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  "documentTitle": "FirstGroup plc (FGP)",
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      "text": "We believe the Student Transportation of America model is an ideal structure for FirstGroup US",
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      "text": "Student Transportation of America model details including trading multiples and yield adjustments.",
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      "text": "EBITDA multiple: 10.6x",
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      "text": "We believe the Student Transportation of America model is an ideal structure for FirstGroup US. Pay out all cash flow before growth capex, delivering income to existing investors. Fund growth capex via capital markets (debt or equity).",
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      "text": "Source: Sandell estimates, Bloomberg. (1) Source: Bloomberg. CY Dec-2014E. (2) Sandell estimates. See slide 21 for details. (3) Source: Bloomberg.",
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