As described in the introduction I have covered both Securitas (SEFCF) and G4S (GFSZF) previously. The two articles I wrote are here: G4S and Securitas.
Due to heavy organic growth in its electronic security division, I expected Securitas to provide a ~15% CAGR over 3 years. I expected the multiple to contract somewhat (from the current 16.3x underlying earnings to 15x), but implied 3% organic growth in the company's core business and great growth in its electronic security segment.
In the case of G4S, the valuation landed on a more conservative 8% CAGR over