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Fastator

Fastator

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Investment company focused on real estate

Fastator was founded in 2011 and listed in 2015. Since September 2021, the share has been trading on the Nasdaq Stockholm main list. Fastator’s business model is to start, develop and invest in real estate companies, often in niches or segments overlooked by competitors. For example, Fastator acquired 100% of Offentliga Hus in 2011 and divested the company at its IPO in 2020.

Fastator founded Offentliga Hus in 2011, expanded the company, and included an investment partner through a joint venture. Offentliga Hus now stands close to an expected IPO in 2020, and the IPO event could become a value trigger for its property portfolio. Moreover, Fastator assumed a dividend policy in 2018, which could become a trigger in 2021.

Real estate companies are subject to macro risk: GDP, population, interest rate and employment data are important demand factors. Moreover, the company is exposed to key-person dependency risk and ownership risk.

Financials

SEKm 2021 2022e 2023e
Sales 373 821 1051
Sales growth (%) 41,7 120,3 28
EBITDA 150 176 421
EBITDA margin (%) 40,1 21,4 40
EBIT adj 710 503 623
EBIT adj margin (%) 190,3 61,2 59,3
Pretax profit 655 238 286
EPS rep 6,07 1,66 2,42
EPS growth (%) 118,7 -72,6 45,9
EPS adj 6,08 1,66 2,42
DPS 1 1,08 1,16
EV/EBITDA (x) 37,8 41,4 20,7
EV/EBIT adj (x) 8 14,5 14
P/E (x) 3,9 9,8 6,7
P/E adj (x) 3,9 9,8 6,7
EV/sales (x) 15,2 8,8 8,3
FCF yield (%) -88,9 -169,7 -107,7
Dividend yield (%) 4,2 6,7 7,2
Net IB debt/EBITDA 26,5 35,2 18,1
Lease adj. FCF yield (%) -88,9 -169,7 -107,7
Lease adj. ND/EBITDA 26,5 35,2 18,1
SEKm 2021 2022e 2023e
Sales 373 821 1051
COGS -198 -398 -472
Gross profit 175 423 579
Other operating items -25 -247 -158
EBITDA 150 176 421
Depreciation on tangibles -6 -11 -3
Depreciation on intangibles 0 0 0
EBITA 127 140 380
Goodwill impairment charges 0 0 0
Other impairment and amortisation 0 0 0
EBIT 710 503 623
Other financial items 0 0 0
Net financial items -55 -264 -337
Associated income 0 0 0
Other EO items 0 0 0
Pretax profit 655 238 286
Tax -115 -68 -59
Net profit 540 171 227
Minority interest -72 -42 -39
Net profit discontinued 0 0 0
Net profit to shareholders 469 129 188
EPS 6,07 1,66 2,42
EPS Adj 6,08 1,66 2,42
Total extraordinary items after tax 0 0 0
Tax rate (%) -17,5 -28,4 -20,6
Gross margin (%) 46,9 51,5 55,1
EBITDA margin (%) 40,1 21,4 40
EBITA margin (%) 34 17 36,2
EBIT margin (%) 190,3 61,2 59,3
Pretax margin (%) 175,7 29 27,2
Net margin (%) 144,9 20,8 21,6
Growth rates Y/Y 2021 2022 2023
Sales growth (%) 41,7 120,3 28
EBITDA growth (%) -24,8 17,4 139,7
EBIT growth (%) 112,7 -29,2 24
Net profit growth (%) 152 -68,4 33
EPS growth (%) 118,7 -72,6 45,9
Profitability 2021 2022 2023
ROE (%) 25,4 6,1 8,5
ROE Adj (%) -6,2 -11 -2,5
ROCE (%) 16,2 6,4 6,3
ROCE Adj(%) 4,7 1,9 3,8
ROIC (%) 13,1 4,6 5
ROIC Adj (%) 13,1 4,6 5
Adj earnings numbers 2021 2022 2023
EBITDA Adj 150 176 421
EBITDA Adj margin (%) 40,1 21,4 40
EBITA Adj 127 140 380
EBITA Adj margin (%) 34 17 36,2
EBIT Adj 710 503 623
EBIT Adj margin (%) 190,3 61,2 59,3
Pretax profit Adj 72 -124 43
Net profit Adj -43 -192 -16
Net profit to shareholders Adj -114 -234 -54
Net Adj margin (%) -11,4 -23,4 -1,5
Depreciation and amortisation -23 -36 -41
Of which leasing depreciation 0 0 0
EO items 0 0 0
Impairment and PPA amortisation 583 363 243
EBITDA lease Adj 150 176 421
EBITDA lease Adj margin (%) 40,1 21,4 40
Leasing payments 0 0 0
SEKm 2021 2022e 2023e
EBITDA 150 176 421
Net financial items -55 -264 -337
Paid tax 1 -21 -9
Non-cash items 135 94 -38
Cash flow before change in WC 230 -16 37
Change in WC 76 -55 0
Operating cash flow 306 -71 37
CAPEX tangible fixed assets -367 -71 -14
CAPEX intangible fixed assets 0 0 0
Acquisitions and disposals -1556 -1996 -1380
Free cash flow -1617 -2139 -1357
Dividend paid -50 -77 -84
Share issues and buybacks 30 23 0
Other non cash items -1853 -25 0
Decrease in net IB debt -618 117 -355
Balance Sheet (SEKm) 2021 2022 2023
Goodwill 0 0 0
Indefinite intangible assets 18 18 18
Definite intangible assets 0 0 0
Tangible fixed assets 5703 8649 10272
Other fixed assets 1425 1425 1425
Fixed assets 6741 9048 10669
Inventories 0 0 0
Receivables 163 218 218
Other current assets 42 76 91
Cash and liquid assets 451 477 407
Total assets 7396 9820 11385
Shareholders equity 2104 2156 2261
Minority 377 442 481
Total equity 2481 2598 2741
Long-term debt 4204 6556 7950
Pension debt 0 0 0
Convertible debt 0 0 0
Deferred tax 57 57 57
Other long-term liabilities 10 10 10
Short-term debt 211 95 72
Accounts payable 0 0 0
Other current liabilities 314 323 323
Total liabilities and equity 7396 9820 11385
Net IB debt 3965 6174 7616
Net IB debt excl. pension debt 3965 6174 7615
Capital invested 6620 9009 10643
Working capital -109 -29 -14
EV breakdown 2021 2022 2023
Market cap. diluted (m) 1822 1260 1260
Net IB debt Adj 3965 6174 7616
Market value of minority 0 0 0
Reversal of shares and participations -130 -169 -169
Reversal of conv. debt assumed equity 0 0 0
EV 5657 7266 8707
Capital efficiency (%) 2021 2022 2023
Total assets turnover (%) 6,9 9,5 9,9
Capital invested turnover (%) 12,7 11,6 12,6
Capital employed turnover (%) 10,7 10,3 11,7
Inventories / sales (%) 0 0 0
Customer advances / sales (%) 0 0 0
Payables / sales (%) 0 0 0
Working capital / sales (%) 1,1 -8,4 -2,1
Financial risk and debt service 2021 2022 2023
Net debt / equity (%) 159,8 237,7 277,8
Net debt / market cap (%) 254,3 489,8 604,2
Equity ratio (%) 33,5 26,5 24,1
Net IB debt adj. / equity (%) 159,8 237,7 277,8
Current ratio (%) 124,9 184,4 181,1
EBITDA / net interest (%) 460,2 73,2 135,3
Net IB debt / EBITDA (%) 2651,3 3516,1 1809
Interest cover (%) 157,6 64 120,3
Lease liability amortisation 0 0 0
Other intangible assets 104 86 46
Right-of-use asset 0 0 0
Total other fixed assets 934 313 351
Leasing liability 0 0 0
Total other long-term liabilities 186 247 297
Net IB debt excl. leasing 3965 6174 7616
Net IB debt / EBITDA lease Adj (%) 2651,3 3516,1 1809
SEKm 2021 2022e 2023e
Shares outstanding adj. 77 78 78
Fully diluted shares Adj 77 78 78
EPS 6,07 1,66 2,42
Dividend per share Adj 1 1,1 1,2
EPS Adj 6,08 1,66 2,42
BVPS 27,3 27,74 29,09
BVPS Adj 27,3 27,74 29,09
Net IB debt / share 51,4 79,5 98
Share price 20,2 16,22 16,22
Market cap. (m) 1559 1260 1260
Valuation 2021 2022 2023
P/E 3,9 9,8 6,7
EV/sales 15,17 8,85 8,28
EV/EBITDA 37,8 41,4 20,7
EV/EBITA 44,6 51,9 22,9
EV/EBIT 8 14,5 14
Dividend yield (%) 4,2 6,7 7,2
FCF yield (%) -88,9 -169,7 -107,7
P/BVPS 0,86 0,58 0,56
P/BVPS Adj 0,86 0,58 0,56
P/E Adj 3,9 9,8 6,7
EV/EBITDA Adj 37,8 41,4 20,7
EV/EBITA Adj 44,6 51,9 22,9
EV/EBIT Adj 8 14,5 14
EV/cap. employed 0,8 0,8 0,8
Investment ratios 2021 2022 2023
Capex / sales 98,5 8,7 1,4
Capex / depreciation 1617 200,2 35,3
Capex tangibles / tangible fixed assets 6,4 0,8 0,1
Capex intangibles / definite intangibles 0 0 0
Depreciation on intangibles / definite intangibles 0 0 0
Depreciation on tangibles / tangibles 0 0 0
Lease adj. FCF yield (%) -88,9 -169,7 -107,7

Equity research

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Main shareholders - Fastator

Main shareholders Share capital % Voting shares % Verified
Joachim Kuylenstierna 27.7 % 27.7 % 27 Jul 2022
Mats Lundberg 27.5 % 27.5 % 27 Jul 2022
Nordnet Pensionsförsäkring 4.3 % 4.3 % 27 Jul 2022
Avanza Pension 3.6 % 3.6 % 27 Jul 2022
Ulf Adelsohn 3.1 % 3.1 % 27 Jul 2022
Futur Pension 1.9 % 1.9 % 27 Jul 2022
Mats Hulth i Stockholm AB 1.5 % 1.5 % 27 Jul 2022
Svante Bengtsson 1.4 % 1.4 % 27 Jul 2022
Fredrik Grevelius 1.0 % 1.0 % 27 Jul 2022
TPS Fastigheter AB 0.9 % 0.9 % 27 Jul 2022
Source: Holdings by Modular Finance AB

Insider list - Fastator

Name Quantity Code Date
Mats Anders Lundberg + 50 000 BUY 1 Sep 2021
Mats Anders Lundberg + 50 000 BUY 20 Aug 2021
Svante Andreas Norrestad Bengtsson + 400 000 BUY 11 Jun 2021
Christoffer Strömbäck + 400 000 BUY 11 Jun 2021
Mats Anders Lundberg + 100 000 BUY 11 Jun 2021
Björn Rosengren + 150 000 BUY 11 Jun 2021
Svante Andreas Norrestad Bengtsson + 2 250 BUY 7 Jan 2021
Svante Andreas Norrestad Bengtsson + 250 BUY 4 Jan 2021
Mats Anders Lundberg + 10 000 BUY 30 Dec 2020
Rita Lundberg + 3 100 BUY 28 Dec 2020

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