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Cibus's Q2 income from property management (IFPM) was slightly better than Infront consensus but somewhat below our estimates, adjusting for negative one-offs. Earnings-capacity-based IFPM per share rose from EUR 1.15 to EUR 1.18 on acquisitions conducted in Q2. We estimate the EUR 72m acquisition from Sagax will close in Q4 and will boost IFPM per share to EUR 1.23. We expect Cibus to continue making add-on acquisitions in Finland and Sweden – and it could enter Norway or Denmark shortly. The company aims to acquire assets totalling EUR 50-100m annually; so far Cibus has spent EUR 132m on acquisitions in 2021. We keep our fair value range at SEK 210-250 per share, based on a mix of P/EPRA NAV, peer valuations, and DCF. Cibus intends to grow its dividend by 5% annually and it was the first Nordic company to distribute dividends on a monthly basis. Marketing material commissioned by Cibus.
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