The Company conducts business in the security industry, principally through its wholly owned subsidiaries, Brink's, Incorporated and Brink's Home Security, Inc.
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company is a cash flow machine, spin-off of more capital intensive BHS will bode well for the remaining Brink's which has seen faster revenue/operating income growth with less capex.you may even want to keep BHS. Most of its capex is for new installations of home security systems. Churn is quite high @ 8%+ which sucks - but they writeoff the capex that is wasted on cancelled accts. Most of their 90%+ of their capex is therefore assumed to be for incremental growth purposes - not a bad thing at all!!Trading at 8x FCF, Brink's can easily go uptowards 15-20x given international growth prospects/demand, while I expect BHS to trade at around 10-15x FCF depending on the state of the US economy when the shares are spun off.Nice-