Another resilient set of numbers from Trinity, with all the key metrics in these results (revenues, profits, dividends, net debt, pension deficit) better than expected at the margin. Full year guidance is maintained, and the group continues to evaluate consolidation opportunities which could provide upside to numbers. At 3.0x EPS and 3.3x EBITDA we continue to view the valuation as too cheap, even allowing for the structural challenges of the industry and the financial uncertainties in the co ....