We initiate coverage of Urb-it with a base case of SEK 3.6 per share, for a fair value range of SEK 1.2 – SEK 7.6 per share. We consider Urb-it to be an attractive case, especially in the short term, as we expect news flow to be strong – coupled with Urb-it successfully raising SEK 82m through a directed share issue in December ’20 which should provide a foundation for the current expansion plan.