The report turned out to be steady.
NAV is unchanged from the Q4 report at EUR 13 per share.
Earnings capacity is unchanged at EUR 1.08 per share.
The results looked to be slightly below analysts’ expectations, but there are various one-off costs in it that are actually connected to acquisitions that took place after the end of the quarter. No big deal there. The result was EUR 20.8 million.
The loan-to-value ratio is still near the lower end of the company’s target and is now 57.2 percent. This is a little lower than Q4 when it was 58.2 percent. I would like to see them lower the target range a little and move more towards a 50 percent loan-to-value ratio in the normal case. Its still a small company and it grows faster with a slightly higher loan-to-value ratio.
Well, today’s report was nothing to write about. Things are tough. Then the press release they sent out minutes before the report was more interesting. They announced the acquisition of 23 properties with a total value of 103.9 million euros. Basically fully leased to ICA, Rema 1000, Lidl and Tokmanni on long contracts.
I like Cibus with its underlying performance, so I added more when there is a weakness. Looking forward, with possible higher interest rates, Cibus could come under pressure.
Busy And Useful 