Prosegur Compañía de Seguridad, S.A.
PSG.MC · BME
Company research
Prosegur Compañía de Seguridad, S.A. (BME: PSG) is a Madrid-headquartered multinational private security company founded in 1976, and the largest private security firm in Spain, operating across 36 countries on four continents with a workforce of over 175,000 employees and approximately €4.9 billion in revenue in 2024. The company operates through five core business divisions — Security, Cash, Alarms, Cybersecurity, and AVOS — delivering a comprehensive suite of services ranging from physical guarding, armoured cash-in-transit and ATM management, to residential and commercial alarm monitoring, managed cybersecurity, and business process outsourcing for financial and insurance clients. Prosegur holds a particularly strong footprint in emerging markets, with over two-thirds of its revenue derived from regions such as Latin America and Asia-Pacific, differentiating it from peers through its significant cash logistics and value-added technology-driven security services. Listed on the Madrid Stock Exchange since 1987, the company functions as a subsidiary of Gubel, S.L. and maintains a market capitalisation of approximately €1.5 billion, with profit expected to grow significantly over the coming years under its 2024–2027 Strategic Plan.
Research reports
Morningstar’s quantitative report assigns PSG a 4‑star rating and judges the shares somewhat undervalued, with a fair value estimate of about 2.96 EUR versus a recent price near 2.80 EUR, supported by a high forward dividend yield and relatively low EV/EBITDA metrics. The report notes that PSG has no economic moat but moderate financial health, emphasizing income generation and valuation upside while cautioning that the fair‑value estimate carries medium uncertainty.
Lux Opes Research Via Yellowbrick · June 16, 2026PSG.MC stock pitch – Prosegur (PSG Spain): Securitas raises the bar [neutral]This pitch frames PSG as a hybrid security player whose strategy toward tech‑ and AI‑driven services is validated by Securitas’ own strategic update, but stresses that Prosegur’s Security segment margins of roughly 3.5% still lag Securitas’ Ibero‑America business at about 7.6%, creating execution risk in closing the profitability gap. The author argues that with Security reaching cash breakeven in Q1 2026 and group margins already comparable, upside depends on successfully increasing the technology mix while managing competitive pressure and capital allocation.
Valueinvesting.io · February 15, 2026PSG.MC Fair Value – Peter Lynch ValuationUsing a Peter Lynch‑style fair‑value formula based on the five‑year average earnings‑growth rate, valueinvesting.io estimates PSG’s intrinsic value at 7.37 EUR versus a market price of 2.81 EUR, implying about 162.9% upside and concluding that the stock is a good investment at current levels. The analysis highlights strong historical net‑income growth, single‑digit P/E and EV/Sales multiples, and rising earnings as key drivers of the favorable risk‑reward profile, while noting that results are sensitive to maintaining robust earnings growth.
Lux Opes Research Via Yellowbrick · November 4, 2025PSG.MC stock pitch – Prosegur (PSG Spain): steady execution while macro crosswinds shift the narrative [bullish]Lux Opes Research presents PSG as a security operator steadily transitioning from cash‑logistics exposure toward recurring tech services such as alarms and cybersecurity, delivering mid‑single‑digit organic growth despite Latin American FX headwinds and benefiting from regulatory clean‑up in Argentina. The pitch underlines flat EBITDA excluding one‑offs, double‑digit net‑income growth, stable 2x leverage, and a valuation discount to global security peers as the basis for a bullish stance and potential re‑rating as the higher‑margin business mix scales.