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Are Serco Group shares really cheap?

It is a busy Monday. I will leave some other experts to comment on names such as Cineworld (CINE) - which seems excited by recent UK box office moves but did not talk even remotely sufficiently about potential profit or issues with more debt - or CMC Markets (CMCX), which talked about potentially splitting the business (but which correctly for a spreadbetting firm has a share price fall still notably down year-to-date). Instead I will talk about Serco Group (SRP), who ‘specialise in the delivery of essential public services, with over 50,000 people working in defence, transport, justice, immigration, healthcare and other citizen services across our four regions’, and which was apparently formed back in 1929.

EPIC SRP
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Serco – bigger government, bigger profits...

Back in the day (and I mean a decade plus ago) Serco (SRP) was riding a wave of outsourcing expansion, as governments and large corporations alike looked to find ways to save money. Today, Serco describes itself as an 'international provider of services to governments', which sounds suitably dull. However, there is never anything dull about a double-digit percentage share price rise as seen today...

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