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SENASTE
Cibus's Q3 2022 income from property management (IFPM) was above consensus when adjusted for EUR -1.8m in one-offs. Earnings capacity-based IFPM per share declined by 5% q/q, down to EUR 1.34. We estimate that this was caused by an increased cost of debt, i.e. 3.1% in Q3 from 2.7% in Q2. Cibus has postponed its growth target – EUR 2.5-3bn of owned assets by the end of 2023 – due to the weak credit market environment. The share is trading at a slight discount to EPRA NRV, which also makes equity-financed M&A less attractive. We make minor estimate revisions after the Q3 report. Our fair value range is SEK 160-200 per share, based on a mix of P/EPRA NAV and peer valuation. Marketing material commissioned by Cibus.
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