Nordea aloittaa Cibuksen seurannan, antaa suosituksen 'osta' ja asettaa hintasuositukseksi 200 kruunua.
Lähde: Finwire
Nordean omasta raportista 4.11.2024:
Estimate and valuation changes
We initiate coverage on Cibus with a Buy recommendation and a multiples- and relative value-based target price of SEK 200, corresponding to 2025E P/NRV of 1.23x, adjusted P/E of ~18x and NOI/EV of 5.7%. Our target price of SEK 200 corresponds to a sustainable dividend yield of 5.2%.
July - September 2024 (compared with July - September 2023) — Rental income amounted to EUR 30,407 thousand (29,765). — Net operating income totalled EUR 29,219 thousand (30,953, excluding non-recurring income items 28,253) — Profit from property management was EUR 13,191 thousand (16,810, excluding non-recurring income items 14,110). Profit from property management, excluding non-recurring items and exchange rate effects, amounted to EUR 14,193 thousand. — Earnings after tax amounted to EUR -5,569 thousand (8,032), corresponding to EUR -0.11 (0.13) per share. — Unrealised changes in value affected by EUR -6,339 thousand (-5,481) on properties and by EUR -12,979 thousand (-1,065) on interest rate derivatives.
January – September 2024 (compared with January – September 2023) — Rental income amounted to EUR 91,373 thousand (89,065). — Net operating income totalled EUR 87,790 thousand (86,603). — Profit from property management was EUR 35,744 thousand (40,144). Profit from property management, excluding non-recurring items and exchange rate effects, amounted to EUR 39,858 thousand. — Earnings after tax amounted to EUR -7,332 thousand (13,989), corresponding to EUR -0.16 (0.23) per share. — Unrealised changes in value affected by EUR -37,016 thousand (-22,216) on properties and by EUR -9,359 thousand (-1,065) on interest rate derivatives. — EPRA NRV amounted to EUR 749,001 thousand (743,893) corresponding to EUR 11.9 (13.0) per share
Cibus announces its first step in continental Europe through the contemplated acquisition of Forum Estates, Benelux, with an underlying property value of approx. EUR 508 m
Creating leading Northwest-European listed platform for grocery and daily goods real estate
The Benelux forms an attractive market for further investments. With Forum Estates' proven track record in sourcing investment opportunities, the platform will serve as springboard for further expansion in continental Europe.
The total property portfolio consists of 149 properties, with lettable floor area of approximately 276 thousand sqm and is valued at approximately EUR 508 million, generating EUR 33.1 million gross rental income annually.
74% of the portfolio's gross rental income is generated in Belgium, 24% in the Netherlands and 2% in Luxembourg.
82% of gross rental income is generated by grocery and daily goods anchored real estate.
Cash earnings per share accretive transaction and LTV neutral
The Transaction is expected to be accretive to earnings capacity per share by 3-5% from day one.
Synergies are expected to be in the range of EUR 0.5 - 1.0 million.
The net acquisition yield of the portfolio is 6.5%.
Leverage ratios are expected to remain within Cibus' financial policy. Post transaction, the Q3 2024 pro forma LTV will be 58.9%, net debt / EBITDA 10.2x and the interest coverage ratio 2.2x.[1]
Using Cibus' shares as financing for the Transaction is estimated to increase Cibus' EPRA NTA per share by 7%.
Cibus enters into an agreement for the acquisition of 31 grocery stores in Denmark for a purchase price and an underlying property value of MDKK 879, corresponding to ca. MEUR 118
The total lettable area of the property portfolio amounts to approximately 36,200 sqm. The tenants in the portfolio are REMA 1000 (17 stores), Salling Group/Netto (10 stores) and Coop Danmark (4 stores). The total annual rental income amounts to approximately DKK 55.4 million (based on contractual rental value for 2025) and the portfolio average remaining lease term is approximately 6.7 years.
Approximately 99 per cent of the total rental income from the property portfolio derives from daily-goods stores tenants. The portfolio is well diversified in terms of tenants and geography. The properties are located in Jutland, Fyn and Zealand. A property list with information about right-of-first-refusal and area vacancies is presented at the end of this press release. The current occupancy rate for the portfolio is 100 per cent. Of the property portfolio's 31 properties with daily-goods stores, there are currently three properties that are vacant with no ongoing operations. The vacant area for these three properties amounts to approximately 3,600 square meters, but the lease contracts are still in place, and the properties will generate rental income for approximately another 5.6 years on average.
The transaction is divided into two parts, consisting of 22 properties in the first part and 9 properties in the second part. The reason for dividing the transaction into two parts is due to the fact that each tenant on the aforementioned nine properties has a right-of-first-refusal to acquire their leased property, respectively.
The first part of the transaction is carried out as a share deal including 22 properties, will close on 19 December 2024. The underlying property value amounts to DKK 618.5 million, corresponding to approximately EUR 82.9 million. The total lettable area amounts to 25,000 sqm. The total annual rental income for these 22 properties amounts to approximately DKK 39.4 million (based on contractual rental value 2025) and the average remaining lease term is approximately 7.0 years.
The second part of the transaction, which includes the remaining nine properties, is carried out as a share deal for six of the properties and as separate property transfers for three of the properties. Provided that the current tenants do not use their right-of-first-refusal, these nine (9) properties will be acquired by Cbus and closing is planned for in the beginning of February 2025. The underlying property value for the second part of the transaction amounts to DKK 260.5 million, corresponding to approximately EUR 34.9 million. The total lettable area amounts to 11,200 sqm. The total annual rental income for these nine properties amounts to approximately DKK 16 million (based on contractual rental value 2025) and the average remaining lease term is approximately 6.3 years.
