CONTENTS
Summary 3
I— Sector outlook and preferred picks 5
􀁑 Outlook 6
􀁑 Preferred picks/selection criteria 7
􀁑 Potential uses of cash 9
II— Market structure and growth drivers 11
􀁑 Overview of the rail tech market 11
􀁑 Structural growth drivers 13
􀁑Risks 14
􀁑 Road to rail to meet emission targets 14
􀁑 Economic stimulus packages/high-speed rail programmes 17
III— Company profiles 19