Market's view on Firstgroup
Published on April 2024
- There is speculation about The Vanguard Group increasing their position, potentially considering a takeover.
- Concerns were raised about Firstbus losing its Oldham depot to Stagecoachbus.
- TransPennine Express lost its contract due to poor service, leading to government intervention.
- Positive financial updates from FirstGroup PLC, with an increased performance expectation for FY 2023.
- FirstGroup’s operations in Southampton were closed down without a sale.
- Speculation about a potential takeover of FirstGroup is ongoing.
- FirstGroup is selling two Scottish subsidiaries, Midland Bluebird and West Lothian, to McGills.
- A potential suitor for FirstGroup walked away from a £1.3bn-plus deal but might return to negotiations.
- Berenberg raised its target price for FirstGroup, indicating a potential increase in company value amidst takeover bids.
- There are general concerns about service cuts across the country.
- Shares of FirstGroup rose due to a mix of bid speculation and positive broker comments, with specific mention of private equity interest and a price target by Berenberg.