Bildkälla: Stockfoto

Cibus: A slow M&A quarter, but now it is picking up - SEB

Operating profits in Q1 were marginally higher than we estimated, although fair value changes were slightly below as the valuation yield was unchanged, and pre-tax profit was in line with expectations. Cibus is a consolidator of grocery retail properties, enabling stable and predictable cash flow and allowing the highest dividend yield among Nordic properties of 5.5% on 2021E earnings, with a target to increase dividend by at least 5% per year.

Our approach to Cibus’ fair value is EV/GAV range of 1.1-1.2x with the current portfolio. This reflects the steady business outlook, high dividend, and growth potential. The relatively high required yield for Cibus’ assets enables strong and growing dividend yield in 2021-23E.
Börsvärldens nyhetsbrev
ANNONSER