We are constructive on the Rail end-market. Despite the short-term challenges from lower passenger traffic, we are constructive on the Rail end-market given its sustainable mid- and long-term growth. UNIFE estimates -8% yoy decline in the global rail market in 2020 followed by c5% CAGR between 2021 and 2025. Rail is an enabler of green transportation with lower carbon emission compared to other transportation alternatives. We calculate >€200bn government support and stimulus packages (details inside the report) have been announced globally dedicated to Rail. In this report, we have also 1) benchmarked 10+ global Rail peers across seven metrics over time and 2) mapped out the global competitive landscape for Rail. European Rail stock coverage