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SENASTE
Ahead of Cibus' Q3 2023 report, we trim our estimates to reflect changes in interest rates. We cut our income from property management (IFPM) and adjusted EPS estimates by 2-3% for 2023-25, due to higher net financials. We do not believe Cibus will carry out any meaningful M&A, as we argue that the company will focus on securing its balance sheet metrics for the foreseeable future. We also believe Cibus will strengthen its balance sheet, either through divestments or equity-like funding, as it likely needs to lower its net LTV from the current ~57%. As yields in the grocery-anchored real estate segment have been stable in recent years, we see limited risk of significant yield expansion and asset value declines. We keep our EPRA NRV-based fair value range of SEK 110-140 unchanged. Cibus is currently trading at a 33% EPRA NRV discount and an implied yield of ~7%. Marketing material commissioned by Cibus.
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