U.K.-based bus and train operator First Group (FGROF) (FGROY) surprised the markets by announcing its final results on Wednesday raising a question mark over its future ability to continue as a going concern. That has led to a rerating for other stocks in the sector, which I regard as a good entry point for Stagecoach (SAGKF) (SAGKY).
First's Challenges
First's detailed assessment led the Board to conclude that,
a material uncertainty exists that may cast significant doubt on the Group's and the Company's ability to continue as a going concern and, therefore, that it may