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SENASTE
Train Alliance's Q2 numbers were solid, driven by project completions, the start of new contracts and rental income nearly doubling y/y. We anticipate continued high activity in H2/24, thanks to a robust project pipeline. Moreover, as the share of railroad-ready land increases, we see potential for positive revaluations of its land assets located in key railway hubs. Despite this potential, the shares trade c. 50% below adjusted NAV.
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