Contents
Key stock views ........................................................................................3
Valuation ...................................................................................................4
Methodology .........................................................................................4
Ratios tables .........................................................................................7
Sector views............................................................................................10
UK Bus ................................................................................................10
UK Rail.................................................................................................11
Europe.................................................................................................18
North America .....................................................................................19
Trading ideas ..........................................................................................20
Government bail out............................................................................20
Improving credit market conditions ....................................................20
Rail sensitivity ......................................................................................21
Appendix 1: Key industry data................................................................23
Appendix 2: Company sections .............................................................25
Arriva .......................................................................................................26
FirstGroup ...............................................................................................38
Go-Ahead................................................................................................54
National Express.....................................................................................70
Stagecoach.............................................................................................92