SBB Norden – Journey continues - Model Update

The PPI AS transaction provides a liquidity boost for SBB, and we assess how this disposal of the community assets should advise our investment stance on the company, where this transaction leaves SBB as an operational entity and how the valuation of its holdings stacks up against its debt. Our analysis addresses how post-transaction liquidity will be used to deal with maturities and how much time SBB has before further cash may be needed.