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  "documentTitle": "FirstGroup plc (FGP)",
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  "presentationDate": "2014-01-15 00:00:00",
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  "notes": "The slide uses a Q&A format to preemptively address market skepticism regarding valuation comparables.",
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      "text": "Looking at the unadjusted dividend yield of STB of 8.3% is not relevant because of STB's shorter history and significantly younger vehicle fleet, which results in unusually low maintenance capex that will rise as their fleet ages.",
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      "text": "Source: Company filings, broker research, Sandell estimates (as included in slide 36), Bloomberg. (1) Source: Bloomberg. (2) Please see slide 21 in Sandell adjustments to dividend yield. (3) Source: Bloomberg. CY Dec-2014E.",
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      "text": "FirstGroup US Spin-off; Is STB a valid comparable...; STB is the third largest player...; Given STB's unadjusted dividend yield...; Looking at the unadjusted dividend yield...",
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