• The Brink’s stock has had a terrific year, which is fairly remarkable as revenue growth in most of its markets is fairly flat.
• Not so in high cash societies in Latin America and Mexico, where most of the growth comes from.
• However, the company is able to create significant leverage almost out of thin air, from efficiency gains and acquisitions.
• This does come at the expense of increasing the debt load.
• And valuation multiples won’t increase forever.

Source: The Brink: Leverage Out Of Thin Air – The Brink’s Company (NYSE:BCO) | Seeking Alpha