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SENASTE
Ahead of Cibus' Q2 report, we trim our estimates to reflect changes in interest rates, as well as taking into account its recent bond repurchases. We cut our income from property management (IFPM) estimates by 6-9% for 2023-25 and adjusted EPS by 7-10% due to higher net financials. 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 of significant yield expansion. We keep our EPRA NRV-based fair value range of SEK 110-140 unchanged. Cibus is currently trading at a 35% EPRA NRV discount and an implied yield of ~7%. Marketing material commissioned by Cibus.
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