Prosegur Cash, S.A. (CASH.MC) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

+626.5%

€4.88

vs €0.67 price

Levered DCF

€2.46

After debt service

Piotroski score

8 / 9

Strong

Altman Z-score

2.13

Grey zone

Rating

A-

Overall 4 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	10.33×	9.12×	12.61×	9.58×	28.58×	76.19×	12.36×	16.08×
P/B	5.29×	3.65×	5.14×	6.09×	12.27×	14.91×	8.38×	12.16×
P/S	0.47×	0.39×	0.43×	0.48×	0.62×	0.8×	1.13×	1.67×
EV / EBITDA	0.77×	3.79×	5.97×	5.13×	6.52×	8.49×	6.55×	9.74×
Gross margin	30.3%	36.2%	34.5%	34.2%	33.5%	32.9%	35.3%	34.6%
Operating margin	9.9%	10.8%	10.4%	12.6%	10.9%	8.9%	16.9%	15.5%
Net margin	4.5%	4.3%	3.4%	5.0%	2.2%	1.1%	9.4%	10.1%
Current ratio	0.93×	0.99×	0.96×	1.05×	0.93×	1.13×	1.07×	1.28×
Debt / equity	9.23×	5.01×	7.49×	7.69×	11.61×	13.51×	3.96×	3.45×
Interest coverage	3.39×	3.77×	3.58×	8.78×	5.23×	3.33×	6.39×	7.29×
Dividend yield	6.5%	7.3%	4.9%	3.2%	6.2%	2.6%	5.4%	3.3%
Payout ratio	67.2%	66.3%	61.8%	31.1%	176.8%	200.2%	65.1%	54.3%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	51.2%	40.0%	40.7%	63.5%	43.0%	19.6%	69.4%	73.2%
Return on invested capital	5.4%	7.6%	6.8%	8.0%	4.3%	1.8%	14.3%	14.3%
Return on assets	3.3%	3.7%	3.2%	4.4%	1.9%	0.9%	8.7%	10.2%
Free cash flow yield	12.5%	20.8%	16.1%	19.2%	18.4%	13.9%	10.2%	4.3%
Earnings yield	9.7%	11.0%	7.9%	10.4%	3.5%	1.3%	8.3%	6.0%
Enterprise value	€1.5B	€1.4B	€1.7B	€1.7B	€1.6B	€1.9B	€2.7B	€3.4B
Net debt / EBITDA	0.3×	1.56×	3.19×	2.45×	2.64×	3.09×	1.59×	1.55×
Cash conversion cycle (days)	51	44	31	56	45	49	36	60