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MarketScreener Homepage  >  Equities  >  London Stock Exchange  >  FirstGroup    FGP   GB0003452173

FIRSTGROUP

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FirstGroup : CMA accepts price caps on West Coast Rail lines

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12/06/2019 | 03:03am EST

https://www.gov.uk

Train passengers travelling on certain routes between Preston and Scotland will benefit from capped fares following a CMA investigation.

As part of its mergers work, the Competition and Markets Authority (CMA) examines whether competition issues arise from the awarding of new rail franchises and the CMA has been investigating the award of the West Coast Rail franchise to a joint venture between FirstGroup and Trenitalia.

The CMA's Phase 1 investigation found competition issues on 21 routes: 4 between Oxenholme and Carlisle, and 17 between Preston and Scotland (terminating at Glasgow or Edinburgh). On 17 of these routes passengers will be able to choose only West Coast Rail, operated by FirstGroup and Trenitalia, or TransPennine Express, which is operated solely by FirstGroup. On the additional 4 routes, passengers can still only choose from 3 operators.

The CMA is concerned that this limited competition could lead to passengers facing higher fares and less availability of cheaper tickets.

After careful consideration, and a public consultation, the CMA has now accepted proposals from FirstGroup and Trenitalia to address its concerns. For both West Coast Rail and TransPennine Express services these include caps on unregulated fares and maintaining the same availability of cheaper advance tickets for all 21 routes that raise competition issues. The 2 operators must submit regular reports to the CMA to show they are complying.

As a result of these measures, the award of the franchise can now go ahead without a more in-depth Phase 2 investigation.

All information relating to this case can be found on the First Rail Holdings & Trenitalia UK / West Coast Partnership Rail Franchise inquiry page.

.

(C) 2019 M2 COMMUNICATIONS, source M2 PressWIRE

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Financials (GBP)
Sales 2020 7 767 M
EBIT 2020 351 M
Net income 2020 156 M
Debt 2020 788 M
Yield 2020 -
P/E ratio 2020 9,71x
P/E ratio 2021 9,10x
EV / Sales2020 0,30x
EV / Sales2021 0,29x
Capitalization 1 513 M
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Mean consensus HOLD
Number of Analysts 9
Average target price 132,78  GBp
Last Close Price 125,00  GBp
Spread / Highest target 32,0%
Spread / Average Target 6,22%
Spread / Lowest Target -20,0%
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Managers
NameTitle
Matthew Gregory Chief Executive Officer, COO & Executive Director
David Robert Martin Non-Executive Chairman
Ryan Dirk Mangold Chief Financial Officer & Director
Warwick Brady Independent Non-Executive Director
Imelda Walsh Independent Non-Executive Director
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