Cibus's Q3 income from property management (IFPM) was in line with our expectations, adjusting for one-offs. The EUR 1.1bn portfolio is producing highly predictable income and should deliver EUR ~10m in IFPM on a quarterly basis going forward. No major transactions were conducted in Q3, but Cibus raised its target of annual investments from EUR 50m up to EUR 50-100m. We keep our fair value range at SEK 150-170 per share, based on a mix of P/EPRA NAV, peer valuations, and DCF. Cibus intends to grow its dividend by 5% annually and has started distributing dividends on a monthly basis. We expect CIbus to continue making add-on acquisitions in Finland and Sweden before eventually entering other Nordic markets.
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