Cibus Real Estate AB (publ) (CIBUS.ST) : juste valeur

Thèse ACCE

Cibus Real Estate owns and manages a portfolio of Swedish grocery-anchored and convenience retail properties, with rents largely tied to food retailers and everyday service tenants, which gives it unusually high gross (83.9%) and operating (77.5%) margins for a property company. Its edge is the defensive nature of that tenant base: groceries are recession-resistant, and long leases with inflation-linked escalations support steady cash flow. Revenue is growing at 13.4%, and the forward P/E of 136.9 against a trailing 11.3 signals that earnings are expected to move sharply, so the key question for the near term is whether that step-change in profitability materializes or reflects one-off or accounting effects. At a 10.4B SEK market cap, the name is mid-sized for the Stockholm property sector, with an ROE of only 8.6% reflecting the heavy balance sheet typical of real estate. This is worth a deeper look to test the forward earnings gap and the quality of the rental income before any conclusion is drawn.