GOTL’s Q3 revenue and EBIT were 5% and 7% above our estimate respectively, despite passenger and freight volume being in line, so we believe the beat was driven by higher ticket prices. We argue that the most important factor ahead is the newly acquired route; however, we see significant uncertainty related to capex requirements and the route’s earnings contribution. We lift our mid-point value to SEK 3,212 (3,103) per share.

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