olivLaw · European equity research
Cibus Nordic Real Estate AB (publ) CIBUS.ST
Sweden · Nasdaq Stockholm · ISIN SE0010832204 · Vertical: Listed companies from Sweden
Cibus Nordic Real Estate AB owns and manages a portfolio of grocery-anchored retail properties in the Nordics and Benelux, with anchor tenants such as Kesko and Tokmanni. The portfolio comprises 672 properties and generates annual net operating income of about 168 MEUR, which makes the company relevant to investors watching rental income stability in a period of elevated interest rates.
At the close of 05 Nov 2026, Cibus Nordic Real Estate AB (publ) (CIBUS.ST) stock was 134.10 SEK (+2.09% on the day), with beta 0.29, 52-week range 118.55–166.95 SEK.
Data as of · AI analysis dated · Source: ESEF annual reports and closing prices, computed by olivLaw.
Price history
Loading chart…
Technical reading
- RSI (14)
- 67.0
- strong (55–70)
- Bollinger (20, 2)
- 121.03 – 133.55
- above the upper band · %B 1.04 · band width 9.8%
- SMA 50 / 200
- 130.99 / 143.82
- mixed trend
- MACD (12, 26, 9)
- 0.65 / -0.45
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | EURO STOXX 50 | vs EURO STOXX 50 | Vertical median | |
|---|---|---|---|---|
| 1 month | +10.0% | −0.6% | +10.6 pp | — |
| 3 months | −6.6% | −4.2% | −2.4 pp | — |
| 6 months | −10.5% | +4.3% | −14.8 pp | — |
| Year to date | −8.7% | +7.5% | −16.3 pp | — |
| 1 year | −19.2% | +9.9% | −29.1 pp | −8.3% |
| 3 years | +18.7% | +49.8% | −31.1 pp | +12.0% |
| 5 years | −41.3% | +42.8% | −84.2 pp | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
the price (USD) and the reports are in different currencies
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Fiscal years
| Fiscal year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | unavailable | unavailable | unavailable |
| Revenue YoY | unavailable | unavailable | unavailable |
| Net income | -19.9 m | -4.8 m | 91.4 m |
| Net income YoY | unavailable | unavailable | unavailable |
| Diluted EPS | -0.41 | -0.12 | 1.14 |
| Diluted EPS YoY | unavailable | unavailable | unavailable |
| net % | unavailable | unavailable | unavailable |
| Free cash flow | unavailable | unavailable | unavailable |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 54.9 m EUR
- Financial debt
- 1.6 bn EUR
- Net debt
- 1.5 bn EUR
- Equity
- 1.0 bn EUR
- Total assets
- 2.7 bn EUR
- Debt / equity
- 1.55x
- Current ratio
- 0.50x
- ROE
- 10.6%
- ROA
- 3.9%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (EUR)
Income statement · EUR
Balance sheet · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Cash | 31.5 m | 50.8 m | 54.9 m | esef· 26 Oct 2026verified |
| Receivables | 639.0 k | 645.0 k | — | esef· 08 May 2025verified |
| Current assets | 34.9 m | 59.0 m | 78.7 m | esef· 26 Oct 2026verified |
| Property, plant & equipment, net | — | 100.0 k | 700.0 k | esef· 26 Oct 2026verified |
| Intangibles (excl. goodwill) | 113.0 k | 100.0 k | 0 | esef· 26 Oct 2026verified |
| Total assets | 1.9 bn | 1.9 bn | 2.7 bn | esef· 26 Oct 2026verified |
| Short-term debt | 37.8 m | 123.6 m | 90.2 m | esef· 26 Oct 2026verified |
| Long-term debt | — | 1.0 bn | 1.5 bn | esef· 26 Oct 2026verified |
| Current liabilities | 81.1 m | 170.5 m | 155.9 m | esef· 26 Oct 2026verified |
| Total liabilities | 1.2 bn | 1.2 bn | 1.7 bn | esef· 26 Oct 2026verified |
| Equity | 693.2 m | 708.7 m | 1.0 bn | esef· 26 Oct 2026verified |
| Shares outstanding at year end | 48.6 m | 40.0 m | 80.2 m | esef· 26 Oct 2026derived |
Cash flow · EUR
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- indicators available: 1 of at least 6
- score weight coverage: 4.2% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: unavailable
Price and reporting are in different currencies; market indicators are unavailable.
Key indicators
Coverage and freshness
Score by group
4% · Insufficient data
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 17.69 – 38.52 EUR.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (EUR per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)unavailable · input data missing
- Peers: EV/EBITDAunavailable · input data missing
- Peers: P/E17.69 – 38.52 (Mid 24.25)25 companies used · median multiple 21.3x · quartiles 15.5x – 33.8xAAK.ST, ACAD.ST, AFRY.ST, ALFA.ST, ALIG.ST, ALLEI.ST, ALTRA.ST, APOTEA.ST, AQ.ST, ARPL.ST, ASKER.ST, ATIC.ST, ATRLJ-B.ST, ATT.ST, B3.ST, BHG.ST, BOL.ST, BOOZT.ST, BORG.ST, BRAV.ST, BUFAB.ST, CAMX.ST, CARA.ST, CEVI.ST, COOR.ST
- Dividend discount (DDM)unavailable · the company pays no dividend: a dividend model needs an explicit initiation assumption
Assumptions (illustrative, editorial)
- Risk-free rate
- 3.0%
- Equity risk premium
- 5.5%
- Beta (default)
- 1.00
- Cost of equity
- 8.5%
- Terminal growth
- 2.0%
Factor scorecard
Insufficient data
Minimum-evidence gate: indicators available: 1 of at least 6; score weight coverage: 4.2% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | unavailable | unavailable | — |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | unavailable | unavailable | — |
| Current ratio · Balance sheet | 0.5x | 0 (on a fixed band) | 100% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet· partial0/100 · 1/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality· partialunavailable · 0/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation· partialunavailable · 0/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
Cibus Nordic Real Estate AB (publ) (CIBUS.ST). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: ROE 10.6%.
The estimated value range is 17.69–38.52 EUR per share (median of 1 methods, agreement: single method); assumptions are illustrative. The range is the median of the methods' low, central and high values, not a probability interval.
Insufficient data for a verdict (indicators available: 1 of at least 6; score weight coverage: 4.2% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
No signal among the computed factors. That is not an absence of risk: factors without data were not assessed, and business risks (margins, inventory, demand) are in the source-based analysis.
What contradicts it
- Current ratio: 0.5x
Not assessed (insufficient data or a ratio without meaning): ROIC, Net margin, FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, Interest coverage, P/E (TTM), EV/EBITDA, FCF yield, Shareholder yield (distributions), Payout ratio (FCF).
Versus the vertical median
Listed companies from Sweden · same country · compared with 40 companies
Multiples and returns vs the median
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| ALFA.STAlfa Laval AB | 223.0 bn | 27.0 | 19.4% | 11.9% | +4.1% | +21% / +38% |
| BOL.STBoliden Ab | 143.0 bn | 15.2 | 13.3% | 10.1% | +4.8% | +12% / +81% |
| CAST.STCastellum Aktiebolag | 66.6 bn | 71.0 | 1.2% | 9.8% | −2.6% | +27% / +6% |
| AAK.STAak Ab (publ) | 47.5 bn | 13.9 | 17.2% | 7.5% | +2.2% | −31% / −14% |
| CAMX.STCamurus AB | 42.5 bn | 58.5 | 19.5% | 32.5% | +21.3% | +16% / +55% |
| BRAV.STBravida Holding AB | 30.1 bn | 24.5 | 13.7% | 4.4% | −4.9% | +84% / +123% |
| ASKER.STAsker Healthcare Group AB | 29.8 bn | 60.5 | 9.8% | 2.9% | +11.7% | −18% / unavailable |
| ALLEI.STAlleima AB | 22.7 bn | 33.8 | 4.1% | 3.6% | −5.4% | +11% / +19% |
| BURE.STBure Equity AB | 22.6 bn | — | -21.0% | — | unavailable | +20% / +19% |
| AQ.STAQ Group AB | 19.7 bn | 29.2 | 14.9% | 7.5% | +6.0% | +14% / +119% |
| ALTRA.STAltra Fastigheter AB | 18.4 bn | 33.9 | 3.0% | 15.1% | −2.2% | +9% / +19% |
| ATT.STAttendo AB (publ) | 16.8 bn | 20.7 | 15.1% | 4.3% | +0.1% | +34% / +223% |
| AFRY.STAfry Ab | 14.9 bn | 18.7 | 6.2% | 3.1% | −5.2% | −17% / +4% |
| ATRLJ-B.STAtrium Ljungberg AB | 14.0 bn | 17.1 | 2.9% | 23.9% | −2.0% | −33% / −44% |
| ALIG.STAlimak Group AB (publ) | 12.7 bn | 21.3 | 8.2% | 8.8% | −3.2% | −18% / +50% |
| ACAD.STAcadeMedia AB | 12.7 bn | 15.5 | 12.7% | 4.3% | +9.7% | +22% / +138% |
| APOTEA.STApotea AB (publ) | 10.7 bn | 46.8 | 31.3% | 3.2% | +10.1% | +15% / unavailable |
| BOOZT.STBoozt AB | 10.6 bn | 37.9 | 10.4% | 3.6% | +0.5% | +58% / +44% |
| BUFAB.STBufab AB (publ) | 5.0 bn | 9.2 | 15.1% | 6.9% | −7.4% | +36% / +110% |
| ACTI.STActive Biotech AB (publ) | 4.9 bn | — | -84.5% | — | unavailable | −32% / −77% |
| CEVI.STCellaVision AB | 4.7 bn | 30.8 | 18.0% | 20.2% | +4.9% | +20% / +12% |
| COOR.STCoor Service Management Holding AB | 4.7 bn | 18.2 | 13.0% | 2.2% | +16.7% | +1% / +25% |
| BHG.STBHG Group AB | 4.5 bn | 31.1 | 2.5% | 1.4% | +6.2% | −18% / +113% |
| CARA.STCarasent AB (publ) | 1.8 bn | 51.7 | 4.1% | 10.1% | +24.9% | −8% / +87% |
| BICO.STBICO Group AB | 1.7 bn | — | -46.0% | -72.7% | −13.3% | +16% / −51% |
1- and 3-year price returns: for CIBUS.ST from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Scenarios are not available. input data missing
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
Cibus Nordic Real Estate AB owns and manages a portfolio of grocery-anchored retail properties in the Nordics and Benelux, with anchor tenants such as Kesko and Tokmanni. The portfolio comprises 672 properties 1 and generates annual net operating income of about 168 MEUR 1, which makes the company relevant to investors watching rental income stability in a period of elevated interest rates.
SWOT
Strengths
- A large, geographically diversified portfolio with solid grocery anchor tenants and mostly net leases that reduce operating cost risk.
- Hedging of most of the debt against interest rate risk offers meaningful protection against changes in reference rates.
- An active management approach, with extensions and upgrades carried out together with tenants, could support long-term rental income.
Weaknesses
- Concentration on grocery retail makes the company sensitive to problems in a single sector and to dependence on a few large tenants.
- Finland accounts for a large share of income, creating a significant geographic exposure.
- Debt is substantial and part of it must be refinanced, which could raise costs if capital markets deteriorate.
Opportunities
- Upgrading properties to better energy standards could raise asset values and facilitate green financing.
- Acquisitions of grocery properties in Nordic and Benelux markets could expand the portfolio if prices are reasonable.
- Installing solar panels and EV charging stations could generate additional income.
Threats
- Rising interest rates or restricted access to financing could affect costs and the capacity to acquire properties.
- High energy costs or carbon tax policies could weigh on tenants' profitability and could increase vacancy.
- Changes in consumer behaviour, including online retail, could reduce demand for some types of retail space.
Risks
- Debt refinancingmedium
Part of the debt falls due in the coming years, and if market conditions worsen, the cost of refinancing could rise sharply.
- Concentration on anchor tenantshigh
Most rental income comes from a few large grocery operators, and financial problems at one of them could significantly affect revenue.
- Geographic exposuremedium
Finland represents a large share of operating profit, so regulatory or economic changes in that country could influence results.
- Physical climate risklow
Storms and extreme weather could cause material damage and extra costs, although the report rates these as generally low for the Nordic portfolio.
- Costs of the climate transitionmedium
Investments needed to reach climate targets could be costly, and if not carried out they could affect the attractiveness of green financing.
Investment thesis
What would need to be true (bull case)
- If anchor tenants keep their dominant share and long leases remain stable, rental income could stay predictable and the company could benefit from steady demand for grocery retail.
- Majority hedging of debt against interest rates and lower bank margins, as shown in the report, could support profitability if rates remain under control.
- If energy upgrade projects succeed, the portfolio could become more attractive for green financing and for tenants with ambitious climate targets.
What would break the thesis
- If the cost of financing rises or refinancing becomes harder, margins could be squeezed and the capacity to acquire new properties could fall.
- Dependence on a few large grocery tenants could become a vulnerability if one operator reduces activity or does not extend its leases.
- Geographic concentration in Finland could amplify the negative effects of an economic slowdown or regulatory changes in that country.
What to watch
- Trend in average cost of debt and refinancing of bank loans maturing in 2026-20272026
- Net loan-to-value and interest coverage against covenant limits and the financial policyQ1 2027
- Progress toward the SBTi target of cutting scope 1 and 2 emissions by 20302027
- Results of acquisitions, disposals and extension projects, and the projected growth in rental incomenext 10-K
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
Cibus acquires, develops and manages properties used for grocery and everyday consumer goods retail, mainly mid-sized food stores. According to the 2025 annual report, the company ended the year with 672 properties and a lettable area of 1390 thousand square metres 1. The business model rests on long-term, mostly net leases that shift most operating costs to tenants 1.
Anchor tenants, meaning the main grocery retailers, account for 81 % of rental income 1. The average remaining lease term (WAULT) was 6.0 years at year end 2025 1, and in 2025 the company acquired 207 properties through 20 transactions while divesting 17 1.
The company aims to manage its properties actively, working with tenants on refurbishments and extensions. One example in the report is the Kesko project in Ii, Finland, where an older store is being replaced by a larger one and the lease was extended by 15 years 1.
Segments
Portfolio by country
Finland represents the largest share of net operating income at 50 % in 2025, followed by Belgium and Denmark at 15 % each, Sweden at 12 %, the Netherlands at 5 % and Norway at 3 % 1. Geographic diversification reduces single-market exposure, but the concentration in Finland remains significant.
Anchor tenants
The bulk of rental income comes from grocery chains, and among the largest tenants are Kesko and Tokmanni 1. Reliance on grocery retail brings stability but also sensitivity to the strategy and financial position of a few operators.
Market context
Cibus operates in Nordic and Benelux markets, where grocery retail is a sector with steady demand. The report describes its target markets as growth regions and highlights that mid-sized stores of 1,000 to 3,000 square metres dominate the portfolio 1. Population growth in northern regions could support demand for grocery stores 1.
The financing market is a key factor, as interest-bearing debt reached 1592.8 MEUR at the end of 2025 1. The company already placed new bonds in January and March 2026, which shows access to capital markets 1.
Trends
- Energy-efficient building upgradesmixed
Energy efficiency requirements and the EU taxonomy could raise investment costs, but they could also reduce vacancy risk and support better financing terms if properties become greener 1. The company reports that 49 % of its area is considered green under the taxonomy 1.
- Energy transition of tenantsmixed
Anchor tenants have set ambitious climate targets, and 80 % of the area is leased to tenants with ambitions aligned with the 1.5 degree goal 1. If these targets are met, pressure on tenants' energy costs could ease, though adaptation costs could fall on tenants or the owner 1.
- Cost of financingheadwind
Interest-bearing debt carries an average rate of 4.0 % 1, and most of the debt is hedged against interest rate risk, at 98 % 1. If rates rise, the effect on earnings could be limited by hedging instruments, but refinancing costs could remain a pressure 1.
- Local grocery demandtailwind
Demand for local grocery stores and everyday goods could remain stable even as online sales grow. The report suggests that stores in smaller communities remain important, particularly in rural areas 1.
Competitive position
The report does not name direct competitors, so the list below reflects only operators mentioned in the text rather than a full market analysis. In practice the company competes with other real estate investors seeking quality grocery properties in the same markets, as well as other owners of retail space.
In the Nordic and Benelux markets, competition for grocery retail assets takes place both for acquisitions and for tenants. According to the report, Cibus's advantage lies in its focus on solid anchors and long contracts 1.
- Kesko
Anchor tenant and the largest client of Cibus in rental income, and a Finnish grocery operator that is not listed in the US.
- Tokmanni
Important anchor tenant in Finland, accounting for a significant part of rental income, not listed in the US.
- Coop Sverige
Anchor tenant in Sweden, part of a large cooperative grocery group; not listed in the US.
- Lidl
Grocery discount chain that is among Cibus's tenants; more a leasing partner than a direct competitor.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202526 Oct 2026
- Annual report 202408 May 2025
Sources
- [1] Annual report, fiscal year ended 2025-12-31 (ESEF) · SEC / Cibus Nordic Real Estate AB (publ) · 31 Dec 2025
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.