Cibus’ Q3 profit from property management was lower than we estimated due to temporarily elevated costs. However, the results did not change our investment thinking.
Cibus is a consolidator of grocery retail properties with stable and relatively safe cash flow that gives it scope for 5% dividend growth in 2019-21 and the highest dividend yield in Nordic the property sector at 6.7-7.4% for that period.
We calculate fair value for the shares of SEK 123-138.
Länk till uppdragsanalys:
https://research.sebgroup.com/pdf/Cibus181119.pdf
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