SBB Norden - Morphing - Model Update

Having altered our approach to valuing SBB, we have also revisited our assessment of the value of the underlying assets to identify opportunities within the Cap Stack. We find the potential upsides and downsides in the valuation and the drivers of those changes in the context of management's options for short and medium-term maturities, what levers they can use and what the timing is expected to be.