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Cibus's Q3 income from property management (IFPM) was better than both Infront consensus and our estimates, even adjusting for positive one-offs. Earnings capacity-based IFPM per share was unchanged at EUR 1.18 but will be EUR 1.24 at the end of Q4 after deals closed in the quarter. We expect Cibus to keep making add-on acquisitions in Finland, Sweden and Norway – and it could enter Denmark soon. Cibus has spent EUR ~160m on acquisitions in 2021 and the opportunities to make further EPS and EPRA NRV-accretive acquisitions are favourable as yields have stayed high and Cibus is trading at a 90% premium to EPRA NRV. We raise our fair value range to SEK 220-260 (210-250) per share, based on a mix of P/EPRA NAV, peer valuations and DCF. Cibus intends to grow its dividend by 5% annually and was the first Nordic company ever to distribute monthly dividends. Marketing material commissioned by Cibus.
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