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Raketentoni
@Raketentoni
3G·

My Favorite Swedish Stock: 🏢 Cibus Real Estate AB – Q2/2026 Earnings & Update

Hi everyone,


Since the latest quarterly figures were released today, I took the opportunity to review the fundamentals on our Side A (dividend/net asset value) with an additional purchase. The monthly dividend payer from Sweden is performing well :)


The operating business involving Scandinavian supermarket real estate (tenants such as Kesko, ICA, and Coop) is running like a Swiss watch. Here’s the unbiased breakdown of the raw numbers from the Q2 report, converted to euros:


https://www.cibusrealestate.com/investors/financial-reports/


1. Core Quality Formula (revenue growth + margin)


  • Revenue growth: Rental income rose in Q2 to 46.2 million EUR (previous year: EUR 41.3 million). That represents a double-digit increase of 11.8%, driven primarily by lease agreements that are almost entirely indexed to inflation.


  • Operating Margin (Net Profit Margin): Stood at a phenomenal 97.6% (net cash flow of EUR 45.1 million).


  • Core Quality Score: 11.8% + 97.6% = 109.4 (Our target is >25 for top quality. This figure absolutely blows that target out of the water).


2. Cash Flow & Dividend Check (The Most Important Criterion)


For a dividend stock with monthly payouts, the all-important question is: Is the dividend paid out of assets or on credit, or is it genuinely earned?


  • Operating Cash Flow (H1/2026):
    73.2 million EUR.
  • Capital Expenditures (CapEx in the Portfolio): Only 8.4 million EUR.
  • Free cash flow (FCF) in the first half of the year:
    64.8 million EUR.
  • Dividend paid (H1/2026):
    36.9 million EUR.
  • Conclusion: Free cash flow more than comfortably covers the dividend. The payout of EUR 0.90 per year (corresponding to a solid yield of just under 7.0%) is absolutely crisis-proof and earned organically.


3. Net Asset Value (P/B Ratio) & Valuation


  • Equity-Adjusted Book Value (EPRA NRV):
    13.00 EUR per share (previous year: 12.80 EUR).
  • At our purchase price of approximately 12.87 EUR (96 DKK), we are therefore acquiring the portfolio at a slight discount to the fair net asset value of the properties (P/B ratio of 0.99).
  • The projected P/E ratio for 2026 is a very favorable 12.7x.


4. Debt Review (Have We Weathered the Interest Rate Turn?)


  • Leverage ratio (net debt/property value): Remains stable at 59.1% —right within the healthy management target range of 55% to 65%.
  • Interest Rate Hedging: A massive 96% of all debt is hedged long-term via swaps and interest rate caps. The average interest rate remains consistently at a very manageable 4.0%. The interest coverage ratio (Räntetäckningsgrad) stands at a solid 2.4x.


Overall conclusion:


No half-baked compromises, no interest rate house of cards. Cibus delivers an excellent operating report, is achieving double-digit revenue growth, and easily covers its dividend from free cash flow. A first-class, defensive cash generator with a solid foundation.

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Raketentoni
@Raketentoni
4Mes·

Cibus Nordic Real Estate (SE0010832204) - The European real estate income twin with a monthly dividend!

Hello everyone!


My trusty AI assistant "Mister Prompt" and I have been virtually exploring the depths of the Scandinavian forests to find great companies and have found an example of Scandinavian investment in Sweden.


My trusty AI assistant "Mister Prompt" introduced me to this absolute gem, which is still completely new here in the forum - there hasn't been a single post about it yet! He made the share so appealing to me that I bought and invested today.

As we often have a strong US bias when it comes to REITs, I would like to introduce you to Cibus Nordic Real Estate
$CIBUS (+0,65%) in detail. A real monthly payer from Scandinavia with a reasonable dividend and a fair price!


🏢 Who is Cibus Nordic and who are its customers?


Cibus Nordic Real Estate AB is a Swedish real estate holding company that specializes in an absolutely crisis-proof segment: Supermarkets and grocery stores. People always eat!

The properties are located in the Nordic countries (Sweden, Finland, Norway, Denmark). The anchor tenants include the largest and most creditworthy supermarket chains in Scandinavia, including Kesko, Tokmanni, Coop and the S-Group. This means that almost 100 % of rental income comes from the food retail sector. In contrast to vulnerable office or fashion retail properties, this business model is extremely resilient to economic fluctuations.


📊 The valuation dashboard (as at March 13, 2026)

The current share price is approx. 145 SEK with a market capitalization of approx. EUR 1.16 billion. Here is a quick look at the most important metrics for our analysis:


============================================================

📉 CURRENT KEY VALUATION FIGURES

============================================================

▶ P/E ratio (price-earnings ratio) : 12.55

▶ KCV (price-cash flow ratio) : 8.29

▶ P/E ratio (price-sales ratio) : 5.96

▶ P/B ratio (price-book value ratio) : 1.09

▶ Dividend yield : ~ 7 %

============================================================


🔬 The quality and formula check


We run Cibus through our strict quality filters to see whether the foundation is really strong or whether it's just balance sheet cosmetics:


1. core quality formula (sales growth + operating margin = score)

  • Growth & Margin: TTM sales growth is a strong 32.9%. The operating margin is gigantic at around 74.8 % (typical for strong real estate owners).
  • According to the 2025 annual report, rental income has risen by a fantastic 36 % (to EUR 166.7 million).
  • Result: A score of 107,7.
  • Conclusion: According to the rule of thumb, anything > 25 is "very good". Cibus is growing enormously in terms of quality and is playing in a league of its own, far removed from insubstantial "story stocks".


[ CORE QUALITY SCORE METER ]

< 15 (Schwach) | 15-25 (Solide) | > 25 (Very good)

---------------------------------------------------

⭐⭐⭐ 107,7 !


2. cash flow quality formula (FCF yield = free cash flow / market cap)


  • FCF yield: The free cash flow yield is currently around 11,9 %.
  • Conclusion: From 8 % we speak of "very attractive". Cibus is proving to be a real cash machine.
  • Cibus has generated around EUR 128.5m in free cash flow in the last 12 months.


3. dividend filter (income core)


  • Review: Minimum yield >= 3.5% and full coverage by cash flow (no pseudo dividend on credit).
  • Result: With approx. 7 % yield the minimum target is easily achieved. The payout ratio on the cash flow is a conservative ~57 %. The dividend is easily covered by the real cash inflow.
  • At today's share price of 145.35 SEK (equivalent to approx. EUR 12.75), this corresponds to a dividend yield of a strong 7.0 % p.a.
  • Distribution amount: With around 82 million shares, the EUR 0.90 dividend costs the company around EUR 73.8 million.


Important special feature: Although Cibus is traded on the Swedish stock exchange in SEK, they pay out the dividend in euros (EUR)! This saves currency conversion fees on the distribution.


4. the hard exclusion rule


No stagnating sales, margin is consistently above 5%, dividend is covered by cash flow and the sober figures underpin the business model. The share passes our filtering absolutely flawlessly.


Other facts:


  • Occupancy rate (economic occupancy rate): Cibus reports an extremely strong occupancy rate at the end of 2025 of 95,7 %.
  • Tenant structure: 95% of the properties have major food retailers as anchor tenants.
  • Interest rates: The average interest rate on their debt capital is below 4% (3.9%) following recent refinancings.


🆚 Comparison with US REITs (the realty income effect)


Why buy Cibus if you also have Realty Income (O) or Agree Realty (ADC) in your portfolio?

The answer is: Diversification of dependencies. If you only hold American REITs, you are completely dependent on the interest rate cycle of the US Federal Reserve (Fed), the health of the US commercial real estate market and the US dollar.

Cibus brings the beloved charm of the monthly dividend to our portfolio, but diversifies us into the robust Scandinavian market. You decouple from the US macro cycles and instead focus on the ECB and Riksbank environment. An excellent European satellite for the Income portfolio!


📅 Important upcoming dates


If you want to position yourself directly, you should keep an eye on the dates in the coming weeks:

  • March 19, 2026: Publication of the next earnings report.
  • March 30/31, 2026: Next ex-dividend day for the upcoming monthly distribution.
  • April 09/10, 2026: Payment date (pay date) of the dividend.
  • April 15, 2026: The Annual Annual General Meeting (AGM) in Stockholm. Traditionally, the exact distribution plan for the monthly tranches of the coming 12 months is also formally approved here.


⚖️ Opportunities and risks


Opportunities:

  • Profiteer from interest rate cuts: Real estate shares have suffered from the interest rate environment in recent years. If interest rates in Europe continue to fall, the intrinsic value of the portfolio (NAV) is likely to continue to develop positively.
  • Inflation protection: Contracts with supermarket chains in Scandinavia are usually linked to inflation (CPI). If prices rise, rental income also rises almost mechanically.


Risks:

  • Refinancing risk: Like all real estate stocks, Cibus operates with borrowed capital (debt/equity is around 155%). The interest rate environment must always be monitored for future follow-up financing.
  • Currency risk: The company primarily reports and quotes in Swedish kronor (SEK). However, some of the properties are located and generate rents in the eurozone (Finland) as well as in Denmark (DKK) and Norway (NOK). This inevitably leads to currency fluctuations in the balance sheet.


My conclusion: A fundamentally strong, rock-solid building block to Europeanize one's monthly cash flow portfolio. At current prices, a wonderful opportunity with substance!

I look forward to hearing your opinions. Has anyone had the share on their watchlist or even in their portfolio for some time?


Best regards and happy investing! 📈


@Dividendenopi
@Tenbagger2024
@Get_Rich_or_Die_Tryin
@Multibagger

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43 Commenti
immagine del profilo
TradingHase@TradingHase
3G
A score over a hundred is pretty impressive 👍🏼
I used my last few emergency carrots yesterday to place a short trade on $SPCX 😂
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Raketentoni@Raketentoni
3G
@TradingHase Well, if that works out, you know where you’ll get your monthly cash 😬—a whole 7%—and from now on, I’m going half and half. Every month, I’ll use half of the dividends to buy new Cibus shares, and the other half will be reinvested in new projects.
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TradingHase@TradingHase
3G
@Raketentoni I think I'll start by increasing the positions I already have to the levels I've set as my goal, and only then add new stocks to my portfolio.
That said, Netflix is already tempting me to top up my position right now using my emergency fund. 🙈
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Raketentoni@Raketentoni
3G
@TradingHase Stay away from Netflix. I'd wait until the market as a whole bottoms out. There are good reasons why the big players are moving into defensive and dividend stocks. $TDIV is a good example of this.
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TradingHase@TradingHase
3G
@Raketentoni Thanks for the tip. Where do you see a bottom for this?
Yeah, I'm pretty well positioned in ETFs now, too. 👍🏼
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immagine del profilo
Raketentoni@Raketentoni
3G
@TradingHase It's tough with Metflix, but I think there's still room for a 5% drop.
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immagine del profilo
Chris@Multibagger
3G
@TradingHase But the short position is going to skyrocket. $SPCX will soon be available for $60. That's when you could go long.
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growth_ninja_vkdmy@growth_ninja_vkdmy
3G
@TradingHase Have a wonderful evening
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growth_ninja_vkdmy@growth_ninja_vkdmy
3G
#I wonder how many beginners have filed for personal bankruptcy 😂. I'd love to see the statistics on that. It's actually not that hard to trade securities.
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growth_ninja_vkdmy@growth_ninja_vkdmy
3G
@TradingHase # Fun Fact: It would be so cool if my album came out
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growth_ninja_vkdmy@growth_ninja_vkdmy
3G
@TradingHase #Hopefully there will be a feature with Azet
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Frank@schlimmschlimm
3G
Awesome! I'm going to keep adding more, too. Thanks! ;-)
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Royal_TS@Royal_TS
3G
Nice stock—thanks for the post 👍
For Swedish stocks, the withholding tax is 30% in total, right?
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Dividendenopi👴@Dividendenopi
3G
@Royal_TS That's right—if you've used up your tax-free allowance, 15% will be withheld. The remaining 15% will then be subject to the usual deductions in Germany. However, you can easily claim a refund for these from Sweden. If you haven’t used up your tax-free allowance, the 30% rate will apply in full.
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Raketentoni@Raketentoni
3G
@Royal_TS Yeah, that's true, but as the old man says, in Sweden everything is straightforward—just do it again.
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Royal_TS@Royal_TS
3G
@Dividendenopi Thanks for the info. Unfortunately, the tax-free allowances for dividend portfolios run out quickly. I haven't dared to invest in Swedish stocks yet, and so far I only have $SHB A and $INVE B on my watchlist.
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Raketentoni@Raketentoni
3G
@Royal_TS Svenska is great, but the stock price is correcting right now. I’d wait a bit longer. They won’t pay out again until 2027 anyway. But Cibus pays out monthly. They make their money from grocery stores here in Scandinavia.
The leases are tied to inflation, so I don’t care if it goes up 😂 Best regards from 🇩🇰
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immagine del profilo
Royal_TS@Royal_TS
3G
@Raketentoni Thanks, best regards from 🇫🇷
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Dividendenopi👴@Dividendenopi
3G
@Royal_TS Go ahead and give it a try 😇 If the tax-free allowance runs out quickly, that's fine. And in the best-case scenario, you'll have a broker who offers a partial advance exemption. Then you won't have to do anything at all
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Royal_TS@Royal_TS
3G
@Dividendenopi Unfortunately, that doesn't seem to be the case with FinanzenNetZero
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Dividendenopi👴@Dividendenopi
3G
@Royal_TS Nope, unfortunately, neobrokers generally don't offer that.
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Raketentoni@Raketentoni
3G
@Dividendenopi You just can't have it all 😬
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Raketentoni@Raketentoni
3G
@Royal_TS Are you here on vacation? I live in Denmark 🇩🇰😬
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Visualizza tutti 15 ulteriori risposte
immagine del profilo
NichtRelevant@NichtRelevant
3G
It's slowly becoming a little community favorite. Unfortunately, I still don't have nearly enough of it -> I need to make more money!!!
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Robert@AktienRobert
3G
Great report
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immagine del profilo
Dirk aus Stade@dirko68
1G
That sounds like something for me. I just need to look into the topic of withholding tax. That’s also one of the reasons why I sold off my shares in my employer, Essity.
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immagine del profilo
Raketentoni@Raketentoni
1G
@dirko68 It’s actually quite simple; here in Denmark, my broker handles this for me in the Scandinavian countries. For Germany, this is the easiest way:

The easiest way to reclaim the excess Swedish withholding tax (30% instead of the 15% stipulated in the double taxation treaty) is through the Swedish Tax Agency (Skatteverket).

You have up to five years after the end of the calendar year in which the dividends were paid to file your claim.

Here are the step-by-step instructions:

Request a certificate of residency:

Have your local tax office issue an official certificate confirming your tax residency.

Fill out Form SKV 3740:

Download the “Claim for repayment of Swedish tax on dividends” (SKV 3740) directly from the Skatteverket website.

Gather supporting documents:

Include your dividend statements from your custodian bank (as proof of the tax withheld) and the certificate of residence with your application.

Submit the application by mail:

Send the fully completed form along with the supporting documents to Skatteverket in Sweden. You’ll find the exact address directly on the form.
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