Cibus: Sustainable, growing and stable dividend profile - Nordea

Cibus's Q1 profit from property management was largely in line with our expectations, with the acquired Coop portfolio contributing only partially because the acquisition closed on 10 March. Cibus has experienced few disturbances related to COVID-19, as its grocery- and daily-goods-anchored tenants are performing well in the current environment.


The infrastructure-like assets that generate Cibus's rental income deserve a premium valuation versus most other real estate segments, which have been negatively impacted by the pandemic.

We keep our fair value range unchanged at SEK 125-145 per share, based on a mix of P/EPRA NAV, peer valuations, and DCF. Cibus intends to grow its dividend 5% annually and will soon start distributing dividends on a monthly basis

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