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  "documentTitle": "FirstGroup plc (FGP)",
  "authorId": "08_Sandell",
  "authorName": "Sandell Asset Management",
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  "presentationDate": "2014-01-15 00:00:00",
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  "pageNumber": 40,
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  "notes": "The slide argues for the sale of Greyhound to focus on UK turnaround efforts and provides a valuation estimate based on 10x-10.5x EBITA multiples.",
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      "text": "Greyhound at 10x EBITA is worth 28p / share",
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      "text": "Greyhound will be the only North American business remaining following the spin-off of FirstGroup US. Greyhound has growth opportunities, but these require additional capital and dedicated managerial attention. Management has previously highlighted Greyhound as \"non-core\".",
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      "text": "Value per FGP LN Share: £0.28",
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      "kind": "source-note",
      "text": "Source: Company filings, broker research, Sandell estimates (as included in slide 36), Bloomberg.",
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      "kind": "table",
      "text": "Valuation - Greyhound Sale table showing 2015 EBITA, Multiple, TEV, Pension, Equity Purchase Price, and Value per FGP LN Share.",
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      "text": "Step 2: Greyhound",
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