Cibus: EPS-accretive M&A-driven growth to continue - Nordea

Ahead of Cibus' Q2 2024 report, we incorporate the acquisition of six properties, announced in late May. We also include the costs for early bond redemptions and employee-related options, which will burden the Q2 results. Cibus has extended its maturities by issuing EUR ~190m in three new bonds, and most of the old outstanding bonds have been called, although a tail of EUR ~32m will be called in H2. We believe Cibus will continue to add smaller acquisitions with existing funds, while larger acquisitions would need an equity component, which appears feasible again, as the share is trading at a ~20% premium to Q1 EPRA NRV. We raise our fair value range to SEK 150-180 (130-160) to reflect the healthier balance sheet as well as changes in the peer group valuations. Marketing material commissioned by Cibus.

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