Q1 came short of our expectations as we had expected Train Alliance to make significant land revaluations in connection with the approved zoning in Brista, but this did not happen. However, adjusted NAV is up 88% q-o-q to SEK 128 per share. Train Alliance has extensive railway competence combined with a unique land asset from which value can be created for many years to come, currently in Sweden, but soon also in other countries.
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