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Cibus's Q1 2022 income from property management (IFPM) was largely in line with Infront consensus. Earnings capacity-based IFPM per share increased from EUR 1.25 in Q4 2021 up to EUR 1.34, impacted by the inclusion of the EUR 280m acquisition in Denmark. We expect Cibus to keep making add-on acquisitions in the Nordics, and Cibus also mentioned expanding outside of the Nordics if a suitable opportunity arises. We make minor estimate revisions after the Q1 report. Our fair value range is SEK 220-280 per share, based on a mix of P/EPRA NAV and peer valuations. The EPS accretion from M&A is somewhat offset by Cibus likely aiming to lower LTV in order to reach an IG rating. We estimate this would require equity-like funding of EUR 410-660m to finance EUR 0.7-1.2bn in acquisitions and reach the targeted property value of EUR 2.5-3bn by the end of 2023. Marketing material commissioned by Cibus.
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