Train Alliance’s Q3 was solid with EBIT growth clearly outpacing revenue, driven by an increased share of concept delivery income. Overall, business activity in its key railway hubs appears healthy and is progressing well. We make minor revisions to our estimates. Train Alliance trades on a P/adj. NAV (last reported) of 0.55x despite having defensive assets with revaluation potential. We lift our fair equity value range to SEK 21-26 (20-24) per share.
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