When we reinitiated coverage on SBB on 5 June 2024 following a restricted period, the share was trading at SEK 5.47 while our target price of SEK 8/share was based on a probability-weighted scenario analysis including three different scenarios. In all scenarios, we included SEK 1.2 in dividend to be received which was paid out late June 2024 and accordingly, we adjust our target price downwards in this preview with the cash that was paid out (as our scenarios now indicate a lower value/share as ....
