Heimstaden Bostad/AB - Change On The Horizon

Post Q2 numbers, we have stepped back and reassessed the risks and opportunities across the Heimstaden structure. We have updated our operational data and assumptions, but the issues lie elsewhere. We build on our previous work outlining the options available to the Company and its shareholders. We model the impact on interest coverage ratio and ability to pay dividends across all options, including perpetual bond exchange and various magnitudes of asset sales.