I can't believe a company with their reputation and balance sheet is so cheap. If this isn't a deep value play, I don't know what is.
So far, as an investment, it stinks.
But, it has a great franchise. Worldwide footprint. The luxury goods market is dreadful, but when they start buying diamonds again.....and one of these days your average taxi driver is going to want to have his gold bars delivered directly to him (that's when gold hits $3000/oz and everyone will have to own some). The U.S. dollar will be so cheap that ATM machines are going to have to be restocked 2-3 times per day as we we're going to have so much inflation we'll have to carry our cash around in knapsacks.
I'm joking, of course. However, I do think Brinks is incredibly cheap right now. No one wants to own it. It is a nice way to play the revival in the world economy, expansion of ATMs and the holding and delivery of precious commodities.
The long term chart of BCO is interesting. After the 2000 recession it came back about a 150% above the recession low. After the 2003 recession it rebounded over 400%. Yet during this supposed recovery which began in March, it ran up only 50% before retracing most of that gain.
I can't see that the competition has changed the landscape, so why is this recovery so shallow for BCO? Could it be that investors do not believe that the retail environment will really turn up anytime soon? Or has e-commerce cut into BCO's outlook so much?