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Fastpartner

Fastpartner

Management of commercial real estate

Fastpartner owns, manages and develops primarily commercial real estate. The portfolio consists mainly of offices and logistics/warehouse/production properties, but with some premises within retail and hospitality, residentials and community service properties. Greater Stockholm remains Fastpartner's most prioritised investment area, accounting for a majority of rental income. Besides Stockholm, the company focuses on Gothenburg, Gävle, Malmö, Norrköping and Uppsala.

The main risk for a real estate company is the macro development in the markets in which it operates. The demand situation should be more sustainable in Stockholm given the growing population, but historically volatility has been higher in the downturns. Moreover, the major shareholder and CEO of Fastpartner, Sven-Olof Johansson, is very important to the company.

SEKm 2023 2024e 2025e
Rental income 2209 2336 2413
Rental growth 10,57 5,77 3,29
NOI 1555 1651 1703
NOI margin (%) 70,4 70,7 70,6
CEPS 2,71 2,88 3,93
CEPS growth (%) -40,27 6,39 36,52
DPS 1 1 1
EPRA NRV per share 88,63 90,6 97,45
EPS -8,95 2,5 6,52
EPS adj. 0 0 0
P/CEPS 21,9 20,6 15,1
P/E (x) -6,6 23,6 9,1
P/EPRA NRV 0,67 0,65 0,61
Implicit yield (%) 5 5,3 5,4
Dividend yield (%) 1,7 1,7 1,7
Net LTV (%) 48,54 48,19 46,4
LTV (%) 0 0 0
SEKm 2023 2024e 2025e
Rental income 2209 2336 2413
Other income 0 0 0
Operating costs -654 -685 -709
NOI 1555 1651 1703
NOI margin (%) 70,4 70,7 70,6
Adm. costs -46 -52 -53
All other income & costs 32 0 0
Recurring EBIT 1508 1600 1651
Net financial items -881 -937 -765
Income from property management 663 698 921
Value chg. realized 0 0 0
Value chg. unrealized -2474 15 718
Value chg. derivatives -32 0 0
Pretax profit -1847 678 1603
Deferred tax 378 -49 -209
Current tax -94 -98 -129
Net profit -1563 531 1266
Minority interest 0 0 0
Div. Pref/D-shares and hybrids -73 -73 -73
Net profit to shareholders -1636 458 1192
Cash earnings 495 527 719
Other related information N/A N/A N/A
Tax Rate (%) 15,4 21,7 21,1
Investments in developments -500 -505 -510
Acquisitions 0 0 0
Other investments N/A N/A N/A
Divestments 0 0 0
EPS -8,95 2,5 6,52
CEPS 2,71 2,88 3,93
Dividend per share 1 1 1
Payout ratio of CEPS 36,95 34,73 25,44
Rental growth 10,57 5,77 3,29
NOI growth 11,17 6,23 3,15
CEPS growth -40,27 6,39 36,52

Equity research

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Media

Fastpartner - Company presentation with Vice President Christopher Johansson
Fastpartner - Company presentation with Vice President Christopher Johansson

Main shareholders - FastPartner

Main shareholders Share capital % Voting shares % Verified
Sven-Olof Johansson 68.7 % 71.2 % 5 Jul 2023
Länsförsäkringar Fonder 3.8 % 4.0 % 31 Jan 2024
Familjen Kamprads stiftelse 2.7 % 2.7 % 27 Dec 2023
Tredje AP-fonden 2.4 % 2.6 % 31 Dec 2023
Swedbank Robur Fonder 2.4 % 2.6 % 31 Jan 2024
Cliens Fonder 1.5 % 1.6 % 31 Dec 2023
Slättö 1.2 % 1.3 % 27 Dec 2023
Handelsbanken Fonder 1.2 % 1.2 % 31 Jan 2024
ODIN Fonder 1.1 % 1.1 % 31 Jan 2024
Carnegie Fonder 1.0 % 1.1 % 31 Dec 2023
Source: Holdings by Modular Finance AB