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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 2037 2270
Rental growth (%) 3 9,7 11,5
Net operating income 1301 1443 1613
NOI margin (%) 70,1 70,8 71
CEPS Adj 4,2 4,88 5,34
CEPS Adj. growth (%) -0,5 16,1 9,5
DPS 2,1 2,2 2,3
EPRA NAVPS 103,51 108,74 116,36
EPS 17,89 6,65 8,27
EPS Adj 0 0 0
P/CEPS Adj. (x) 28,9 17,1 15,6
P/E Adj. (x) 0 0 0
P/EPRANAV (x) 1,17 0,77 0,72
Implicit yield (%) 3,3 3,9 4,3
div.yield (%) 1,7 2,6 2,8
LTV (%) 40,9 43,8 43,6
SEKm 2021 2022e 2023e
Rental income 1856 2037 2270
Other income 0 0 0
Operating costs -555 -594 -657
Net operating income 1301 1443 1613
NOI margin (%) 70,1 70,8 71
Value change realized 1 0 0
Value change unrealized 3028 611 820
Administration costs -42 -46 -49
All other income & costs 0 0 0
EBIT 4289 2008 2384
Net financial items -287 -314 -387
Value change derivatives 238 -60 0
Pretax profit 4239 1633 1997
Deferred profit tax -764 -227 -284
Current tax -108 -117 -128
Net profit 3368 1289 1586
Minority interest 0 0 0
Net profit to shareholders 3272 1216 1512
Other income statement related information 2021 2022 2023
Cash earnings 768 892 976
Tax rate (%) -20,6 -21,1 -20,6
Net investments -1185 -1733 -1600
Acquisitions 0 -800 -800
Other investments -248 43 0
Divestments 325 1 0
EPS 17,89 6,65 8,27
CEPS 4,2 4,88 5,34
CEPS adj. 4,2 4,88 5,34
Dividend per share Adj 2,1 2,2 2,3
Payout ratio of CEPS (%) 50 45,1 43,1
Rental growth (%) 3 9,7 11,5
NOI growth (%) 1,2 10,9 11,8
CEPS growth (%) -0,5 16,1 9,5
CEPS adj. growth (%) -0,5 16,1 9,5
Balance Sheet 2021 2022 2023
Properties 35323 37710 40130
Deferred tax asset 0 0 0
Receivables 240 239 263
Cash and liquid assets 211 87 168
Other assets 1406 1405 1430
Current liabilities 744 719 793
Total assets 37922 40140 42666
Shareholders equity 15705 16434 17544
Minority 1752 1209 1209
Deferred tax 3227 3454 3738
Interest bearing debt 16493 18324 19382
Short-term debt 0 0 0
Derivatives 744 719 793
Total liabilities and equity 37922 40140 42666
Other balance sheet related information 2021 2022 2023
Net IB debt 14452 16525 17501
Rental area m2 (000) 1519 1601 1659
Rent per m2 1222 1272 1369
Equity ratio (%) 41,4 40,9 41,1
Loan to value (%) 40,9 43,8 43,6
Net loan to value (%) 47,3 48,8 48,7
ICR real estate 4 4 4
Interest rate on debt (%) 2 2 2
Occupancy rate (%) 91,1 92,1 92,1
NAV per share 0 0 0
BVPS 85,87 89,85 95,92
EPRA NAV per share 103,51 108,74 116,36
Valuation 2021 2022 2023
Shares outstanding adj. 183 183 183
Share price 108,38 83,4 83,4
Market cap. (m) 19823 15254 15254
P/E 6,8 12,5 10,1
Net IB debt / share 79 90 96
P/CEPS 28,9 17,1 15,6
P/CEPS adj. 28,9 17,1 15,6
EV/EBIT 8,9 16,2 14,1
Implicit yield (%) 3,3 3,9 4,3
Yield on BV (%) 3,7 3,8 4
Dividend yield (%) 1,7 2,6 2,8
P/NAV 0 0 0
P/EPRA NAV 1,17 0,77 0,72
P/BVPS 1,41 0,93 0,87
EV/NOI 29,24 22,56 20,78

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 5.7 % 6.1 % 30 Apr 2022
Familjen Kamprads stiftelse 3.2 % 3.2 % 31 Mar 2022
Swedbank Robur Fonder 3.0 % 3.1 % 30 Apr 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 % 30 Apr 2022
SEB Fonder 0.6 % 0.7 % 30 Apr 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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