Cibus: A real estate compounder with a dividend focus - Nordea

Cibus will report its Q2 results on 18 August. We expect net operating income (NOI) of EUR 18.6m, up 2% q/q and 23% y/y, owing to acquisitions conducted during the past year. We expect income from property management (IFPM) of EUR 11.9m, up 3% q/q and 53% y/y. We are largely in line with Infront consensus on the Q2 numbers. Cibus is currently trading at an 88% premium on Q1 2021 EPRA NRV. Cibus has become an attractive real estate compounder within Nordic real estate. We raise our fair value range to SEK 210-250 (190-210), based on a combination of P/EPRA NRV, peer group, and DCF valuations. The increase is partly driven by a revaluation of Cibus's compounder peers, which corresponds to a 2022E dividend yield of 4.2-5.1% and a 2022E adjusted P/E range of 17.7-21.1x. Marketing material commissioned by Cibus.

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