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  "documentTitle": "FirstGroup plc (FGP)",
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  "authorName": "Sandell Asset Management",
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  "presentationDate": "2014-01-15 00:00:00",
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      "text": "Stagecoach, which we believe is widely recognised to have the strongest management in the sector, is the only company to have managed a complex portfolio of businesses without significant hiccups",
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      "text": "This is not exclusively a FirstGroup challenge. The Company's peers, even those performing well today like National Express, have struggled in the past.",
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      "text": "Stagecoach, which we believe is widely recognised to have the strongest management in the sector, is the only company to have managed a complex portfolio of businesses without significant hiccups.",
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      "text": "Transport businesses are local businesses that are both capital intensive and human resource intensive. While each local operation may be relatively simple, the Company's size makes management a significant undertaking.",
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      "text": "EBITDA Margin: 15%",
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      "text": "We believe that Stagecoach's outperformance can also be attributed to the fact that its CEO, Brian Souter, owns 15% (1) of the company, aligning shareholder and management interests.",
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      "text": "Source: NEX LN and SGC LN filings. (1) Bloomberg.",
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      "text": "FirstGroup is a very complex business (cont'd)",
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