Cibus: A minor earnings beat - Evli

Cibus’ Q3 report served no big surprises, however net operating income ended up being EUR 0.6m higher than we had estimated as both property expenses and net financial costs were a bit lower than expected.

Cibus’ Q3 rental income came in at EUR 20.2m, compared to our EUR 20.2m estimate.

Net rental income was EUR 19.3m vs our EUR 19.0m estimate. Property expenses were a bit lower than estimated.

Operating income amounted to EUR 18.0m vs the EUR 17.8m/17.9m Evli/consensus estimates.

Net operating income was EUR 12.5m, compared to our EUR 11.9m estimate. Net financial costs were EUR 0.4m lower than we estimated.

Annual net rental income capacity now stands at EUR 76.25m and will be EUR 82.5m by the end of the year as certain previously announced transactions close.

GAV amounted to EUR 1,336m and therefore EPRA NAV was EUR 12.4 (12.3) per share.

Net LTV ratio amounted to 60.1% (60.1%).

Occupancy rate was 94.2% (94.8%).

WAULT was 5.0 years at the end of Q3.

Länk till analysen i sin helhet: https://pankki.evli.com/hubfs/ERP/Raportit/cibus/Cibus%20211111%20Earnings%20flash.pdf