Cibus: Q2 operationally in line with our expectations - Nordea

Cibus' Q2 2024 income from property management (IFPM) was 6% above Infront consensus, but the results included several one-offs, both positive and negative. Overall, the results were largely as expected, with net operating income in line with Infront consensus when adjusting for an EUR 1.8m insurance compensation. Earnings capacity-based IFPM per share grew again, by EUR 0.01 q/q to EUR 0.97, marking the fourth consecutive quarter of increases. Cibus remains well hedged for the next 12 months with a 97% hedging ratio. It has refinanced all its bonds and its bond maturities are covered until early 2027. We make minor estimate changes after the Q2 report, and our fair value range remains at SEK 150-180 per share. The share is trading at a 20% premium to EPRA NRV, which we believe enables potential larger, equity-financed M&A in the medium term, in addition to smaller acquisitions such as the one Cibus carried out in Q2. Marketing material commissioned by Cibus.

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