Prosegur Compañía de Seguridad, S.A. (PSG.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

+72.7%

€5.15

vs €2.98 price

Levered DCF

€4.94

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

2.02

Grey zone

Rating

B+

Overall 3 / 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	11.82×	11.27×	14.83×	14.75×	30.39×	4.07×	19.37×	20.09×
P/B	1.92×	1.11×	1.39×	1.25×	1.8×	1.93×	2.65×	2.65×
P/S	0.28×	0.18×	0.22×	0.23×	0.36×	0.38×	0.52×	0.67×
EV / EBITDA	5.37×	4.25×	5.58×	5.14×	6.71×	3.41×	6.21×	7.76×
Gross margin	20.4%	25.0%	20.3%	23.8%	23.1%	22.7%	24.5%	24.2%
Operating margin	6.3%	5.9%	5.5%	6.1%	5.0%	15.4%	7.9%	7.7%
Net margin	2.4%	1.6%	1.5%	1.5%	1.2%	9.3%	2.7%	3.4%
Current ratio	1×	1.12×	1.11×	1.1×	1.13×	1.37×	1.5×	1.95×
Debt / equity	3.77×	2.41×	2.67×	3.36×	2.57×	2.8×	2.12×	1.51×
Interest coverage	3.18×	2.83×	2.53×	3.4×	3.34×	7.79×	5.13×	6.01×
Dividend yield	6.7%	10.1%	4.5%	11.1%	6.5%	4.1%	4.9%	4.5%
Payout ratio	78.2%	115.9%	64.4%	161.5%	196.7%	16.8%	94.2%	89.4%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	16.6%	9.6%	9.6%	8.6%	5.9%	47.6%	13.8%	13.3%
Return on invested capital	5.0%	4.6%	4.1%	2.9%	2.0%	12.7%	6.8%	6.7%
Return on assets	2.4%	1.7%	1.6%	1.3%	1.1%	8.5%	2.9%	3.5%
Free cash flow yield	17.5%	17.6%	14.7%	14.8%	15.0%	13.4%	7.4%	2.3%
Earnings yield	8.6%	8.7%	6.9%	6.8%	3.3%	24.6%	5.2%	5.0%
Enterprise value	€2.9B	€2.2B	€2.3B	€2.3B	€2.4B	€2.5B	€3.4B	€3.6B
Net debt / EBITDA	2.82×	2.48×	3.31×	3.05×	3.29×	1.6×	2.23×	2.05×
Cash conversion cycle (days)	64	49	51	58	37	38	46	46