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  "documentTitle": "FirstGroup plc (FGP)",
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  "notes": "The table provides a multi-year financial bridge from EBITDA to FCF.",
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      "text": "There may potentially be other costs (one-time or recurring) that we have not accounted for. However, we may believe such costs are small relative to the large potential upside from an improved FirstGroup US valuation",
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      "text": "Key assumptions regarding Maintenance Capex, Tax, Insurance Interest, Capitalised Lease Interest, Central Costs, and Non-recurring costs.",
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      "text": "Source: Company filings, broker research, Sandell estimates (as included in slide 36), Bloomberg.",
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      "text": "Step 1: FirstGroup US: cash flow model details",
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