Operating profits in Q2 were 5% below our estimate, though fair value changes were slightly above as the valuation yield was slightly lower in Sweden, which is why pre-tax profit came in 2% above our expectations. Cibus is a consolidator of grocery retail properties generating stable and predictable cash flow and the highest dividend yield among Nordic property stocks of 5.5% (2021E) with a target to grow the dividend by at least 5% p.a.
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