Exane downgrades Prosegur to 'neutral' after recent rally

Prosegur Compania de Seguridad SA

05/01/2024 09:46

** Exane BNP Paribas cuts Spanish security services company
Prosegur  PSG.MC  to "neutral" from "outperform" following a
strong stock rally since November, when its majority owner
submitted a tender offer to buy 15% of the shares
    ** "Prosegur trades with some historical discount but we
believe the value is in the CASH  CASHP.MC  business," the
broker says
    ** While there was a liquidity advantage to play the CASH
business though Prosegur in the past, this has now disappeared
due to lower free float of the parent, Exane says
    ** It also cites lower estimates for Prosegur as a reason
for the downgrade
    ** The broker sticks to "outperform" rating on Prosegur Cash
    ** Out of 10 analysts that cover Prosegur, five rate the
stock "strong buy" or "buy",​ four "hold" and one "strong
sell"​​

 (Reporting by Marta Serafinko)
 ((Marta.Serafinko@thomsonreuters.com; +48 58 769 66 00;))