Cibus Nordic Real Estate AB (publ) (CIBUS.ST) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

+184.5%

SEK 371.79

vs SEK 130.70 price

Levered DCF

SEK 643.99

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

0.44

Distress zone

Rating

A-

Overall 4 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	11.37×	-127.52×	-29.05×	7.71×	22.5×	17.48×	14.22×	5.62×
P/B	1.08×	1.27×	0.83×	0.87×	1.94×	1.32×	1.29×	0.95×
P/S	5.52×	6.34×	4.13×	4.89×	12.09×	8.14×	7.13×	5.62×
EV / EBITDA	15.71×	47.28×	65.75×	13.58×	25.25×	24.72×	19.61×	8.27×
Gross margin	83.3%	96.5%	81.9%	80.3%	81.4%	82.5%	80.8%	100.0%
Operating margin	74.7%	73.3%	74.8%	90.0%	83.8%	76.1%	80.8%	76.6%
Net margin	48.4%	-3.3%	-14.2%	64.5%	54.8%	46.5%	50.3%	99.7%
Current ratio	0.89×	0.35×	0.43×	0.43×	1.8×	1.55×	1.34×	5.65×
Debt / equity	1.63×	1.62×	1.55×	1.64×	1.59×	1.8×	1.63×	1.48×
Interest coverage	2.22×	2.1×	2.1×	3.96×	3.89×	3.4×	3.99×	0×
Dividend yield	6.6%	5.9%	7.8%	7.6%	3.3%	6.5%	5.9%	2.4%
Payout ratio	75.4%	-1110.3%	-227.3%	58.0%	73.0%	114.4%	83.2%	13.4%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	9.4%	-0.7%	-2.9%	11.5%	8.8%	7.6%	9.1%	16.9%
Return on invested capital	4.8%	3.5%	4.9%	4.8%	4.4%	3.8%	4.7%	4.3%
Return on assets	3.4%	-0.2%	-1.1%	4.1%	3.3%	2.6%	3.3%	6.5%
Free cash flow yield	12.1%	11.4%	17.6%	15.9%	4.7%	7.6%	6.3%	8.2%
Earnings yield	8.8%	-0.5%	-3.4%	13.2%	4.5%	5.7%	7.1%	17.8%
Enterprise value	SEK 2.6B	SEK 2B	SEK 1.6B	SEK 1.7B	SEK 2B	SEK 1.4B	SEK 945.3M	SEK 775.3M
Net debt / EBITDA	9.34×	25.95×	42.31×	8.75×	11.01×	13.96×	10.71×	4.93×
Cash conversion cycle (days)	-2	-238	-3	-0	-12	-10	0	0