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Gotlandsbolaget: Focus on upcoming concession decision - SEB

We forecast Q1 adj. EBIT at SEK -111m, down y/y driven by the sale of the tanker business last year and ramp-up costs related to Birka Cruises, but Q1 is a small quarter for GOTL only making up c. 10% of annual passengers. We argue that the upcoming concession decision will be a share price trigger and that GOTL is well positioned to win it. We lower our scenario-based mid-point value to SEK 2,712 (2,724) per share on higher fuel costs.

We forecast Q1 adj. EBIT at SEK -111m, down y/y driven by the sale of the tanker business last year and ramp-up costs related to Birka Cruises, but Q1 is a small quarter for GOTL only making up c. 10% of annual passengers. We argue that the upcoming concession decision will be a share price trigger and that GOTL is well positioned to win it. We lower our scenario-based mid-point value to SEK 2,712 (2,724) per share on higher fuel costs.
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