Cibus: EPS set to grow from M&A and lower cost of debt - Nordea

Ahead of Cibus' Q3 report, we include the acquisition of eight properties in Denmark and Finland, announced in September and October, and adjust our EPS estimates to reflect the increased share count from the EUR ~82m directed share issue. We also include the costs from early bond redemptions, which will burden the Q3 results slightly (EUR -0.2m), and we note "double" interest expenses of EUR ~0.8m in Q3, due to refinancing. We believe Cibus will continue adding smaller portfolios with new funds and favourable credit conditions. With the share trading at a ~30% premium to EPRA NRV, equity could be used to fund larger acquisitions, too. We derive a higher fair value range of SEK 170-200 (150-180) to reflect changes in peer valuations and increased acquisition capacity. Marketing material commissioned by Cibus.

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