While Q4 earnings were below our estimate, impacted by delays beyond Train Alliance’s control, we believe 2025 is shaping up to be an exciting year. We expect the SEK 90m Hallsberg deal to be recognised in Q2, and activity in Sigtuna (SMARTCargo) is ramping up, bolstered by the recently granted EUR 28.7m co-financing from the EU. Despite this, Train Alliance trades at ~50% below its adjusted NAV. We derive a fair value range of SEK 21-26 (22-27).
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