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Jefferies maintains its 'buy' rating and target price of 270 pence for the G4S stock, saying an external catalyst could trigger 'shareholder value.'

'We believe G4S is an undervalued asset following a persistent gap between positive narrative and financial performance in 2018,' the broker observed.

Jefferies added that the group is the world's largest security company with an extensive service portfolio, although is trading at the lowest P/E in an industry that is likely to experience a 'late cycle consolidation wave' and where private equity firms are 'already active.'

The shares were trading at 194.5 pence, up 1.2%, after these comments, outperforming the 0.1% rise in the British stock market.

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