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Cibus: Eyes are set on additional properties - SEB

Profit in the quarter was marginally lower than we estimated, mainly due to higher than expected financial costs. Cibus is a consolidator in grocery retail properties, enabling stable, safe, and relatively strong cash flow which enables the highest dividend yield in Nordic properties of 5.1% on 2019 earnings and a target to increase the dividend by at least 5% per year. We estimate fair value for the shares of SEK 150-170.

Profit in the quarter was marginally lower than we estimated, mainly due to higher than expected financial costs. Cibus is a consolidator in grocery retail properties, enabling stable, safe, and relatively strong cash flow which enables the highest dividend yield in Nordic properties of 5.1% on 2019 earnings and a target to increase the dividend by at least 5% per year. We estimate fair value for the shares of SEK 150-170.
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