Samhallsbyggnadsbolaget – Management Response

Author: Viceroy Research Published on: February 23, 2022 Published in: Samhallsbyggnadsbolaget STO:SBB

February 23, 2022 – Earlier today, SBB published a blanket and uninformative response to Viceroy’s Report: Hard to Pronounce, Harder to Justify Value, dated February 21, 2022. Readers can access this report here:

https://viceroyresearch.org/samhallsbyggnadsbolaget-research/

SBB’s response can be found below:

https://corporate.sbbnorden.se/en/update-on-viceroy-report-on-samhallsbyggnadsbolaget-i-norden-ab-publ/

SBB have not provided any material response to Viceroy’s arguments, including SBB’s revenue and transactional round tripping. Instead, SBB have pushed half-baked strawman arguments and relied on verbose, subjective loopholes to try and clear their name.

Like today’s earnings results: this response was completely uninformative for investors. The enclosed report contains point-by-point assessment of SBB’s response to Viceroy Research.

Viceroy will continue to track SBB, and plans to provide updates once we have digested earnings and other data provided to us over the last 2 days.

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