Expected Moves

Expected government review of regional rail operator contracts and state subsidies. From a technically reset baseline of $2.05, we anticipate favorable contract terms supporting long-term revenue visibility.

A crucial winter deadline for fleet operator wage agreements. Initiating from $2.28, the company faces severe headwinds from union militancy and sticky global inflation metrics.

Full-year results serving as a potential trigger for accelerated shareholder returns. At an assumed depressed entry of $1.95, the company's massive underlying cash generation presents a stark asymmetric upside.