In the month of July, SBS brought in gross proceeds of SEK 125m through a directed share issue. Albeit leading to shareholder dilution, the share issue is important if SBS is to be able to capitalize on the opportunities in its project portfolio/access acquisitions. With this said, our NAV estimates are adjusted downwards and we now apply a larger discount vs. our 12 month estimated NAV compared to before. We lower TP to 9 (12), BUY reiterated.
