Earnings capacity-based IFPM per share was unchanged q/q at EUR 1.34. EPRA NRV was EUR 15.0 (SEK 157). Cibus is currently trading at a 13% premium to EPRA NRV. We conclude that the report was somewhat on the weak side even adjusting for one-offs. The declined EPRA NRV premium makes the compounder case less attractive as Cibus, in order to reach its growth targets and investment grade rating, will need to issue new shares. We expect a slightly negative share price reaction on the Q2 report.
Aktuellt
SENASTE
