Cibus: Ambitious growth targets remain achievable - Nordea

Cibus will report its Q1 results on 5 May. We expect net operating income (NOI) of EUR 21.4m, up 5% q/q and 18% y/y, owing to acquisitions conducted in the past year. We forecast income from property management (IFPM) of EUR 14.2m, up 11% q/q and 22% y/y. Cibus is trading at a ~70% premium to Q4 2021E EPRA NRV. At the end of 2021, the company announced a target to double its portfolio size by the end of 2023 and to enter the Danish market in early Q2 2022 via a EUR 280m acquisition. We lower our fair value range to SEK 240-300 (260-320), based on a combination of P/EPRA NRV and peer group valuations, driven by a lower valuation for Cibus's compounder peers. The fair value range implies a 2023E P/EPRA NRV of 1.36-1.70x (including dividends). Marketing material commissioned by Cibus.

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