Cibus Nordic - High net rental income
Cibus’ Q4 figures were somewhat above estimates as the company closed many acquisitions towards the end of Q4 which the consensus didn’t seem to have fully reflected. Our estimates didn’t include the purchases which were included after the Q3 report.
- Q4 rental income amounted to EUR 21.6m, compared to the EUR 20.7m/20.8m Evli/consensus estimates.
- Net rental income landed at EUR 20.4m vs the EUR 19.5m/19.7m Evli/consensus estimates.
- Operating income was EUR 18.7m vs our EUR 18.2m estimate.
- Net operating income came in at EUR 12.8m, compared to the EUR 12.5m/12.7m Evli/consensus estimates.
- Annual net rental income capacity was EUR 85.8m at the end of Q4.
- GAV amounted to EUR 1,500m while EPRA NAV was EUR 13.5 (12.4) per share.
- Net LTV ratio stood at 57.8% (60.1%).
- Occupancy rate was 94.4% (94.2%).
- WAULT was 5.0 years at the end of Q4.
- Annual total dividend per share is proposed at EUR 0.99, compared to the EUR 0.99/0.99 Evli/consensus estimates.