Very impressive...

G4S PLC

FORECASTS
2009 2010

Date Rec Pre-tax () EPS (p) DPS (p) Pre-tax () EPS (p) DPS (p)

Panmure Gordon
02-12-09 BUY 380.01 18.72 7.30 421.69 20.91 8.20

Investec Securities
01-12-09 HOLD 394.97 19.34 7.07 413.51 20.06 7.78

Charles Stanley
20-11-09 BUY

Seymour Pierce
20-11-09 BUY 409.70 20.20 7.30 424.70 20.90 8.00

Evolution Securities Ltd
09-11-09 NEUT 400.00 19.80 7.30 422.00 20.90 7.70

Eden Group
03-09-09 BUY

ABN AMRO
27-07-09 BUY 413.95 19.92 7.65 446.51 21.43 8.24

Collins Stewart
04-06-09 BUY

2009 2010
Pre-tax () EPS (p) DPS (p) Pre-tax () EPS (p) DPS (p)

Consensus 397.09 19.58 7.24 420.36 20.90 7.89
1 Month Change -2.89 -0.13 -0.08 1.62 -0.08 -0.23
3 Month Change -2.79 -0.17 -0.08 1.87 -0.16 -0.25


GROWTH
2008 (A) 2009 (E) 2010 (E)

Norm. EPS 30.01% 45.53% 6.74%
DPS 21.20% 29.29% 8.98%

INVESTMENT RATIOS
2008 (A) 2009 (E) 2010 (E)

EBITDA 520.90m 630.65m 652.96m

EBIT 337.00m m m

Dividend Yield 2.19% 2.83% 3.08%

Dividend Cover 2.40x 2.70x 2.65x

PER 19.03x 13.08x 12.25x

PEG 0.63f 0.29f 1.82f

Net Asset Value PS -77.16p 112.21p 124.81p

A stingy P/E of Just over 12 going into 2010

Seymour Pierce lifts G4S to buy from hold, target 330p from 255p.