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  "documentTitle": "FirstGroup plc (FGP)",
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  "notes": "Includes a line chart of Laidlaw EV/EBITDA and a table of Laidlaw revenue mix.",
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      "text": "We believe that FirstGroup US should trade at a premium to Laidlaw's historical valuation of ~5x - ~7x in 2005-2006",
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      "text": "EV/EBITDA comparisons for REITs, MLPs, S&P 500, and 10-Yr Treasury Yield",
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      "text": "Laidlaw owned Greyhound, with ~60% of Laidlaw's revenues coming from contracted businesses; FirstGroup US would not include Greyhound and would have close to 100% of revenues from contracted businesses, justifying a higher multiple",
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      "text": "Stocks with an income oriented investor base in the US have materially appreciated since 2005-2006 as interest rates have declined",
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      "text": "We believe that FirstGroup US should trade at a premium to Laidlaw's historical valuation of ~5x - ~7x in 2005-2006",
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      "text": "Source: Bloomberg, FactSet, Laidlaw filings. (1) REITs index... (2) MLPs index... (3) Source: Laidlaw filings... (4) Source: Laidlaw filings.",
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      "text": "Financial benefits: potential multiple expansion for FirstGroup US (cont'd)",
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