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SENASTE
Cibus's Q1 2023 income from property management (IFPM) was below Infront consensus, even adjusted for EUR -1.2m in one-offs. Earnings capacity-based IFPM per share declined by 9% q/q, to EUR 1.05. This was mainly caused by an increase in the cost of debt, i.e. 4.3% in Q1 from 3.9% in Q4. We cut adjusted EPS by 9-12% for 2023E-25E due to higher interest costs. We also cut our dividend estimates to a flat level of EUR 0.9 in 2023-25, as we believe Cibus will need to reduce its net LTV from the current ~56% level. Our fair value range is SEK 110-140 (120-160) per share, based on a mix of P/EPRA NAV and peer valuation. The share is trading at a ~33% discount to EPRA NRV, which corresponds to an implied yield of ~7% versus the reported 6.1%. Marketing material commissioned by Cibus.
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