So to clarify "cash in circulation continues to rise" is true on global economic growth and inflation that is helping offset declining usage (measured as % of transactions). It was the "cash continues to have significant share of total payment volume" that we questioned.No. 1 player in cash handling is Brinks {BCO US Equity} that is twice the size of Loomis, has seen similar firm growth (7-8% last two years) but on higher margins (EBITA in 13% handle) and differentiates itself on geographical diversification with LATAM exposure at 27% of group. Loomis does spend a tad more on capex (as % of revenue) at 5-7% in recent yrs vs. Brinks in 4%. This line does come with CoC put at par - worth noting given we might see industry consolidation. S&P notes "The company provides its services through medium- to long-term contracts that generally include a combination of fixed- and volume-based pricing components.". It would have been nice to see contract maturity profile and what concentration risk is like to clients.We assume PSGSM 29s don't trade but obviously rotating out of that into this screens value. Its #3 player in cash handling and makes up 43% of the business - rest mostly in security services. It runs similar margins to Securitas, cash is the higher margin business as expected.UoP here is GCP, refinance existing debt. There were no major maturities this year so we assume its referring to the €210m in loans coming due next year. Regardless looks like some net supply here. Wea re not too concerned given where leverage is.
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