SBB owns SEK 90.2bn worth of investment properties in the Nordic region with focus on the community service segment. Since the company was founded in 2016, growth has been quick with the aim still set high. Given the larger asset base than previously, the underlying cash flow will improve from here on out and the company is likely to benefit on the funding side from higher credit ratings. We reiterate buy and raise our TP to SEK 34 (31).
