Bildkälla: Stockfoto

Cibus: Stability from infrastructure-like exposure - Nordea

Cibus reports its Q3 results on 12 November. We expect net operating income of EUR 16.4m, up from EUR 15.1m in Q2 and EUR 12.5m in Q3 2019. We expect profit from property management (IFPM) of EUR 10.1m, up from EUR 7.8m in Q2 and EUR 7.3m a year ago. Cibus currently trades at a 29% premium to Q2 EPRA NAV, ie at a clear premium to the Nordic sector. Cibus's infrastructure-like exposure to daily goods and grocery retail assets provides a stable stream of rental income with only a limited threat from e-commerce.

We adjust our peer-, P/EPRA NAV- and DCF-based fair value range to SEK 150-170 (140-160), corresponding to a 2021E dividend yield of 6.1-6.9% and an adjusted 2021E P/E of 12.6-14.3x.

Marketing material commissioned by Cibus.

https://research.nordea.com/api/reportfileapi?id=633858&channel=Finwire
Börsvärldens nyhetsbrev
ANNONSER