Summary: The Brink's Co.

In 2016, Brink's embarked on a series of changes in management and strategic direction following involvement from activist investor Starboard Value. The company's focus on restructuring and cost optimization, spearheaded by new CEO Doug Pertz, resulted in a 400 basis point (bps) expansion of adjusted EBITDA margins to 16.6% in the last 12 months ended Sept. 30, 2018, from 12.4% at Dec. 31, 2016. The improvement reflects investments in newer, fuel and maintenance-efficient trucks, reduced staffing levels and a shift to one-person vehicles in some geographies, and network optimization savings from enhanced route density. We expect margins to improve to the low 20% area by 2019 as the company achieves further cost savings from the aforementioned initiatives, benefits from a

...In 2016, Brink's embarked on a series of changes in management and strategic direction following involvement from activist investor Starboard Value. The company's focus on restructuring and cost optimization, spearheaded by new CEO Doug Pertz, resulted in a 400 basis point (bps) expansion of adjusted EBITDA margins to 16.6% in the last 12 months ended Sept. 30, 2018, from 12.4% at Dec. 31, 2016. The improvement reflects investments in newer, fuel and maintenance-efficient trucks, reduced staffing levels and a shift to one-person vehicles in some geographies, and network optimization savings from enhanced route density. We expect margins to improve to the low 20% area by 2019 as the company achieves further cost savings from the aforementioned initiatives, benefits from a favorable sales mix shift towards high-margin products (i.e. CompuSafe), and increases its exposure to profitable geographies (i.e. Brazil and Argentina)....

Summary