First Group

In this pitch deck, analysts Jacob Löhr, Edvin Ganic, and Joséphine Lindestam
present a comprehensive buyout assessment of FirstGroup plc, a leading UK
public transport operator with market-leading positions across regional bus
and rail services. The investment case is underpinned by increasingly predictable
cash flows from bus franchising, high-margin growth in open-access rail, a potential
depot sale-leaseback, and further bolt-on M&A opportunities. Using a multi-method
valuation framework, including LBO analysis, precedent transactions, a discounted
cash flow model, and trading comparables, the analysts estimate FirstGroup’s enterprise
value to be in the range of GBP 1,267–3,025m.