SBB — Sweden's most shorted stock. Short squeeze setup?Samhallsbyggnadsbolaget I Norden AB Class BOMXSTO_DLY:SBB_BBazemtraderSBB_B is once again one of Stockholm's most shorted stocks: ~16% short, ~20 days to cover. If buyers return, the exit door is narrow. What crashed the stock (−90%, from ~68 to ~3)? Not the operations — the balance sheet. SBB was built as a heavily leveraged real-estate giant during the zero-rate years. When rates spiked in 2022, the debt pile became a ticking bomb. Short-seller Viceroy (Feb 2023) attacked its accounting and called it "uninvestable"; S&P cut its rating to junk (May–June 2023, Fitch followed); the dividend was scrapped and a SEK 2.63bn rights issue was pulled. The market priced in a refinancing crisis and bankruptcy risk. Why doesn't that apply anymore? SBB has spent 2023–2025 fixing exactly what sank it: • Interest-bearing debt down ~SEK 16bn → ~SEK 40bn, LTV cut to 50% • Liquidity buffer ~SEK 14bn (~SEK 5bn cash) — the acute refinancing wall is gone • Split into three financeable segments: Education · Residential (Sveafastigheter, ~14,200 apartments) · Community (community portfolio ~SEK 32bn to Public Property Invest) • Back to profit: +SEK 1.78bn vs −SEK 4.96bn the year before The existential risk that took the stock from 68 to 3 has largely been addressed. What remains is still 16% short interest — now on the wrong side. The plan: STRONG DEFENSE LINE ~3 → EARLY ENTRY 3.5 → BREAKOUT 4.5 → TP1 5.50 → TP2 8.22 (NAV) → TP3 20 (long swing). Where shorts start to sweat: 5.50–6.00 is a proven cover zone (short interest fell 15.7%→13.4% when the stock rose ~40% to 5.61 after the Aker deal). Above net asset value 8.22 it gets dangerous fundamentally too. Trigger: earnings July 16. Not financial advice. Do your own research.