The Brink's Company

Overview Key strengths Key risks Global market leader in the approximate $20 billion cash services industry operating in over 50 countries. A worse-than-expected global recession may result in sustained revenue declines in the 1- 3% area. Large exposure to developing economies that primarily rely on cash.Tech-enabled cash solutions and cost control measures are expected to support long-term revenue growth, margin expansion, and improved cash flow conversion.We expect the company to manage a disciplined financial policy resulting in S&P Global Ratings? adjusted leverage in the mid 3x-4x area. Tight U.S. labor market and ongoing inflation are expected to pressure profitability through the end of the year.Within developed economies, a slow secular decline for cash services as adoption of electronic payments and

...While we expect revenue growth to remain favorable over the next one to two years, macroeconomic uncertainty presents near- term operating volatility. We assess the U.S. recessionary risk in the next 12 months at 40%-50%, with greater risk in 2023. While...

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