | 34.0% | +8.9% | +21% / +79% |
| AMS.MCAmadeus It Group Sociedad Anonima | 26.2 bn | 19.8 | 26.9% | 20.5% | +6.1% | −6% / −5% |
| ACS.MCAcs Actividades De Construccion Y Servicios, S.A. | 21.9 bn | 23.0 | 19.9% | 1.9% | +19.7% | +7% / +134% |
| ANA.MCAcciona SA | 11.7 bn | 14.5 | 16.9% | 4.0% | +5.5% | +24% / +66% |
| FCC.MCFomento De Construcciones Y Contratas S.A. | 5.0 bn | 30.3 | 5.3% | 1.7% | +6.9% | −8% / −14% |
| FDR.MCFluidra S.A. | 3.8 bn | 21.3 | 10.9% | 7.8% | +4.1% | −17% / +4% |
| DIA.MCDistribuidora Internacional De Alimentacion SA | 2.7 bn | 20.6 | 165.6% | 2.2% | −2.7% | +51% / +380,733% |
| CMO.MCCementos Molins S.A. | 2.5 bn | 13.6 | 14.3% | 18.0% | −3.1% | +31% / unavailable |
| ENO.MCElecnor SA | 2.4 bn | 21.9 | 10.5% | 2.5% | +15.1% | −3% / +58% |
| ALM.MCAlmirall S.A. | 2.4 bn | 51.1 | 3.1% | 4.2% | +12.4% | −11% / +32% |
| FAE.MCFaes Farma SA | 1.5 bn | 19.3 | 10.8% | 13.0% | +23.7% | +3% / +57% |
| AEDAS.MCAedas Homes SA | 1.0 bn | 17.1 | 57.8% | 7.0% | −24.8% | +0% / +38% |
| EDR.MCEdreams Odigeo SA | 574.4 m | 11.5 | 21.0% | 7.8% | −0.4% | +40% / −24% |
| EAT.MCAmRest Holdings SE | 506.0 m | 31.4 | 4.3% | 0.6% | +0.1% | −34% / −61% |
| ADX.MCAudax Renovables S.A. | 468.5 m | 23.9 | 9.3% | 1.0% | −5.4% | −23% / −18% |
| ATRY.MCAtrys Health, S.A. | 200.4 m | — | -49.5% | -71.1% | +8.5% | −3% / −29% |
| ENER.MCEcoener, S.A. | 175.6 m | 32.2 | 4.2% | 6.4% | +3.6% | −34% / −6% |
| ADZ.MCAdolfo Dominguez SA | 62.9 m | 38.3 | 9.0% | 1.2% | +1.8% | +39% / +40% |
| DESA.MCDesarrollos Especiales De Sistemas De Anclaje S.A. | 44.8 m | 9.2 | 152.3% | 10.0% | +2.2% | +19% / unavailable |
| EZE.MCGrupo Ezentis SA | 29.0 m | — | — | -9.3% | +147.2% | −30% / −37% |
| CLEO.MCCompañia Levantina De Edificacion Y Obras Publicas SA | 17.3 m | 14.4 | 4.1% | 3.4% | +13.4% | unavailable / unavailable |
| AYC.MCAyco Grupo Inmobiliario, S.A. | 16.4 m | — | -33.8% | — | −100.0% | unavailable / unavailable |
| EBRO.MCEbro Foods, S.A. | 3.0 m | 0.0 | 10.0% | 7.7% | −4.0% | −0% / +19% |
| A3M.MCAtresmedia Corporacion De Medios De Comunicacion, S.A. | — | — | 7.9% | 6.9% | −2.7% | +13% / +60% |
1- and 3-year price returns: for CASH.MC from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Scenarios are not available. input data missing
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
Prosegur Cash is a cash management services company operating across several regions, and its revenue from service provision reached 1,987,329 thousand EUR in fiscal 2025. For investors the key issue is whether the company can protect its Australian business, where an equity stake remains impaired while negotiations with financial institutions continue.
SWOT
Strengths
- The group has a broad client base spread across several countries, which reduces the risk of credit concentration.
- The financing structure includes fixed-rate debt, which limits exposure to recent rises in interest rates.
- The company held substantial liquidity at year end, kept in deposits and bank accounts.
Weaknesses
- The Australian stake remains impaired, and its value depends on pricing agreements not yet concluded with clients.
- Revenue fell compared with the prior year, which raises questions about short-term momentum.
- Some loans and investments in affiliates or partners were fully written down, signalling recovery risks.
Opportunities
- If the new Australian pricing model is accepted by clients, the business there could stabilise its contribution.
- Efficiency programmes could further reduce operating costs if they remain in place.
- The share buyback completed in December 2025 and the planned capital reduction could change the shareholder structure.
Threats
- Protectionist trade policies and global economic uncertainty could weigh on demand for cash services.
- If negotiations with financial institutions do not reach an independent pricing mechanism, business continuity in Australia could be called into question.
- Economic instability in some countries where the group operates could complicate financial estimates and loan recovery.
Risks
- Business continuity in Australiahigh
If no new independent pricing mechanism is reached, management acknowledges that business continuity could be affected in a lasting way.
- Impairment of holdingshigh
The value of the Australian stake and of loans to partners has been impaired, and estimates remain uncertain.
- Liquidity and extraordinary contributionsmedium
Continuity depends in part on extraordinary financial contributions and credit lines with limited terms.
- Trade policy and macroeconomicsmedium
Protectionist policies and global public debt could affect activity and growth prospects.
- Currency and country risklow
Operating in many countries exposes the group to currency movements and to economic conditions that differ between regions.
Investment thesis
What would need to be true (bull case)
- If the new Australian pricing model is accepted, the value of the stake could be partly recovered.
- Cost reduction through efficiency programmes could support margins in the coming periods.
- A fixed-rate financing structure could limit the effect of future interest rate increases.
What would break the thesis
- If negotiations with financial institutions do not conclude, business continuity in Australia could become unsustainable.
- Revenue declined from the previous year, and this trend could continue if demand weakens.
- Asset write-downs and impaired loans point to recovery risks that could affect results.
What to watch
- Progress of negotiations on the new Australian pricing model2026
- Extension or end of the Australian extraordinary financial contributionJune 2026
- First-quarter results and trend in service revenueQ1 2027
- Recalculation of recoverable value of equity stakes and impairmentsnext 10-K
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
Prosegur Cash, S.A. is a subsidiary controlled by Prosegur Compañía de Seguridad, S.A., which held 81.45% of its shares at 31 December 2025 1. The group generates revenue exclusively from services provided, and total ordinary revenue was 1,987,329 thousand EUR in 2025 compared with 2,089,879 thousand EUR in 2024 1. Shares are listed on the Madrid, Bilbao, Valencia and Barcelona stock exchanges 1.
The group also runs bill payment and collection management services, including in Uruguay and Ecuador, where advance collections from third parties are held temporarily 1. Operations are organised into the AOA and LATAM segments, with joint ventures in both 1.
Segments
AOA and LATAM segments
Most equity-accounted investments belong to the AOA segment, while Grupo LATAM ATM Solutions and Grupo Harapay belong to the LATAM segment 1. The split shows that the Australian and Asian-Pacific activities are the main exposure of the equity method portfolio 1.
ATM and maintenance business
The ATM business projects lower fixed costs without reducing geographic coverage, but also higher costs to fund and supply cash across the network 1. Cash flow estimates at 31 December 2025 were being met, so the contribution to recoverable value was not substantially changed 1.
Market context
The annual report states that direct exposure to conflict zones is limited because the group does not operate in those territories 1. Protectionist policies announced by the United States affect international trade and growth prospects 1. Management also points to global public debt and excessive public spending as pressures 1.
The cash services market remains sensitive to pricing negotiations with institutional clients. In Australia, an extraordinary contribution was extended to June 2026, and a partly drawn credit line could support continuity until a new pricing model is agreed 1.
Trends
- Australian pricing pressureheadwind
Negotiations with financial institutions and analysis of a new pricing model could shape the value of the Australian transport and cash management business if no agreement is reached with clients 1.
- Cost efficiencytailwind
Efficiency programmes reduced personnel and administrative costs in 2025, and management continues to analyse expenses of any kind 1.
- Interest rates and financingmixed
A financing structure with fixed-rate bonds softens the impact of high interest rates, but part of the debt remains at variable rates 1.
- Inflation and wage costsmixed
More moderate inflation has limited wage cost growth, but severance costs linked to efficiency programmes have increased personnel expenses 1.
Competitive position
The annual report does not name competitors in the text, so no competing companies can be identified from this source. Competitive pressure appears linked mainly to contract pricing with institutional clients.
Because the sources give no named rivals, the competitive position can only be read from the group's own statements on pricing, cost efficiency and regional exposure 1.
- No named competitors in source
The annual report does not name direct competitors, so no companies with tickers are indicated.
- Institutional clients in Australia
Financial institutions negotiating prices act as counterparties rather than competitors, and no ticker applies.
- Local cash logistics providers
Local operators in the regions served could compete for contracts, but the source does not identify them.
- Other cash management groups
The report does not describe these groups, so no ticker is provided.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202520 Oct 2026
- Annual report 202408 May 2025
Sources
- [1] Annual report, fiscal year ended 2025-12-31 (ESEF) · SEC / PROSEGUR CASH, S.A. · 31 Dec 2025
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.