Train Alliance AB (publ) (TRAIN-B.ST) fair value

ACCE thesis

Train Alliance is a small Swedish engineering and construction group, and the data here describes a business in serious distress: revenue down 77.8%, an operating margin of -222.4%, and a negative ROE of -17.5%. The forward P/E of 8.5 looks cheap only if earnings recover from losses, which the trailing figures give no evidence of yet, and with a market cap of 451M SEK the name is too small for index membership. What we can't see from this dataset is the cause of the revenue collapse, whether it reflects lost contracts, a divestment, or a deliberate shrinking of the order book, and that determines whether the gross margin of 17.3% can support a turnaround. The obvious next step is to pull the latest interim report, the order backlog and any restructuring disclosures before deciding whether this deserves a deeper look.