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Cibus's Q4 income from property management (IFPM) was largely in line with Infront consensus. Earnings capacity-based IFPM per share increased from EUR 1.18 in Q3 up to EUR 1.25 after deals closed in Q4. We expect Cibus to keep making add-on acquisitions in Finland, Sweden and Norway – and it could enter Denmark soon. Cibus will introduce class D-shares in order to strengthen its balance sheet with a target of achieving investment grade (IG) rating readiness by 2023. We make minor estimate revisions after the Q4 report. Our fair value range is SEK 240-300 per share, based on a mix of P/EPRA NAV and peer valuations. The EPS accretion from M&A is somewhat offset by Cibus likely aiming to lower LTV, from ~58% down to ~50%, in order to reach an IG rating. We estimate this would require equity-like funding of EUR 600-900m to finance EUR 1-1.5bn in acquisitions. Marketing material commissioned by Cibus.
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