Cibus: Bond maturities covered until early 2027 - Nordea

Last week, Cibus issued green notes of EUR 80m and SEK 700m and launched a tender offer for bonds maturing in 2024 and 2025. The new bonds issued have maturities of four and 3.5 years, respectively. Earlier this year, Cibus also issued a EUR 50m three-year bond, and thus the company has covered all bond maturities until January 2027. The bond maturity profile is extended by almost two years and the average bond margin drops by more than 2pp. We believe this will secure Cibus' dividends going forward; we expect an unchanged dividend of EUR 0.9 per share for the coming years, paid in monthly instalments. We also believe that Cibus could consider making selected acquisitions, although to a limited extent given its LTV of ~57%. We raise our fair value range to SEK 130-160 (120-150) now that the refinancing issues have been resolved. Marketing material commissioned by Cibus.

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