SBB - comment
The IPO price range puts the EV at SEK20bn – SEK21bn, a 24% discount to the asset value. The figure is a disappointment as we had expected a smaller discount to asset value, but the valuation of the building rights on the balance sheet was always going to be discounted significantly. The proceeds to SBB will be SEK3.5bn to SEK4bn plus the deconsolidation of the SEK12db in bank debt. After the lock-up period, a further 5% could be sold with SBB retaining control. The prospectus will be out later today, and we will update you once we have seen it.