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Gotlandsbolaget: Strong Q1 while awaiting concession decision - SEB

GOTL reported a strong Q1 on all accounts, driven by more passengers, lower costs (i.e. fuel) and higher net financial income more than offsetting higher ramp-up costs for Gotland Alandia Cruises. We increase 2024E adj. EBIT by 29% and, as a result, increase our scenario-based mid-point value to SEK 2,818 (2,724) per share. We argue that GOTL is well positioned to win the new Gotland traffic concession, which we expect to be a positive share price trigger.

GOTL reported a strong Q1 on all accounts, driven by more passengers, lower costs (i.e. fuel) and higher net financial income more than offsetting higher ramp-up costs for Gotland Alandia Cruises. We increase 2024E adj. EBIT by 29% and, as a result, increase our scenario-based mid-point value to SEK 2,818 (2,724) per share. We argue that GOTL is well positioned to win the new Gotland traffic concession, which we expect to be a positive share price trigger.
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