Cibus: Focus likely to be on defending balance sheet - Nordea

Ahead of Cibus' Q1 report, we update our estimates (after our research restriction period ending) to reflect the directed share issue conducted on 23 March. We estimate that EPS dilution resulting from the share issue is ~10%. Cibus is currently trading at a 25% discount to EPRA NRV and an implied yield of ~6.8%.

We believe Cibus will focus on securing its balance sheet metrics and conduct limited, if any, M&A in the medium term. As yields in the grocery-anchored real estate segment have been stable in recent years, we see limited risk for significant yield expansion. We lower our EPRA NRV-based fair value range to SEK 120-160 (140-180). Marketing material commissioned by Cibus.

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