Yesterday was not a good day for real estate companies on the Stockholm Stock Exchange in general. On top of that, Cibus announced that its CEO will be leaving for the day. The share fell over 3 percent and closed just below SEK 155. The CEO change doesn’t have to be that dramatic, we’ll see how it plays out.
The board of directors of Cibus consists of a solid group, but the ownership structure in the company lacks a clear major owner. Chairman of the board Stefan Gattberg was involved in establishing Cibus from the beginning. There are several members of the board who have been involved from the start.
The new CEO at Cibus is called Stina Lindh Hök and has a solid background, including as CEO of Nyfosa.
Cibus is now valued at just above the net asset value, which per the Q3 report was a little over SEK 140. Earnings capacity was EUR 1.07 per Q3, which at the euro rate of SEK 10.96 means a multiple valuation of 13.2 times at the closing price of around SEK 155 today.
Maybe there will be changes in the company. In the press release they say that Stina Lindh Hök will continue on the path set for Cibus.
The market tends to overreact, I think it was an attractive valuation based on the information available. I own Cibus today and will continue to add more at these levels.
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