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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.

Sustainability information

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 2329 2405
Rental growth 10,57 5,46 3,25
NOI 1555 1638 1693
NOI margin (%) 70,4 70,3 70,4
CEPS 2,71 2,87 3,8
CEPS growth (%) -40,27 5,89 32,61
DPS 1 1 1
EPRA NRV per share 88,63 92,58 99,35
EPS -8,75 4,02 6,63
EPS adj. 0 0 0
P/CEPS 27,6 26,1 19,7
P/E (x) -8,5 18,6 11,3
P/EPRA NRV 0,84 0,81 0,75
Implicit yield (%) 4,6 4,8 4,9
Dividend yield (%) 1,3 1,3 1,3
Net LTV (%) 48,54 47,06 45,38
LTV (%) 0 0 0
SEKm 2023 2024e 2025e
Rental income 2209 2329 2405
Other income 0 0 0
Operating costs -654 -691 -712
NOI 1555 1638 1693
NOI margin (%) 70,4 70,3 70,4
Adm. costs -46 -50 -53
All other income & costs 32 0 0
Recurring EBIT 1508 1588 1640
Net financial items -846 -898 -747
Income from property management 663 690 893
Value chg. realized 0 0 0
Value chg. unrealized -2474 331 726
Value chg. derivatives -32 21 0
Pretax profit -1812 1041 1619
Deferred tax 378 -139 -209
Current tax -94 -93 -125
Net profit -1528 809 1286
Minority interest 0 0 0
Div. Pref/D-shares and hybrids -73 -73 -73
Net profit to shareholders -1601 736 1213
Cash earnings 495 524 695
Other related information N/A N/A N/A
Tax Rate (%) 15,7 22,3 20,6
Investments in developments -500 -457 -510
Acquisitions 0 0 0
Other investments N/A N/A N/A
Divestments 0 0 0
EPS -8,75 4,02 6,63
CEPS 2,71 2,87 3,8
Dividend per share 1 1 1
Payout ratio of CEPS 36,95 34,89 26,31
Rental growth 10,57 5,46 3,25
NOI growth 11,17 5,37 3,36
CEPS growth -40,27 5,89 32,61

Equity research

Read earlier research

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 % 31 Dec 2023
Länsförsäkringar Fonder 4.0 % 4.2 % 30 Apr 2024
Familjen Kamprads stiftelse 2.7 % 2.7 % 26 Mar 2024
Tredje AP-fonden 2.4 % 2.6 % 26 Mar 2024
Swedbank Robur Fonder 2.4 % 2.6 % 30 Apr 2024
Cliens Fonder 1.5 % 1.6 % 31 Mar 2024
Handelsbanken Fonder 1.2 % 1.3 % 30 Apr 2024
ODIN Fonder 1.0 % 1.0 % 30 Apr 2024
Carnegie Fonder 0.9 % 1.0 % 31 Mar 2024
Avanza Pension 0.9 % 0.4 % 26 Mar 2024
Source: Holdings by Modular Finance AB