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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.

Over the years, Fastpartner has developed a portfolio of about 200,000 sqm residential building rights and approximately 200,000 sqm commercial building rights. The untapped building rights are in different stages, i.e. ranging from development of zoning plans, approved zoning plans to established construction. Presently, there are good opportunities to convert these into leasable areas.

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 2021 2022e 2023e
Rental Income 1856 2036 2235
Rental growth (%) 3 9,7 9,8
Net operating income 1301 1442 1588
NOI margin (%) 70,1 70,8 71
CEPS Adj 4,2 4,8 5,09
CEPS Adj. growth (%) -0,5 14,3 6
DPS 2,1 2,2 2,3
EPRA NAVPS 103,51 104,45 96,26
EPS 17,89 3,23 -4,31
EPS Adj 0 0 0
P/CEPS Adj. (x) 28,9 12,5 11,8
P/E Adj. (x) 0 0 0
P/EPRANAV (x) 1,17 0,58 0,63
Implicit yield (%) 3,3 4,5 5
div.yield (%) 1,7 3,7 3,8
LTV (%) 40,9 44,4 46,6
SEKm 2021 2022e 2023e
Rental income 1856 2036 2235
Other income 0 0 0
Operating costs -555 -594 -647
Net operating income 1301 1442 1588
NOI margin (%) 70,1 70,8 71
Value change realized 1 0 0
Value change unrealized 3028 -160 -2026
Administration costs -42 -46 -49
All other income & costs 0 0 0
EBIT 4289 1236 -487
Net financial items -287 -329 -414
Value change derivatives 238 -60 0
Pretax profit 4239 847 -901
Deferred profit tax -764 -66 307
Current tax -108 -116 -122
Net profit 3368 665 -715
Minority interest 0 0 0
Net profit to shareholders 3272 592 -789
Other income statement related information 2021 2022 2023
Cash earnings 768 878 931
Tax rate (%) -20,6 -21,5 -20,6
Net investments -1185 -1460 -800
Acquisitions 0 -527 0
Other investments -248 43 0
Divestments 325 1 0
EPS 17,89 3,23 -4,31
CEPS 4,2 4,8 5,09
CEPS adj. 4,2 4,8 5,09
Dividend per share Adj 2,1 2,2 2,3
Payout ratio of CEPS (%) 50 45,8 45,2
Rental growth (%) 3 9,7 9,8
NOI growth (%) 1,2 10,8 10,1
CEPS growth (%) -0,5 14,3 6
CEPS adj. growth (%) -0,5 14,3 6
Balance Sheet 2021 2022 2023
Properties 35323 36666 35440
Deferred tax asset 0 0 0
Receivables 240 238 257
Cash and liquid assets 211 237 284
Other assets 1406 1404 1423
Current liabilities 744 716 772
Total assets 37922 39246 38086
Shareholders equity 15705 15810 14619
Minority 1752 1209 1209
Deferred tax 3227 3294 2987
Interest bearing debt 16493 18217 18499
Short-term debt 0 0 0
Derivatives 744 716 772
Total liabilities and equity 37922 39246 38086
Other balance sheet related information 2021 2022 2023
Net IB debt 14452 16268 16502
Rental area m2 (000) 1519 1618 1648
Rent per m2 1222 1258 1356
Equity ratio (%) 41,4 40,3 38,4
Loan to value (%) 40,9 44,4 46,6
Net loan to value (%) 47,3 50,3 53
ICR real estate 4 4 4
Interest rate on debt (%) 2 2 3
Occupancy rate (%) 91,1 92,1 92,1
NAV per share 0 0 0
BVPS 85,87 86,44 79,93
EPRA NAV per share 103,51 104,45 96,26
Valuation 2021 2022 2023
Shares outstanding adj. 183 183 183
Share price 108,38 60,2 60,2
Market cap. (m) 19823 11011 11011
P/E 6,8 18,6 -14
Net IB debt / share 79 89 90
P/CEPS 28,9 12,5 11,8
P/CEPS adj. 28,9 12,5 11,8
EV/EBIT 8,9 22,7 -58,1
Implicit yield (%) 3,3 4,5 5
Yield on BV (%) 3,7 3,9 4,5
Dividend yield (%) 1,7 3,7 3,8
P/NAV 0 0 0
P/EPRA NAV 1,17 0,58 0,63
P/BVPS 1,41 0,7 0,75
EV/NOI 29,24 19,45 17,81

Equity research

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Media

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

Main shareholders - FastPartner

Main shareholders Share capital % Voting shares % Verified
Sven-Olof Johansson 68.9 % 71.2 % 28 Apr 2022
Länsförsäkringar Fonder 4.7 % 5.0 % 16 Jun 2022
Familjen Kamprads stiftelse 3.2 % 3.2 % 31 Mar 2022
Swedbank Robur Fonder 3.0 % 3.1 % 31 May 2022
Ilija Batljan 2.2 % 2.3 % 31 Mar 2022
Tredje AP-fonden 1.4 % 1.5 % 31 Mar 2022
Cliens Fonder 1.3 % 1.3 % 31 Mar 2022
ODIN Fonder 0.9 % 1.0 % 31 May 2022
SEB Fonder 0.6 % 0.7 % 31 May 2022
Avanza Pension 0.9 % 0.3 % 31 Mar 2022
Source: Holdings by Modular Finance AB

Insider list - FastPartner

Name Quantity Code Date
Christopher Johansson + 1 054 SUBS 6 Sep 2021
Sven-Olof Johansson +4 113 407 SUBS 6 Sep 2021
Charlotte Bergman + 84 SUBS 6 Sep 2021
Christopher Johansson + 154 ALTM 6 Sep 2021
Fredrik Thorgren + 203 SUBS 6 Sep 2021
Svante Hedström + 400 SUBS 6 Sep 2021
Daniel Gerlach + 643 SUBS 6 Sep 2021
Christopher Johansson + 375 SUBS 6 Sep 2021
Sven Marcus Christopher Johansson + 210 SUBS 6 Sep 2021
Svante Hedström + 1 500 SUBS 6 Sep 2021

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