We expect Q2 to resemble Q1 with muted volume but stable profitability as no major disposals have been announced. However, we see Train Alliance continuing to execute on its pipeline with several major projects progressing in key railway hubs, supporting future earnings. The shares trade on a P/adjusted NAV (last reported) of c. 0.5x despite having defensive assets with revaluation potential. We keep our fair equity value range of SEK 20-25 per share.
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