Hints and tips:
...The security companies are defensive into a slowdown (Securitas -1%/+1% in 2009/10, G4S Secure Solutions +3.5%/+2.8%) and generally late-cycle. We expect organic declines of c.-3% for FY 2020....
...And Panmure: we think that security should prove more defensive than other industries, as it has done in previous recessions, especially on the Secure Solutions (93/89% of revenue/EBITA in FY20E) side....
...It continues: “The independent review being undertaken by Freeh Group International Solutions LLC, announced on 17 January 2020, is proceeding....
...“The AR1 is the most logical solution to this problem. It is the lowest risk and cost solution to the taxpayer and solves the problem on the shortest schedule.”...
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