Train Alliance's Q3 report looks solid to us. While net sales came in 1% below our estimate, EBIT was 16% above, driven by an increased share of concept deliveries, which have relatively high profitability. Profit/loss for the period came in 3% above our estimate. Overall, business activity appears strong and is progressing well. We expect a positive reaction in the share price and moderately positive revisions to earnings estimates following the report.

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