Hiljaista ketjussa, niin nostetaan Placeran artikkeli Cibuksesta. Selaimen kääntäjä toimii hyvin ainakin lontooksi, jos ruotsi ei taivu.
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.