contentSlug

type

ContentSlug_ContentQuery

slug

ContentPageContentQuery

content

trendingContent

query ContentSlug_ContentQuery(
  $contentSlug: String!
  $type: [ContentType!]
) {
  ...ContentPageContentQuery_13QmVO
}

fragment CompanyDetails_Content on Content {
  __isContent: __typename
  companies {
    name
    description
    pageUrl
    id
  }
}

fragment CompanyTagList on Company {
  pageUrl
  name
  viewerIsFollowing
}

fragment ContentBasicInfo on Content {
  __isContent: __typename
  id
  type
  title
  lang
  companies {
    ...CompanyTagList
    id
  }
  ...PublishingDetails
  ...Reactions
}

fragment ContentMetadata on Content {
  __isContent: __typename
  type
  title
  lang
  pageUrl
  alternatePageUrls: translations {
    __typename
    pageUrl
    lang
  }
  imgUrl
  description
  ... on Video {
    liveTime
    videoUrl
  }
  ... on Webcast {
    liveTime
    videoUrl
  }
}

fragment ContentPageContentQuery_13QmVO on Query {
  content(slug: $contentSlug, type: $type) {
    __typename
    id
    type
    title
    isPremium
    lang
    htmlBody
    companies {
      forum {
        latestPosts {
          ...ForumPosts
        }
      }
      defaultInstrument {
        isin
        id
      }
      id
    }
    slug
    ... on CompanyReport {
      reportUrl
    }
    ... on ThirdPartyCompanyReport {
      reportUrl
    }
    ... on StockExchangeRelease {
      reportUrl
    }
    ...ContentBasicInfo
    ...ContentMetadata
    ...PriceAndRecommendation_Content
    ...CompanyDetails_Content
    ...ReportLink_Content
    ...KeyFigures_Content
  }
  ...TrendingContent_1jQ2Cn
}

fragment ForumPosts on ForumPost {
  text
  likesCount
  url
  author
  postedAt
  authorImgUrl
}

fragment KeyFigures_Content on Content {
  __isContent: __typename
  companies {
    defaultInstrument {
      estimateData {
        modelType
        reportingCurrency
      }
      snapshot {
        transaction {
          date
          actualized {
            year
            quarter
            revenue
            revenueGrowth
            ebitAdjusted
            ebitReported
            ebitda
            enterpriseValue
            epsAdjusted
            dividend
            dividendYield
            sharePrice
          }
          estimates {
            year
            quarter
            revenue
            revenueGrowth
            ebitAdjusted
            ebitReported
            ebitda
            enterpriseValue
            epsAdjusted
            dividend
            dividendYield
            sharePrice
          }
        }
      }
      id
    }
    id
  }
}

fragment PriceAndRecommendation_Content on Content {
  __isContent: __typename
  createdAt
  companies {
    id
    name
    viewerIsFollowing
    defaultInstrument {
      snapshot {
        priceData {
          date
          lastPrice
          tradeCurrency
        }
        transaction {
          date
          recommendation
          targetPrice
        }
        prevTransaction {
          recommendation
        }
      }
      id
    }
  }
}

fragment PublishingDetails on Content {
  __isContent: __typename
  createdAt
  publishers {
    name
    imgUrl
  }
  authors {
    __typename
    id
    name
    slug
    imgUrl
    jobTitle
  }
  ... on Video {
    liveTime
  }
  ... on Webcast {
    liveTime
  }
}

fragment Reactions on Content {
  __isContent: __typename
  id
  reactionGroups {
    reactionType
    reactionsCount
    viewerReacted
  }
}

fragment ReportLink_Content on Content {
  __isContent: __typename
  type
  isPremium
  ... on CompanyReport {
    reportUrl
  }
  ... on ThirdPartyCompanyReport {
    reportUrl
  }
  ... on StockExchangeRelease {
    reportUrl
  }
}

fragment TrendingContent_1jQ2Cn on Query {
  trendingContent(type: ARTICLE) {
    __typename
    id
    title
    lang
    pageUrl
    createdAt
    type
    imgUrl
    companies {
      squareLogoUrl
      id
    }
    authors {
      __typename
      imgUrl
      id
    }
    publishers {
      imgUrl
    }
  }
}


__typename

title

isPremium

lang

htmlBody

companies

createdAt

publishers

authors

reactionGroups

pageUrl

translations

imgUrl

description

Analyytikko

Matias Arola

Cibus Nordic Real Estate operates in the real estate industry and focuses on the acquisition, development and management of commercial properties. The company's portfolio includes office and retail properties. The operations are primarily concentrated in the Nordic region, with a main presence in Sweden, Norway and Finland. Cibus Nordic Real Estate was founded in 2018 and is headquartered in Stockholm, Sweden.

Osavuosikatsaus Q1 / 2025: https://cdn.bequoted.com/media/1/3d271e82-eaed-4f08-b9bc-b25ffc7e1897/Cibus_Interim_Report_Q1_2025.pdf

Q1/2025 julkaistu, kiinteistöpuolella hieman irrelevantti EPS nyt myös plussalla.  Kiinteistöhallinnasta saatu palautettua Beneluxin ostoista negatiivista liikearvoa kertatuottoina. Tarkemmin tuota ei ole eritelty   Hallinnasta kerättävät operatiiviset tulot kasvaneet myös selvästi.             cdn.bequoted.com              Cibus_Interim_Report_Q1_2025.pdf    6.39 MB                             Q1 2025 Interim Report Cibus Nordic Real Estate AB (publ) January - March 2025 (compared with January - March 2024)  Rental income amounted to EUR 39.1 million (30.5). Net operating income totalled EUR 36.6 million (28.1). Profit from property management amounted to EUR 38.0 million (12.2). Profit from property management includes a non-recurring income item of EUR 20.5 million regarding negative goodwill in connection with the acquisition of Forum Estates. Profit from property management, excluding non-recurring items and exchange rate effects amounted to EUR 18.4 million. Earnings after tax amounted to EUR 31.0 million (-4.0), corresponding to EUR 0.42 (-0.08) per share. Unrealised changes in value affected by EUR -7.3 million (-22.3) on properties and by EUR -1.3 million (3.9) on interest rate derivatives. EPRA NRV amounted to EUR 964.7 million (680.4), corresponding to EUR 12.6 (11.9) per share.

Itse itselleni vastaten: Oivalsin juuri, että kiinteistöjen poistoja ei ole merkitty suoraan tuloslaskelmaan tai taseeseen. Lisäksi verottajalle tehdään muutenkin eri laskelma kuin sijoittajalle, ja sitä ei löydä kuin ehkä jostain liitteiden syövereistä. Ettei vain selitys ole siinä, että rakennusten poistot verottajaa varten ovat niin suuret että ne syövät verottajalle menevässä laskelmassa vuokratuotot kokonaan? Joten realisoituvaa veroa ei kerry. Mikä muuten lukeekin vuosirapsan Administration report -osiossa Tax-alaotsikon alla

Yksi kysymys: Miksi Cibus ei ole koskaan maksanut veroja kuin nimellisesti? Suomessa ei ole REIT-lainsäädäntöä, joten ainakin Suomen toiminnoista pitäisi mennä verot, eikä Ruotsinkaan pitäisi niitä hyvittää täysimääräisesti vaikka olisi kuinka REIT? Muoks: Itseasiassa näyttäisi suomalaisetkin firmat pääsevän matalalla veroprosentissa, vaikkakaan eivät yhtä matalalla kuin Cibus. Pikaisesti laskin Kojamolle vajaan 10% kun palautin veroja edeltävään tulokseen realisoitumattomat arvonmuutokset. Varaan mahdollisuuden isoihin ajatusvirheisiin näin keskellä yötä. Muoks 2: Siis Suomessa ilmeisestikin on asuntorahastoille joku REIT-systeemi, mutta ei kauppakiinteistöfirmoille, jos olen oikein käsittänyt?

Aika monta muutosta lyhyeen aikaväliin, divestointeja yli tasearvon ja uudelleenrahoitus aiempaa edullisemmalla korolla   Cibus acquires two assets in Belgium & Finland for 9.3 MEUR, divests six assets in Belgium, Finland & Sweden for 20.2 MEUR, refinances 232.5 MEUR of bank loans at reduced margins The acquisition in Belgium is a Jumbo-store in the Province of Limburg at an underlying property value of 4.6 MEUR. The store has a lettable area of approx. 1,300 sqm and will be expanded by 400 sqm. The property is fully leased to Jumbo on a new 18-year lease agreement with statutory breaks every three years in accordance with the Belgian retail lease legislation. The transfer occurred on March 17, 2025, and the property was acquired through an asset deal and will long term be financed with a loan-to-value ratio of approx. 50% from a local bank. The acquisition in Finland involves a sale-and-leaseback transaction with a major grocery chain in Iisalmi, at an underlying property value of 4.7 MEUR. The property has a lettable area of approx. 2,500 sqm and is fully leased on an 18-year lease agreement without break options. The acquisition was signed on April 16 and is expected to be closed in July 2025, after the final completion of the construction of the store. The property will be acquired through an asset deal and the acquisition will be financed with a loan-to-value ratio of approx. 50 % from a local bank. In Belgium, Cibus has divested three non-strategic assets being DIY stores to a private investor for an underlying property value of 10.2 MEUR. The properties are located in Diest, Peer and Pelt in the region of Flanders, have in total approx. 7,600 sqm of lettable area and are leased out to GAMMA, a Dutch DIY chain. The divestment was signed on March 17 and is expected to close by April 30, 2025. The sale is made as a property deal with an underlying property value above book value. In Finland, Cibus has sold two grocery stores in Helsinki to a grocery store chain for an underlying property value of 9.1 MEUR. The properties have in total approx. 3,900 sqm of lettable area. One of the assets is leased to the buyer and the other has been vacated at the end of 2024 by another grocery chain. The divestment was signed and closed on February 28, 2025. The sale was made as a share deal, and the underlying property value significantly exceeded book value. No deductions were made for deferred tax. In Sweden Cibus divested a former Coop grocery store in Eslöv to the Municipality of Eslöv for an underlying property value of 1.1 MEUR which is slightly above book value. The property has a lettable area of ca. 900 sqm and Coop currently has no operations on the premises. The Municipality is planning to use the property for urban development. The sale will be made as a property deal, and the closing of the transaction is planned to take place by April 30, 2025. On April 15, Cibus completed a refinancing of 232.5 MEUR of bank loans, which is 19 % of Cibus’ total bank loans. The new loans have a 3-year tenor and parts of the loans also include extension options for a further two years. The average new credit margin is more the 50 bps lower compared to previous loan agreements. Cibus has also worked proactively with its hedge portfolio during 2025. In early April a new 22 MEUR 2.75-year swap with a fixed rate at 1.97% was put in place and an existing 2.3-year swap of 435 MSEK was extended to a new 7-year swap, lowering the fixed rate with approximately 40 bps.

Jutussa oli mielestäni havainnollistava graafi siitä, miten Cibuksen maajakauma sekä vuokralaiset ovat jakautuneet. Kesko, Tokmanni ja Coop Sverige huomattavan suuria Cibuksen vuokralaisia, mutta toisaalta kategoria “muut” (övrig handel/dagligvaruhandel) on merkittävä palanen piirakkaa. Pohjoismaiden rinnalle tosiaan tulleet Benelux-maat. Pohjoismaissa pohjoinen on tyhjää täynnä ja omistukset kasvukeskuksissa ja niiden liepeillä. Cibuksen Suomen maajohtaja sanoikin jossain vanhassa haastattelussa, että omistusten laatu on keskiössä ja autioituvia syrjäkyliä pyritään välttämään.

Hiljaista ketjussa, niin nostetaan Placeran artikkeli Cibuksesta. Selaimen kääntäjä toimii hyvin ainakin lontooksi, jos ruotsi ei taivu.                   placera.se              Analys: Köpläge i fastighetsbolaget som delar ut varje månad | Placera    Fastighetsbolaget har expanderat rejält genom ett förvärv av dagligvarufastigheter i Benelux-regionen för 5,6 miljarder kronor. Även om synergierna är små och v                              The real estate company has expanded significantly through the acquisition of grocery properties in the Benelux region for SEK 5.6 billion. Although the synergies are small and earnings per share are not increasing nearly as much as revenue, the stock is attractive.  lyhyesti:  vakaa kk-osingon maksaja anteja ja velkaa otettu, mutta samalla maksetaan osinkoja  tosin ainakin viimeaikaiset annit tehty preemiolla NAViin   uudet kiinteistöhankinnat eivät varsinaisesti tuo lisäarvoa viivan alle, kun synergiahyöty marginaalinen kirjoittajan mielestä velkataso hieman korkea omistus hajautunut, suurimmaksi nousee Benelux ostojen myöt Forum Estates  mahdollisesti myyntipainetta tulossa, kun lockup avautuu     New forces in the ownership list As part of the acquisition, a significant amount of debt is being taken over, but the purchase price itself (EUR 220 million) has been paid in full with newly issued Cibus shares, resulting in approximately 21% dilution. However, the shares were issued at a premium of just over 30% to the last reported net asset value, which is a sign of strength. A consequential effect, however, is that the sellers of Forum Estates are now the largest owners in the company with a total of 17.5% of the shares. However, this is in practice about 150 different owners where the largest individual only has about 2% of the shares. Within the ownership group there are of course different wills, where some have accepted the offer from Cibus while others have become co-sold as a result of a so-called drag-along clause in the shareholders’ agreement. Short lock-up (20% of the holding can be sold on five different occasions within 7-180 days) makes us believe that at least some are interested in selling their shares.

Cibus Nordic Real Estate

Cibus on kasvattanut portfoliotaan viime vuosina vauhdilla ja yhtiö on tänä päivänä yksi Pohjoismaiden suurimpia ruoka- ja päivittäistavarakauppakiinteistöjen omistajia. Vaikka yhtiön kasvun...

<p>Cibus on kasvattanut portfoliotaan viime vuosina vauhdilla ja yhtiö on tänä päivänä yksi Pohjoismaiden suurimpia ruoka- ja päivittäistavarakauppakiinteistöjen omistajia. Vaikka yhtiön kasvunäkymät ovat lähivuosille edelleen hyvät, on osake mielestämme kallis. Nykykurssilla järkevä tuotto-odotus edellyttäisi näkemyksemme mukaan sitä, että yhtiö kykenisi kasvamaan tulevina vuosina osakeantivetoisesti ja että korkea arvostustaso osoittautuisi kestäväksi.</p> 

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Cibus Nordic Real Estate

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