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BCO: North American Headwinds Shouldn’t Overshadow Emerging Markets Growth Story

October 27th, 2011

We remain as enthusiastic as ever about the share appreciation prospects for BCO.  In the 2-years since we first introduced the BCO as an investment idea the stock has barely budged even though the company is on track to generate EBITDA...

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BCO: Don’t Let the Headline EPS Numbers Fool You, BCO Continues to Truck Along

July 28th, 2011

We first introduced BCO as a long idea in June of 2009. Admittedly, this has not been one of our best stock ideas.  The stock has returned an anemic 2% while the S&P 500 has surged 29% higher over the same time frame – not exactly...

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BCO: Latam Growth Engine Overshadows Competitive Pressures in North America and Europe

April 29th, 2011

We first introduced BCO as a long idea in June of 2009. Admittedly, this has not been one of our best stock ideas.  The stock has returned a relatively uninspiring 14% while the S&P 500 has surged 44% higher over the same time...

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BCO: Flexing Its Emerging Market Muscles, Operating Momentum Finally Emerges

February 3rd, 2011

We first introduced BCO as a long idea in June of 2009. Admittedly, this has not been one of our best stock ideas.  The stock has returned a measly 4% while the S&P 500 has surged 39% higher over the same time frame – not exactly the...

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BCO: Some Modest Operating Momentum Starting to Emerge, Revising Estimates

July 29th, 2010

BCO reported 2Q10 results this morning. You can read the full earnings release here. Overall, the company delivered both topline and bottomline outperformance for the first time in many quarters. Although management tempered its full year...

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Just When We Thought BCO's Days of "Death by 1000 Cuts" Were Over... Still the Results Were Not as Bad as the Headline...

April 29th, 2010

BCO reported 1Q10 results this morning.  You can read the full release here.  Overall we would characterize the results as disappointing in light of the improvement in the global economy over the...

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From Headwinds to Tailwinds - 2010 Should Bring Solid Earnings Growth and FCF Generation for BCO

April 27th, 2010

We introduced BCO as a long idea approximately 9-months ago, you can read our original report here.  It has not been our best call. The stock has effectively gone no where while equity markets have ripped.  On Thursday,...

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BCO Happily Says Goodbye to 2009; 2010 Should Be Back to Basics – Steady Organic Growth and Solid FCF Generation

March 12th, 2010

This report was originally published on 2/3/10.Normally when a non-financial services company issues an earnings release that is more than 25 pages, it usually is cause for significant concern.  However...

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BCO’s “Danza Con El Diablo” Continues – Venezuela Remains an Overhang

March 11th, 2010

This report was originally published on 12/21/09.After the close today, BCO (27.21 ↑0.55%) announced its intention to repatriate cash held in Venezuela at the “parallel rate” opposed to the “official rate”, which the company has...

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BCO: 3Q09 Operational Beat Clouded by One-Time Gains and Higher Tax Rate

March 11th, 2010

This report was originally published on 10/29/09.The Brink’s Company (BCO 27.09 ↑0.11%) reported 3Q09 result this morning.  You c an read the full release here.  There were a number of “puts and takes” in the quarter that have clouded...

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BCO: A Name for the Contrarian Value Crowd – Increased Diamond Transaction Volume, Currency, Should Boost 3Q09 Results

March 11th, 2010

This report was originally published on 10/26/09.We introduced the Brink’s Company (BCO 27.05 ↓0.04%) as what we thought would be a compelling long idea a few months ago based on the...

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The Brink’s Company Is STILL a Good Place to Keep Your Cash

March 10th, 2010

This report was originally published 7/30/09.In our original post on the Brink’s Company, we argued that the company would perform well in the current economic environment based on the steady secular growth of cash in circulation (cash is still king),...

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The Brink’s Company (BCO): A Safe Place To Keep Your Cash

March 8th, 2010

This report was originally published 6/8/09.If we have learned anything over the past 12-18 months, it has been that “cash is king”.  Not only is cash king, but it is a significant growth business on a global basis.  Even with the proliferation of credit...

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