After making no acquisitions in Q1, Cibus stepped up its M&A activity in Q2, announcing seven acquisitions worth in total EUR 128m, comprising 89 grocery and daily goods stores, with a lettable area of 82,200 m2. Trading at a ~65% EPRA NAV premium and an implied yield of ~4.4%, Cibus is taking advantage of its compounder opportunities in the grocery-anchored property market. The recent acquisitions enhances Cibus's dividend capacity, enabling it to grow its annual dividend by 5%. Cibus also announced its first hybrid bond; EUR 30m in size with an interest rate of 3-month EURIBOR plus 475 basis points. We raise our fair value range to SEK 190-210 (160-180) per share.
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