Cibus Nordic Real Estate AB (publ)

CIBUS.ST

Real Estate - Services · Real Estate

Exchange

Stockholm Stock Exchange

Winston Score

Winston is curious

A decent business — some strong pillars, some weaker.

Data as of Aug 23, 2026 · filings through Jun 30, 2026

How the score breaks down

Quality

Strong

Growth

Strong

Cash Flow

Exceptional

Stability

Good

Valuation

Good

Dividends

Strong

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Winston Score History

The full picture

Cibus Nordic Real Estate is a Swedish property company that owns and rents out grocery-anchored retail properties across the Nordic countries. Its tenants are mainly large supermarket chains like Kesko, S-Group, and Lidl, which sign long-term leases to operate food stores inside Cibus-owned buildings. The company focuses almost entirely on everyday grocery retail, which tends to stay busy even when the broader economy slows down.

Cibus makes money by collecting rent from its tenants, and most leases are tied to inflation, meaning rent payments rise automatically as prices increase. The company operates primarily in Finland, Sweden, Norway, and Denmark, and its portfolio contains several hundred properties. Its main competitive advantage is the stability of grocery retail as a tenant base — people always need food. The key risk is rising interest rates, which increase borrowing costs and can reduce the value of its property portfolio, putting pressure on earnings and dividends.

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+13.9% YoY

YoY Growth Rate

Steady revenue growth

EPS Growth

+0.0% YoY

YoY Growth Rate

Slow EPS growth

Insider Activity

0.6%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Position

Cash flow positive

kr 51M cash & investments

Company generates more cash than it spends — no dilution risk from fundraising

Growth + cash flow

Cibus Nordic Real Estate AB (publ) is a rare growth stock that's already generating positive cash flow while growing at 14%. The Winston Score doesn't fully credit this transition from "burner" to "earner."

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

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Quality

Profit per sale

Gross Margin

96.6%

Premium pricing power — 96.6% gross margin

Profit after running costs

Operating Margin

77.5%

Excellent — 77.5% operating margin

Return on the money invested

ROCE

5.6%

Weak — 5.6% return on capital

ROIC between 5% and 15%. They earn 5 to 15 cents back per year on every dollar invested.

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Growth

Sales growth

Sales YoY

+24.0%

Fast-growing sales (+24.0% YoY)

Profit growth

EPS YoY

+89.9%

Earnings growing fast (+89.9% YoY)

Earnings growing 25%+ a year. The compounder zone.

How steady the profit is

EPS Consistency

5/8 quarters

Mixed — about half the quarters showed growth

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Cash Flow

Profit that turns into cash

Cash Conversion

156%

Turns 156% of profit into real cash

Spare cash per sale

FCF Margin

66.2%

Converts sales into free cash efficiently (66.2%)

Free cash flow margin above 20%. Out of every $100 in sales, more than $20 is real cash they keep.

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Stability

What it owes vs what it owns

Debt / Equity

1.65

Elevated debt (1.65)

Covers its interest

Interest Cover

4.63x

Adequate interest coverage (4.6x)

Interest coverage between 3 and 8. Profits cover interest several times over.

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Valuation

Price vs profit

P/E Ratio (TTM)

12.1x

no trend

Attractive valuation — P/E 12.1

P/E in the normal range. Price is roughly $15 for every $1 of yearly profit.

Cheaper or dearer next year

P/E vs Forward

+0.2

GROWING

Earnings roughly flat

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Dividends

Dividend

Dividend Yield

6.83%

no trend

Healthy income — 6.83% yield

Yield above 6% — often a flag the market is pricing in a cut.

Dividend record

Dividend Growth

+3.3%

no trend

Dividend growing modestly (3.3% YoY)

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