Cibus: Earnings capacity-based EPS continues to grow - Nordea

Cibus' Q1 2024 income from property management (IFPM) was 7% below Infront consensus, adjusted for one-offs. Administration costs were elevated due to the CEO change and net financial costs were slightly higher than we expected. Earnings capacity-based IFPM per share grew by EUR 0.01 q/q to EUR 0.96, marking the third consecutive quarter of increase. Cibus remains well hedged for the next 15 months. Cibus has refinanced all its bonds, and bond maturities are covered until early 2027. We make minor estimate changes after the Q1 report. Our fair value range remains at SEK 130-160 per share. The share is trading in line with its EPRA NRV, which we believe could pave way for potential equity-financed M&A in the medium term. Marketing material commissioned by Cibus.

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