Aug 9, 2019

G4S: go 4 spin-off

Along with first-half results on Friday, he confirmed the long-awaited spin-out of the G4S cash management unit by the middle of next year. That might explain the 4 per cent morning bounce in the G4S stock price following results that were otherwise as expected. What does it mean to G4S's valuation? Cash solutions may well get a higher rating outside the group, at over eight times ebitda compared with the G4S multiple of less than 6 times. On this basis, G4S appears undervalued by around 10 per cent. Mr Almanza has defended the future of the cash business for years.

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