Corporate governance issues, too much remuneration, RPTs like rental, relative appointees, hence sold off at first rebalancing instance. Railway capex is not focused on its rolling stock but other areas signaling, track, DFC etc. Frontier has much competition and is among several vendors for its product range.
I do not have any view on railway capex. Electrification is 95% over, track work is at usual pace, no special acceleration, and the pie is split among many vendors, and many of these vendors have railways only as a small part of their overall biz.
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