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Cibus: Value-enhancing M&A continues at a high pace - Nordea

After making no acquisitions in Q1, Cibus stepped up its M&A activity, announcing 13 acquisitions in Q2-Q4: 109 grocery and daily goods stores, with a lettable area of 120,500 m2 for a total value of EUR 212m. Following these acquisitions, Cibus will have almost 400 assets in Finland, Sweden and Norway. At a ~90% EPRA NRV premium and an implied yield of ~4.2%, Cibus is taking advantage of compounder opportunities in the grocery-anchored property market. Its recent acquisitions enhance its dividend capacity, enabling it to grow its annual dividend by 5%. We leave our fair value range unchanged at SEK 220-260 per share. Marketing material commissioned by Cibus.

After making no acquisitions in Q1, Cibus stepped up its M&A activity, announcing 13 acquisitions in Q2-Q4: 109 grocery and daily goods stores, with a lettable area of 120,500 m2 for a total value of EUR 212m. Following these acquisitions, Cibus will have almost 400 assets in Finland, Sweden and Norway. At a ~90% EPRA NRV premium and an implied yield of ~4.2%, Cibus is taking advantage of compounder opportunities in the grocery-anchored property market. Its recent acquisitions enhance its dividend capacity, enabling it to grow its annual dividend by 5%. We leave our fair value range unchanged at SEK 220-260 per share. Marketing material commissioned by Cibus.
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