Erste-Analysten zu Kapsch: "With too many risk factors in place and the need to see KTC being awarded in Russia or reduce its cost base to justify the current valuation, we are tempted to downgrade the stock to Hold (from Buy), reducing our target price to EUR 39.8 (from EUR 55.4). For the coming months we expect 2 scenarios shaping KTC’s development: 1) Being awarded in Russia – bringing growth and justification for the blown up company structures, 2) Russia does not materialize for KTC – immediate downsizing to lift financial results but lacking a growth driver for the business case. We clearly prefer the scenario where KTC is awarded in Russia as it would lift its business to a significantly higher level"