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Cibus invested over EUR 600m in acquiring properties in 2020-21 and aims to increase this to EUR 1-1.5bn in 2022-23. Trading at a substantial EPRA NRV premium and an implied yield below 4% puts Cibus in a favourable position to finance 40% of the growth with new equity, while its aim of meeting Investment Grade (IG) rating criteria by 2023 should further lower the company's cost of debt. Assuming Cibus can acquire properties at a net yield of 5.5% on average in 2022-23, we forecast a potential adjusted EPS uplift of 40-60% and a dividend capacity of around EUR 1.5 per share after 2023. We raise our fair value range to SEK 270-330 per share. Marketing material commissioned by Cibus.
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