Q3 2023 Interim Report Cibus Nordic Real Estate AB (publ)
July - September 2023 (compared with July - September 2022)
Rental income amounted to EUR 29,765 thousand (27,794).
Net operating income totalled EUR 30,953 thousand (26,157).
Profit from property management was EUR 16,810 thousand (14,653). Profit from property management, excluding non-recurring costs and exchange rate effects, amounted to EUR 14,242 thousand.
Earnings after tax amounted to EUR 8,032 thousand (24,204), corresponding to EUR 0.13 (0.49) per share.
Unrealised changes in property values totalling EUR -5,481 thousand (8,945) were included in profit.
January - September 2023 (compared with January - September 2022)
Rental income amounted to EUR 89,065 thousand (78,452).
Net operating income totalled EUR 86,603 thousand (73,115).
Profit from property management was EUR 40,144 thousand (42,778). Profit from property management, excluding non-recurring costs and exchange rate effects, amounted to EUR 39,532 thousand.
Earnings after tax amounted to EUR 13,989 thousand (90,558), corresponding to EUR 0.23 (1.90) per share.
Unrealised changes in property values totalling EUR -22,216 thousand (52,660) were included in profit.
EPRA NRV amounted to 743,893 TEUR (735,836) corresponding to EUR 13.0 (15.2) per share.
Uusi CEO löytyi, tarjokkaita oli useita ja valitun Fredrixonin tausta ainakin vaikuttaa hyvältä
Christian Fredrixon is appointed new CEO for Cibus Nordic Real Estate AB (publ)
The Board of Directors of Cibus Nordic Real Estate AB (publ) (“Cibus”) has appointed Christian Fredrixon as new CEO of the company. Mr Fredrixon will start his new position on 15 January 2024.
Christian Fredrixon has an extensive experience from financial markets as well as the real estate market in general and the daily-goods real estate segment in particular. Most recently, he served as the CIO for Vasakronan, one of the largest real estate companies in the Nordics. Before that he was CIO for ICA Real Estate for seven years, prior to which he was a partner at Catella for seven years. In both capacities he has i.a. been involved in the creation of many of the different JV structures set up in Sweden between ICA and various pension companies.
Mr Fredrixon, 46, is a Swedish national and holds an M.Sc. in Economics and Business Administration from the Stockholm School of Economics. He s started his career in the UK in investment banking and property financing at HSBC and CLS Holdings respectively.
“The recruitment process has been intensive and the position as CEO of Cibus has attracted many good candidates. In Christian, we strongly believe we have found the most suitable one. His background both in finance, real estate and daily goods makes him the ideal CEO to lead the company forward.”, says Patrick Gylling, Chairman of the Board.
“Daily goods properties have, in one form or another, been a significant part of my career and I am thrilled to take on the role of CEO of Cibus, which is a company I have long followed with interest.”, says Christian Fredrixon.
Sverker Källgården will continue as CEO until Mr Fredrixon starts. Sverker’s last day will be 31 January 2024.
Eilen tullut Nordean tilille Cibuksen osinko, mutta samana päivänä sama summa on miinustettu tililtä pois. Tiedoissa luki ”tuottokorjaus”. Muilla tapahtunut sama?
Cibus Nordic Real Estate AB (publ) (“Cibus”) has issued senior unsecured green notes in the total amount of EUR 50 million under the Issuer’s MTN programme (the “New Senior Unsecured Green Notes”). The New Senior Unsecured Green Notes have a tenor of 3 years and a floating interest rate of EURIBOR three months plus 400 bps and will mature on 1 February 2027. Cibus intends to apply for listing of the New Senior Unsecured Green Notes on the sustainable bond list of Nasdaq Stockholm.
“As the newly appointment CEO, I’m very proud of the successful issuance of our new bonds which came at the lowest margin ever for Cibus taking the tenor into consideration. …”
Kyllähän tuo äkkilukaisulla ihan ok:lta vaikutti ja osinko säilyy tällä tasolla, joka nyt ainakin itselle on tähän sijoittaessa ollut merkittävä osatekijä.
Eiköhän tuo osakkeen hintakin vähän lähde korjaamaan, viime ajat ollut aikamoista pulkkamäkeä tälläkin.
Kiinnostaisi tietää mihin tuo kurssinousu perustuu tällä hetkellä.
Noviisina en näe tuossa raportissa kovin positiivista. Mutta amatööri olenkin lukemaan noita tiedotteita.
Varmasti isossa kuvassa kurssikehitykseen vaikuttaa korot.
Pienemmässä kuvassa Cibuksen selviäminen tästä tilanteesta, velkataakasta.
Kehitys ollut oikeaan suuntaan, kun siihen huomioidaan 6-12kk korkojen lasku niin se on vielä parempi
Cibus näyttäisi olevan niin tylsä seurattava, että edes Q1 raportista ei ole ollut mitään kommenttia melkein kuukauteen. Tosin eipä tuossa niin ihmeellistä ollut, mistä edes saisi keskustelua aikaan
Käyvät arvot arvostettu taas vähän alaspäin, mikä oli odotuksissa. Muilta osin pientä kasvua ilmeisesti lähinnä inflaatiokorotusten kautta.
Osinko ennallaan
Alkaa osakkeen hinta muuten taas kääntymään preemion puolelle
Tärkeimmät:
Rental income amounted to EUR 30,519 thousand (29,667).
Net operating income totalled EUR 28,114 thousand (27,600).
Profit from property management was EUR 12,229 thousand (11,791). Profit from property management excluding exchange rate effects amounted to EUR 12,517 thousand.
Earnings after tax amounted to EUR -3,989 thousand (1,967), corresponding to EUR -0.08 (0.03) per share.
Unrealised changes in value are included in earnings and affected by EUR -22,339 thousand (-8,477) on properties and by EUR 3,951 thousand (-2,495) on interest rate derivatives.
EPRA NRV amounted to EUR 680,413 thousand (697,538), corresponding to EUR 11.9 per share (14.4).
Ja tämä kommentti kyllä summaa tämän sijoituskohteen hyvin
We have chosen grocery and daily-goods properties in particular because daily-goods is a non-cyclical segment with stable cash flows, both through the daily-goods themselves and through stable tenants, indexed rents, long-term leases and a geographically well-diversified portfolio.
Kivasti onneksi 1,5v aikana saanut laskea keskihintaa 100-120sek paikkeilla, sen myötä itsellä nousi liian suureksi paino, ja vihdoin ”pääsin” keventelemään.
Cibus tarjonnut kyllä kivasti osinkoakin, mutta täytyy olla itselle rehellinen että liian huonosti tätä ymmärrän ja vielä kun tarkempaa tietoa hakee, niin ruotsi vähän hankaloittaa
Toivotaan tänne vilkkaampaa ja asiantuntevaa keskustelua, tai sitten jatkan exit-suunnitelmaa
Cibus Nordic Real Estate AB (publ) signs and part closes an acquisition in Sweden for an underlying property value of SEK 87.5 million
Cibus Nordic Real Estate AB (publ) has today signed an acquisition of six grocery anchored assets in Sweden for SEK 87.5 million. The assets are acquired from Företagsparken Norden Holding AB (publ) and the closing of five of the assets takes place immediately and the remaining property is planned to be closed during July later this year.
The assets are located in Värmland and have a lettable area of 8,900 sqm. The anchor tenant is Pekås i Värmland AB (Coop) in five and ICA Sverige AB in one of the assets and the weighted average lease maturity is five years.
Quote from Cibus’ CEO, Christian Fredrixon:
"We are pleased to announce that Cibus is yet again active in acquisitions. The properties in the transaction hold 88% daily-goods, contribute to positive earnings capacity per share and is our first transaction after a period of inactivity on the buy-side. We are hoping and evaluating more potential acquisitions, both of individual properties and of portfolios. We are looking at acquisitions in all our four Nordic markets but we are also following other European markets closely in line with our slogan “Converting food into yield”."
Erityisesti pisti silmään tuo viimeinen kommentti: “we are also following other European markets”
Varmasti viisasta katsoa jos saa tässä markkinassa paremmilla luvuilla Euroopasta kiinteistöjä ja samalla hajautettua salkkua, kunhan luvut kestää investoinnit.
Nordea laskelmissa bondien takaisinostot ja työntekijöiden optiot painavat Q2 tulosta
Nordea uskoo pienten ostojen jatkuvan, mutta ei sulje pois isompiakaan kauppoja, koska osake alkaa olla taas järkevissä hinnoissa kaupankäynnin välineeksi.
Tällä hetkellä preemio on n. 20% EPRA NRV:hen ja fair value range nousi 150-180 (130-160)
Q2 2024 Interim Report Cibus Nordic Real Estate AB (publ)
April - June 2024 (compared with April - June 2023)
Rental income amounted to EUR 30,447 thousand 29,633).
Net operating income totalled EUR 30,457 thousand (28,050).
Profit from property management was EUR 10,324 thousand (11,543). Profit from property management, excluding non-recurring items and exchange rate effects, amounted to EUR 11,912 thousand.
Earnings after tax amounted to EUR 2,226 thousand (3,990), corresponding to EUR 0.03 (0.06) per share.
Unrealised changes in value affected by EUR -8,338 thousand (-8,258) on properties and by EUR -331 thousand (2,495) on interest rate derivatives.
January - June 2024 (compared with January - June 2023)
Rental income amounted to EUR 60,966 thousand (59,300).
Net operating income totalled EUR 58,571 thousand (55,650).
Profit from property management was EUR 22,553 thousand (23,334). Profit from property management, excluding non-recurring items and exchange rate effects, amounted to EUR 25,665 thousand.
Earnings after tax amounted to EUR -1,763 thousand (5,957), corresponding to EUR -0.05 (0.09) per share.
Unrealised changes in value affected by EUR -30,677 thousand (-16,735) on properties and by EUR 3,620 thousand (0) on interest rate derivatives.
EPRA NRV amounted to 675,887 TEUR (744,468) corresponding to EUR 11.8 (13.0) per share.
NAV laskenut siis arvonmuutosten myötä 13€ → 11,8€ eli n. 137SEK.
Operatiivinen kassavirta parempaan suuntaan vertailukauteen.
Suunnattu anti tarjolla nopeutetulla menettelyllä kasvun rahoittamiseen, eli uutta kiinteistöä olisi hakusessa tuottamaan lisää kassavirtaa ajan kanssa.
… to explore the conditions for carrying out a directed share issue of approximately 5.7 million shares to Swedish and international institutional, and other qualified, investors through an accelerated bookbuilding procedure (the “Directed Share Issue”).
5,7M osaketta sillä saa jo ihan muutamankin lisämökin hankittua
NAV taitaa olla vähän preemiolla, joten hyvä aika ottaa markkinalta rahaa sisään. Ja kasvun tilanne näyttänyt menevän oikeaan suuntaan. Korot laskussa, joten monin tavoin hyvä aika tehdä liikkeitä.
In the first half of 2024, Cibus has grown its cash flow and its earnings capacity per share for the fourth consecutive quarter to EUR 0.97 per share as per 1 July 2024. Growth in 2024 has come from index-linked rental growth, lease renegotiations, refinancing of bonds at lower margins and the acquisition of six grocery anchored assets in Sweden for SEK 87.5 million at an accretive property yield.
"… The current market environment is providing further accretive potential growth opportunities and Cibus has already identified several promising opportunities to acquire attractive properties that match our existing property portfolio and corporate strategy. Cibus’ objective is to create long term shareholder value and these investment opportunities are expected to deliver accretive growth in cash earnings per share."
alennus 4,3% eilisen sulkuhintaan ja 2,7% edellisen 10 päivän VWAP
Directed Share Issue which was directed to Swedish and international institutional, and other qualified, investors. The Directed Share Issue comprises 5,724,614 new shares at a subscription price of SEK 162 per share and the Company will hereby receive approximately SEK 927 million before transaction related costs
En tätä NAVin tilannetta eilen illasta tarkistellut sen enempää, mutta tiedotteessa tuli vastaus.
Eli oikeita liikkeitä tehdään, kun hyvällä preemiolla saadaan pääomia sisään.
The subscription price represents a premium of approximately 20.0[1] per cent to the EPRA NRV per share in Cibus, which amounted to EUR 11.8 on 30 June 2024. A number of Swedish and international institutional investors, including AP3, AP4, Clearance Capital Limited and Länsförsäkringar Fondförvaltning participated in the Directed Share Issue.
