The U.S market is in big trouble. Small mom and pops are killing Brinks and they will eventually fold the the U.S but not before losing a lot of money. The fixed assets are worth little as they are armored trucks--no value.
They are closing marginal routes and cutting costs. all the growth is non U.S. which has 25% growth. The U.S. is a no growth cash flow market. The stock is very cheap on a cash flow basis. EBITDA multiple is super low which makes the stock a good private equity takeover. We will see.
My friend's sister's second cousin (Miguel) cleans their Dallas offices and he says that almost everyone has gone home at 6:30 when he gets in to work. Also, there is much less garbage in the bins these days.
Sure sounds like those cancellations are really taking a toll.