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  "documentTitle": "FirstGroup plc (FGP)",
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      "text": "The upcoming UK rail franchise tenders are a significant opportunity for FirstGroup",
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      "text": "Source: Company filings, broker research, Sandell estimates (as included in slide 36), Bloomberg. (1) Source: Jefferies (9-Dec-2013). (2) Based a discount to the current margins estimated by Jefferies. (3) Based on a discount to CY Dec-2014E trading multiples...",
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      "text": "The upcoming UK rail franchise tenders are a significant opportunity for FirstGroup. With a clean balance sheet and improved credit metrics, we believe FirstGroup will be in a better position to bid responsibly for franchises.",
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      "text": "Value of Rail Rebids: £318m",
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      "text": "Rail Market Analysis table showing Low, Mid, and High scenarios for Potential Market Share, Revenues, Target Margin, EBIT Potential, Multiple, Value of Rail Rebids, Discounted Value, and Per Share impact.",
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      "text": "Step 3: Significant upside from UK Rail",
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