Cibus: All set for value-enhancing acquisitions - Nordea

Cibus will report its Q4 results on 24 February. We expect net operating income (NOI) of EUR 20.0m, up 3% q/q and 20% y/y, owing to acquisitions conducted in the past year. We look for income from property management (IFPM) of EUR 13.1m, up 5% q/q and up 41% y/y. We expect a dividend proposal of EUR 0.99 per share. Cibus is trading at a ~100% premium to Q3 2021E EPRA NRV. It has become an attractive real estate compounder within Nordic real estate. At the end of 2021, the company announced a target to double its portfolio size by the end of 2023. We lower our fair value range to SEK 250-310 (270-330), 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 2023E P/EPRA NRV of 1.48-1.83x (including dividends). Marketing material commissioned by Cibus.

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