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ABGSC Construct. & Real Estate Research ... (+4)
  • ABGSC Construct. & Real Estate Research
  • Fredrik Stensved
  • Markus Henriksson
  • Viktor Stenlöf
CIBUS-SE CIBUS NORDIC REAL ESTATE
04/23/24 April 23, 2024 1 EN
ABGSC Construct. & Real Estate Research ... (+4)
  • ABGSC Construct. & Real Estate Research
  • Fredrik Stensved
  • Markus Henriksson
  • Viktor Stenlöf
PREMIUM
CIBUS-SE Cibus Nordic Re...

Improving the debt profile

Expect another stable quarter. New bonds at significantly lower spreads. Low multiples and low growth: HOLD.

CIBUS-SE CIBUS NORDIC REAL ESTATE
04/05/24 April 5, 2024 1 EN
ABGSC Construct. & Real Estate Research ... (+4)
  • ABGSC Construct. & Real Estate Research
  • Fredrik Stensved
  • Markus Henriksson
  • Viktor Stenlöf
PREMIUM
ATRLJ.B-SE Atrium Ljungber...
CAST-SE CASTELLUM ... (+21)

Sweden is set for a comeback

Swedish economy set to outperform in 2025, with buoyant conditions for real estate. Tables have turned since January – more BUYs than SELLs.

ATRLJ.B-SE ATRIUM LJUNGBERG
CAST-SE CASTELLUM
CATE-SE CATENA
DIOS-SE DIöS FASTIGHETER
FABG-SE FABEGE
HUFV.A-SE HUFVUDSTADEN
K2A.B-SE K2A KNAUST & ANDERSSON FASTIGHETER
KLARA.B-SE KLARABO
NYF-SE NYFOSA
PNDX.B-SE PANDOX
PLAZ.B-SE PLATZER FASTIGHETER
SBB.B-SE SBB
WALL.B-SE WALLENSTAM
WIHL-SE WIHLBORGS
BALD.B-SE BALDER
CAT.B-SE CATELLA
CIBUS-SE CIBUS NORDIC REAL ESTATE
SAGA.B-SE AB SAGAX
NP3-SE NP3 FASTIGHETER
LOGI.B-SE LOGISTEA AB
SLP.B-SE SWEDISH LOGISTIC PROPERTY AB
04/05/24 April 5, 2024 1 EN
ABGSC Construct. & Real Estate Research ... (+4)
  • ABGSC Construct. & Real Estate Research
  • Fredrik Stensved
  • Markus Henriksson
  • Viktor Stenlöf
PREMIUM
CIBUS-SE Cibus Nordic Re...

Lack of negative triggers — up to HOLD

Q4 outlook on the soft side — CEPS down ~2%. Payout ratio >90% in 2024e-2026e. Low growth, but lack of negative triggers. Up to HOLD (Sell).

CIBUS-SE CIBUS NORDIC REAL ESTATE
03/06/24 March 6, 2024 1 EN
ABGSC Construct. & Real Estate Research ... (+4)
  • ABGSC Construct. & Real Estate Research
  • Fredrik Stensved
  • Markus Henriksson
  • Viktor Stenlöf
CIBUS-SE CIBUS NORDIC REAL ESTATE
02/29/24 February 29, 2024 1 EN
ABGSC Construct. & Real Estate Research ... (+4)
  • ABGSC Construct. & Real Estate Research
  • Fredrik Stensved
  • Markus Henriksson
  • Viktor Stenlöf
PREMIUM
ATRLJ.B-SE Atrium Ljungber...
CAST-SE CASTELLUM ... (+19)

Saved by the bell – now what?

Lower risks of both rights issues and covenant breaches more than reflected after the recent rally. P/CEPS of ~18x with limited earnings growth; four downgrades.

ATRLJ.B-SE ATRIUM LJUNGBERG
CAST-SE CASTELLUM
CATE-SE CATENA
DIOS-SE DIöS FASTIGHETER
FABG-SE FABEGE
HUFV.A-SE HUFVUDSTADEN
K2A.B-SE K2A KNAUST & ANDERSSON FASTIGHETER
KLARA.B-SE KLARABO
NYF-SE NYFOSA
PNDX.B-SE PANDOX
PLAZ.B-SE PLATZER FASTIGHETER
SBB.B-SE SBB
WALL.B-SE WALLENSTAM
WIHL-SE WIHLBORGS
BALD.B-SE BALDER
CAT.B-SE CATELLA
CIBUS-SE CIBUS NORDIC REAL ESTATE
SAGA.B-SE AB SAGAX
NP3-SE NP3 FASTIGHETER
01/19/24 January 19, 2024 1 EN
ABGSC Construct. & Real Estate Research ... (+4)
  • ABGSC Construct. & Real Estate Research
  • Fredrik Stensved
  • Markus Henriksson
  • Viktor Stenlöf
PREMIUM
CIBUS-SE Cibus Nordic Re...

Time for another dividend cut

Broadly in line with cons for Q4'23e. No deleveraging with a payout ratio of >95%, rational way forward is a div cut - SELL.

CIBUS-SE CIBUS NORDIC REAL ESTATE
01/19/24 January 19, 2024 1 EN
ABGSC Construct. & Real Estate Research ... (+4)
  • ABGSC Construct. & Real Estate Research
  • Fredrik Stensved
  • Markus Henriksson
  • Viktor Stenlöf
PREMIUM
CIBUS-SE Cibus Nordic Re...

In need of a reboot

Resilient cash flow with no value-added activities. Leverage too high and unsustainable DPS. ABGSC initiates coverage with a SELL recommendation, TP SEK 125.

CIBUS-SE CIBUS NORDIC REAL ESTATE
12/13/23 December 13, 2023 1 EN
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