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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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  "notes": "Uses a before-and-after comparison of financial performance to argue for structural change.",
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      "text": "Significant margin deterioration at First Student since 2009 while National Express grew its North American margins during the same period",
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      "text": "First Student + First Transit Post Laidlaw Acquisition Revenue and EBITDA Margin",
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      "text": "FGP North America to FY 2007 Revenue and EBITDA Margin",
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      "text": "Source: Company, Laidlaw and NEX LN filings, Bloomberg. (1) Converted to GBP... (2) LTM. (3) First full year post Laidlaw... (4) Segment EBITDA not disclosed for FY 2004.",
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      "text": "Significant margin deterioration at First Student since 2009 while National Express grew its North American margins during the same period",
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      "kind": "paragraph",
      "text": "We believe relying solely on an operational turnaround under the Company's current structure in the absence of a very strong management team like Stagecoach's is very risky",
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      "text": "FirstGroup's track record, in our opinion, has been poor since the Laidlaw acquisition largely due to its increased complexity",
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      "text": "FirstGroup requires both structural and operational solutions to its problems",
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