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SENASTE
We expect Q2 to mirror Q1 with a stable performance but no significant divestments, as we believe the SEK 90m land reservation agreement in Hallsberg Rala will be recognised in Q3. Moreover, as we see this deal to increase in scope, we foresee a strong H2 for Train Alliance. With the shares trading c. 50% below adjusted NAV, we see the valuation as attractive given the potential for positive revaluations of its land assets.
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