Cibus: Acquisition activity level expected to remain high - Nordea

Cibus will report its Q3 results on 11 November. We expect net operating income (NOI) of EUR 19.0m, up 3% q/q and 15% y/y, owing to acquisitions conducted in the past year. We expect income from property management (IFPM) of EUR 11.6m, up 7% q/q and up 22% y/y. Cibus is currently trading at a 75% premium to Q2 2021E EPRA NRV. Cibus has become an attractive real estate compounder within Nordic real estate that should be able to continue making value-accretive acquisitions in the Nordics. We lower our fair value range to SEK 200-240 (210-250), based on a combination of P/EPRA NRV, peer group and DCF valuations. The decrease is driven by a lower valuation for Cibus's compounder peers, and the fair value range implies a 2022E P/EPRA NRV of 1.27-1.52x (including dividends). Marketing material commissioned by Cibus.

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