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SENASTE
Cibus' Q4 2023 income from property management (IFPM) was 7% below Infront consensus, adjusted for one-offs. Earnings capacity-based IFPM per share increased by EUR 0.02 q/q to EUR 0.95, giving support to a EUR 0.90 dividend going forward. Cibus remains well hedged for the next 18 months. We cut our adjusted EPS estimates by 5-7% due to slightly lower rental increase assumptions and somewhat higher interest costs. Our fair value range is unchanged at SEK 120-150 per share, based on a mix of P/EPRA NAV and peer valuation. The share is trading at a ~15% discount on EPRA NRV, which corresponds to an implied yield of 6.9% versus the reported 6.4%. The unchanged dividend of EUR 0.90 should be sustainable given the extensive hedging valid until mid-2025. Marketing material commissioned by Cibus.
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