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  "documentTitle": "FirstGroup plc (FGP)",
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  "authorName": "Sandell Asset Management",
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  "notes": "Uses a before-after framing to contrast performance periods.",
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      "text": "Without some necessary change in the Company's current structure, we believe a successful implementation of the Company's strategic plan is far from guaranteed",
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      "text": "Stagnant revenue growth at Greyhound since 2009 while Stagecoach grew its North America revenue substantially during the same period",
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      "text": "Source: Company and SGC LN filings, Bloomberg. (1) Converted to GBP using annual average FX rate. (2) LTM. (3) First full year post Laidlaw acquisition (excludes FY 2008 results, which only included acquired Laidlaw businesses from 1-Oct-2007).",
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