MeritValue

BRINKS CO

BCOdata completeness 100%18 fiscal years on file
i. The business — what you’d actually own
FigureFY 2021FY 2022FY 2023FY 2024FY 2025
Revenue$4.2B1$4.54B2$4.87B3$5.01B3$5.26B3
Net income$105.2M4$170.6M5$87.7M6$162.9M6$199.7M6
Operating cash flow$478M7$479.9M7$702.4M8$426M8$639.5M8
Capital expenditure$167.9M9$182.6M10$202.7M11$222.5M11$203.1M11
Free cash flow (derived)$310.1M7$297.3M7$499.7M8$203.5M8$436.4M8
Total debt$3.09B12$3.53B13$3.8B14$4.19B15$4.62B15
Cash & equivalents$710.3M16$972M17$1.18B18$1.4B19$1.73B19
Diluted shares50.1M47.8M46.9M44.8M42.5M

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).

ii. Your slice — ownership made literal
If you owned
shares
You’d own
0.000024%
of the whole company
Your share of last year’s profit
$46.99
Your share of its debt
$1,086.71
Your share of free cash flow
$102.68
iii. What it’s worth — engine v0.1.0
DCF · Growth Exit 10Y
$323.54
assumptions (10)
  • riskFreeRate4.5%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears10
  • fcfGrowth13.6%
  • fcfBase$436.4M
DCF · Growth Exit 5Y
$199.37
assumptions (10)
  • riskFreeRate4.5%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears5
  • fcfGrowth13.6%
  • fcfBase$436.4M
Earnings Power Value
$40.39
assumptions (8)
  • riskFreeRate4.5%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • normalizedEarnings$162.9M
  • growthAssumed0.0%
Graham Number
$26.26
assumptions (1)
  • grahamMultiplier2250.0%

Different models answer different questions — which to trust when →

iv. The price question — last, on purpose
What does today’s price assume?
Type a price. The ledger answers.
Or set your own belief
FCF growth, next 5 years13.6%
Discount rate (WACC)8.78%
Terminal growth2.5%
At your growth, a share is worth $199.37

Default growth 13.6%= this company’s own filed history (median-to-median FCF CAGR, clamped 0–20%). Your adjustments are recorded anonymously. They become the “what do owners actually believe” dataset.

Sources — the receipts
  1. 10-K · period ending 2021-12-31 · accession 0000078890-24-000054 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2022-12-31 · accession 0000078890-25-000059 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K · period ending 2023-12-31 · accession 0000078890-26-000010 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 10-K · period ending 2021-12-31 · accession 0000078890-24-000054 (NetIncomeLoss)
  5. 10-K · period ending 2022-12-31 · accession 0000078890-25-000059 (NetIncomeLoss)
  6. 10-K · period ending 2023-12-31 · accession 0000078890-26-000010 (NetIncomeLoss)
  7. 10-K · period ending 2021-12-31 · accession 0000078890-23-000090 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2023-12-31 · accession 0000078890-26-000010 (NetCashProvidedByUsedInOperatingActivitiesContinuingOperations)
  9. 10-K · period ending 2021-12-31 · accession 0000078890-24-000054 (PaymentsToAcquirePropertyPlantAndEquipment)
  10. 10-K · period ending 2022-12-31 · accession 0000078890-25-000059 (PaymentsToAcquirePropertyPlantAndEquipment)
  11. 10-K · period ending 2023-12-31 · accession 0000078890-26-000010 (PaymentsToAcquirePropertyPlantAndEquipment)
  12. 10-K · period ending 2021-12-31 · accession 0000078890-23-000090 (LongTermDebtNoncurrent)
  13. 10-K · period ending 2022-12-31 · accession 0000078890-24-000054 (LongTermDebtNoncurrent)
  14. 10-K · period ending 2023-12-31 · accession 0000078890-25-000059 (LongTermDebtNoncurrent)
  15. 10-K · period ending 2024-12-31 · accession 0000078890-26-000010 (LongTermDebtNoncurrent)
  16. 10-K · period ending 2021-12-31 · accession 0000078890-23-000090 (CashAndCashEquivalentsAtCarryingValue)
  17. 10-K · period ending 2022-12-31 · accession 0000078890-24-000054 (CashAndCashEquivalentsAtCarryingValue)
  18. 10-K · period ending 2023-12-31 · accession 0000078890-25-000059 (CashAndCashEquivalentsAtCarryingValue)
  19. 10-K · period ending 2024-12-31 · accession 0000078890-26-000010 (CashAndCashEquivalentsAtCarryingValue)