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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.

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 2022 2023e 2024e
Sales 623 555 580
Sales growth (%) 67,2 -11 4,6
EBITDA 470 306 331
EBITDA margin (%) 75,5 55,1 57
EBIT adj 568 336 364
EBIT adj margin (%) 91,1 60,6 62,7
Pretax profit 284 33 14
EPS rep 2,26 0,3 0,11
EPS growth (%) -62,8 -86,6 -64,6
EPS adj 2,26 0,3 0,11
DPS 0,7 0,75 0,85
EV/EBITDA (x) 6,8 11,4 11,4
EV/EBIT adj (x) 5,6 10,4 10,4
P/E (x) 7,1 52,7 148,8
P/E adj (x) 7,1 52,7 148,8
EV/sales (x) 5,1 6,3 6,5
FCF yield (%) -83,7 -15,9 -16,4
Dividend Yield (%) 5,3 5,7 6,5
Net IB debt/EBITDA 4,7 8,1 8,4
Lease adj. FCF yield (%) -83,7 -15,9 -16,4
Lease adj. ND/EBITDA 4,7 8,1 8,4
SEKm 2022 2023e 2024e
Sales 623 555 580
COGS -294 -236 -242
Gross profit 330 319 339
Other operating items 141 -13 -8
EBITDA 470 306 331
Depreciation on tangibles -11 -3 -3
Depreciation on intangibles 0 0 0
EBITA 455 299 326
Goodwill impairment charges 0 0 0
Other impairment and amortisation 0 0 0
EBIT 568 336 364
Other financial items 0 0 0
Net financial items -284 -304 -350
Associated income 0 0 0
Other EO items 0 0 0
Pretax profit 284 33 14
Tax -46 -7 -3
Net profit 238 26 11
Minority interest -63 -2 -3
Net profit discontinued 0 0 0
Net profit to shareholders 175 24 8
EPS 2,26 0,3 0,11
EPS Adj 2,26 0,3 0,11
Total extraordinary items after tax 0 0 0
Tax rate (%) -16,3 -20,6 -20,6
Gross margin (%) 52,9 57,5 58,3
EBITDA margin (%) 75,5 55,1 57
EBITA margin (%) 72,9 53,8 56,1
EBIT margin (%) 91,1 60,6 62,7
Pretax margin (%) 45,6 5,9 2,4
Net margin (%) 38,2 4,7 1,9
Growth rates Y/Y 2022 2023 2024
Sales growth (%) 67,2 -11 4,6
EBITDA growth (%) 214,6 -35 8,1
EBIT growth (%) -20 -40,8 8,2
Net profit growth (%) -56 -89,1 -58,1
EPS growth (%) -62,8 -86,6 -64,6
Profitability 2022 2023 2024
ROE (%) 8,1 1,1 0,4
ROE Adj (%) 2,9 -0,7 -1,4
ROCE (%) 10,6 8,1 8,4
ROCE Adj(%) 8,6 7,3 7,6
ROIC (%) 8,5 5,7 5,9
ROIC Adj (%) 8,5 5,7 5,9
Adj earnings numbers 2022 2023 2024
EBITDA Adj 470 306 331
EBITDA Adj margin (%) 75,5 55,1 57
EBITA Adj 455 299 326
EBITA Adj margin (%) 72,9 53,8 56,1
EBIT Adj 568 336 364
EBIT Adj margin (%) 91,1 60,6 62,7
Pretax profit Adj 171 -5 -25
Net profit Adj 125 -12 -28
Net profit to shareholders Adj 62 -14 -30
Net Adj margin (%) 20 -2,1 -4,8
Depreciation and amortisation -16 -7 -5
Of which leasing depreciation 0 0 0
EO items 0 0 0
Impairment and PPA amortisation 113 38 39
EBITDA lease Adj 470 306 331
EBITDA lease Adj margin (%) 75,5 55,1 57
Leasing payments 0 0 0
SEKm 2022 2023e 2024e
EBITDA 470 306 331
Net financial items -284 -304 -350
Paid tax -26 0 0
Non-cash items -376 -183 -189
Cash flow before change in WC -215 -181 -209
Change in WC 87 5 6
Operating cash flow -128 -177 -203
CAPEX tangible fixed assets -48 -1 0
CAPEX intangible fixed assets 0 0 0
Acquisitions and disposals -863 -20 0
Free cash flow -1039 -197 -203
Dividend paid -78 -84 -90
Share issues and buybacks 79 0 0
Other non cash items 2966 0 0
Decrease in net IB debt 117 -355 -354
Balance Sheet (SEKm) 2022 2023 2024
Goodwill 0 0 0
Indefinite intangible assets 18 18 18
Definite intangible assets 0 0 0
Tangible fixed assets 1733 1790 1829
Other fixed assets 1425 1425 1425
Fixed assets 4619 4853 5075
Inventories 0 0 0
Receivables 76 72 66
Other current assets 15 16 16
Cash and liquid assets 271 94 101
Total assets 4982 5034 5258
Shareholders equity 2202 2141 2060
Minority 26 29 31
Total equity 2228 2170 2091
Long-term debt 2433 2543 2850
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 40 34 27
Accounts payable 0 0 0
Other current liabilities 150 150 150
Total liabilities and equity 4982 5034 5258
Net IB debt 2202 2483 2776
Net IB debt excl. pension debt 2202 2483 2776
Capital invested 4551 4781 4998
Working capital -58 -62 -68
EV breakdown 2022 2023 2024
Market cap. diluted (m) 1242 1242 1242
Net IB debt Adj 2202 2483 2776
Market value of minority 0 0 0
Reversal of shares and participations -235 -235 -235
Reversal of conv. debt assumed equity 0 0 0
EV 3208 3490 3783
Capital efficiency (%) 2022 2023 2024
Total assets turnover (%) 10,1 11,1 11,3
Capital invested turnover (%) 11,6 12,6 11,5
Capital employed turnover (%) 10,3 11,7 10,8
Inventories / sales (%) 0 0 0
Customer advances / sales (%) 0 0 0
Payables / sales (%) 0 0 0
Working capital / sales (%) -13,4 -10,8 -11,2
Financial risk and debt service 2022 2023 2024
Net debt / equity (%) 98,8 114,4 132,8
Net debt / market cap (%) 177,3 199,9 223,6
Equity ratio (%) 44,7 43,1 39,8
Net IB debt adj. / equity (%) 98,8 114,4 132,8
Current ratio (%) 191,5 98,7 103,4
EBITDA / net interest (%) 178,4 107,9 100,1
Net IB debt / EBITDA (%) 468 811,8 839,4
Interest cover (%) 158 104,3 98,8
Lease liability amortisation 0 0 0
Other intangible assets 106 99 94
Right-of-use asset 0 0 0
Total other fixed assets 2780 2964 3152
Leasing liability 0 0 0
Total other long-term liabilities 131 138 141
Net IB debt excl. leasing 2202 2483 2776
Net IB debt / EBITDA lease Adj (%) 468 811,8 839,4
SEKm 2022 2023e 2024e
Shares outstanding adj. 78 78 78
Fully diluted shares Adj 78 78 78
EPS 2,26 0,3 0,11
Dividend per share Adj 1,1 1,2 1,3
EPS Adj 2,26 0,3 0,11
BVPS 28,33 27,56 26,5
BVPS Adj 28,33 27,56 26,5
Net IB debt / share 28,3 32 35,7
Share price 15,98 15,98 15,98
Market cap. (m) 1242 1242 1242
Valuation 2022 2023 2024
P/E 7,1 52,7 148,8
EV/sales 5,15 6,29 6,52
EV/EBITDA 6,8 11,4 11,4
EV/EBITA 7,1 11,7 11,6
EV/EBIT 5,6 10,4 10,4
Dividend yield (%) 6,8 7,3 7,8
FCF yield (%) -83,7 -15,9 -16,4
P/BVPS 0,56 0,58 0,6
P/BVPS Adj 0,56 0,58 0,6
P/E Adj 7,1 52,7 148,8
EV/EBITDA Adj 6,8 11,4 11,4
EV/EBITA Adj 7,1 11,7 11,6
EV/EBIT Adj 5,6 10,4 10,4
EV/cap. employed 0,7 0,7 0,8
Investment ratios 2022 2023 2024
Capex / sales 7,8 0,1 0,1
Capex / depreciation 303,3 7 6,5
Capex tangibles / tangible fixed assets 2,8 0 0
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 (%) -83,7 -15,9 -16,4

Equity research

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Main shareholders - Fastator

Main shareholders Share capital % Voting shares % Verified
Joachim Kuylenstierna 27.7 % 27.7 % 24 Feb 2023
Mats Lundberg 27.5 % 27.5 % 24 Feb 2023
Nordnet Pensionsförsäkring 4.8 % 4.8 % 24 Feb 2023
Avanza Pension 3.6 % 3.6 % 24 Feb 2023
Svante Bengtsson 2.7 % 2.7 % 24 Feb 2023
Ulf Adelsohn 2.4 % 2.4 % 24 Feb 2023
Mats Hulth i Stockholm AB 1.5 % 1.5 % 24 Feb 2023
Futur Pension 1.1 % 1.1 % 24 Feb 2023
Erik Adelsohn 1.1 % 1.1 % 24 Feb 2023
Fredrik Grevelius 1.0 % 1.0 % 24 Feb 2023
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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