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Fastpartner

Fastpartner

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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.

Financials

SEKm 2022 2023e 2024e
Rental Income 2017 2286 2442
Rental growth (%) 8,7 13,4 6,8
Net operating income 1413 1598 1740
NOI margin (%) 70 69,9 71,2
CEPS Adj 4,39 4,14 4,72
CEPS Adj. growth (%) 4,4 -5,8 14,1
DPS 2,2 2,3 2,4
EPRA NAVPS 103,87 90,92 97,25
EPS 4,03 -8,19 7,27
EPS Adj 0 0 0
P/CEPS Adj. (x) 16,9 17,9 15,7
P/E Adj. (x) 0 0 0
P/EPRANAV (x) 0,71 0,82 0,76
Implicit yield (%) 4,1 4,6 5
div.yield (%) 3 3,1 3,2
LTV (%) 44,3 47,6 46,3
SEKm 2022 2023e 2024e
Rental income 2017 2286 2442
Other income 0 0 0
Operating costs -604 -688 -702
Net operating income 1413 1598 1740
NOI margin (%) 70 69,9 71,2
Value change realized 0 0 0
Value change unrealized 113 -2723 716
Administration costs -47 -49 -52
All other income & costs 0 0 0
EBIT 1485 -1174 2404
Net financial items -381 -620 -638
Value change derivatives -56 0 0
Pretax profit 1048 -1794 1766
Deferred profit tax -118 469 -251
Current tax -109 -99 -113
Net profit 811 -1424 1402
Minority interest 0 0 0
Net profit to shareholders 737 -1498 1329
Other income statement related information 2022 2023 2024
Cash earnings 803 757 864
Tax rate (%) -21,7 -20,6 -20,6
Net investments -1094 -680 -700
Acquisitions -523 0 0
Other investments 144 0 0
Divestments 0 0 0
EPS 4,03 -8,19 7,27
CEPS 4,39 4,14 4,72
CEPS adj. 4,39 4,14 4,72
Dividend per share Adj 2,2 2,3 2,4
Payout ratio of CEPS (%) 50,1 55,6 50,8
Rental growth (%) 8,7 13,4 6,8
NOI growth (%) 8,6 13,1 8,9
CEPS growth (%) 4,4 -5,8 14,1
CEPS adj. growth (%) 4,4 -5,8 14,1
Balance Sheet 2022 2023 2024
Properties 36674 34631 36047
Deferred tax asset 0 0 0
Receivables 159 178 187
Cash and liquid assets 200 196 312
Other assets 1396 1415 1424
Current liabilities 825 923 969
Total assets 39091 37063 38604
Shareholders equity 15707 13807 14715
Minority 1209 1209 1209
Deferred tax 3346 2877 3128
Interest bearing debt 18003 18246 18582
Short-term debt 0 0 0
Derivatives 825 923 969
Total liabilities and equity 39091 37063 38604
Other balance sheet related information 2022 2023 2024
Net IB debt 16230 16477 16697
Rental area m2 (000) 1575 1660 1665
Rent per m2 1281 1377 1466
Equity ratio (%) 40,2 37,3 38,1
Loan to value (%) 44,3 47,6 46,3
Net loan to value (%) 49,6 53,3 52,4
ICR real estate 4 2 3
Interest rate on debt (%) 3 4 4
Occupancy rate (%) 92,9 92,9 93
NAV per share 0 0 0
BVPS 85,88 75,49 80,45
EPRA NAV per share 103,87 90,92 97,25
Valuation 2022 2023 2024
Shares outstanding adj. 183 183 183
Share price 74,1 74,1 74,1
Market cap. (m) 13553 13553 13553
P/E 18,4 -9 10,2
Net IB debt / share 89 90 91
P/CEPS 16,9 17,9 15,7
P/CEPS adj. 16,9 17,9 15,7
EV/EBIT 20,6 -26,2 12,9
Implicit yield (%) 4,1 4,6 5
Yield on BV (%) 3,9 4,6 4,8
Dividend yield (%) 3 3,1 3,2
P/NAV 0 0 0
P/EPRA NAV 0,71 0,82 0,76
P/BVPS 0,86 0,98 0,92
EV/NOI 21,6 19,25 17,81

Equity research

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Media

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

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Main shareholders - FastPartner

Main shareholders Share capital % Voting shares % Verified
Sven-Olof Johansson 69.1 % 71.4 % 12 Aug 2022
Länsförsäkringar Fonder 4.5 % 4.8 % 31 Dec 2022
Familjen Kamprads stiftelse 3.2 % 3.2 % 28 Dec 2022
Swedbank Robur Fonder 2.8 % 3.0 % 31 Dec 2022
Tredje AP-fonden 2.2 % 2.3 % 28 Dec 2022
Cliens Fonder 1.5 % 1.6 % 31 Dec 2022
Slättö VII DTH 6 AB 1.3 % 1.4 % 28 Dec 2022
ODIN Fonder 0.9 % 1.0 % 31 Dec 2022
Handelsbanken Fonder 0.6 % 0.7 % 31 Dec 2022
Avanza Pension 0.9 % 0.4 % 28 Dec 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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