We forecast Q2 adj. EBIT of SEK 45m, up y/y driven by reduced fuel costs offset slightly by a negative Easter impact. We argue that the recent concession renewal provides GOTL with a solid earnings outlook, but the earnings impact of the recent acquisition of DFDS’s Oslo routes remains unclear. We lift 2024E-26E adj. EBIT by 10-19% on the drop in fuel costs and rise our scenario-based mid-point equity value to SEK 3,174 (3,028) per share.
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