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Cibus's Q1 income from property management (IFPM) was in line with Infront consensus and our estimates, adjusting for a positive one-off. Earnings capacity was unchanged as no acquisitions closed in Q1. Two smaller acquisitions were announced after Q1. We expect Cibus to continue making add-on acquisitions in Finland and Sweden before entering other Nordic markets. The company aims to acquire assets for EUR 50-100m annually; so far Cibus has acquired assets for EUR 9m in 2021. We keep our fair value range at SEK 160-180 per share, based on a mix of P/EPRA NAV, peer valuations, and DCF. Cibus intends to grow its dividend by 5% annually and distributes dividends on a monthly basis. Marketing material commissioned by Cibus.
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