Cibus: A slower M&A pace could be on the cards - Nordea

Cibus's Q2 2022 income from property management (IFPM) was below consensus even when adjusting for EUR 2.5m in negative one-offs. Earnings capacity-based IFPM per share was unchanged q/q at EUR 1.34.

Despite the significantly weakened sentiment in the real estate market, we expect Cibus to keep making add-on acquisitions in the Nordics, and Cibus has also mentioned expanding outside of the Nordics if a suitable opportunity arises.

However, given the fact that the EPRA NRV premium has shrunk to 10%, we believe M&A will be even more selective as EPS accretion has become more challenging.

We make minor estimate revisions after the Q2 report. Our fair value range is SEK 180-240 per share, based on a mix of P/EPRA NAV and peer valuations. Marketing material commissioned by Cibus.

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