Prosegur Cash (XMAD:CASH, Financial) is the subsidiary of Prosegur group, controlled by the Gut Revoredo family, leader in cash management services in Spain, Brazil and Argentina, and with a presence in other Latin American countries and Europe. The business has significant competitive advantages, good return on invested capital, and we bought after a 50% drop since the beginning of the year.
From azValor Asset Management's second-quarter 2020 letter.
