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Fastpartner

Fastpartner

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 2024 2025e 2026e
Rental income 2293 2266 2318
Rental growth 3,83 -1,18 2,3
NOI 1611 1605 1645
NOI margin (%) 70,2 70,8 71
CEPS 2,78 3,63 4,09
CEPS growth (%) 2,85 30,25 12,92
DPS 1,1 1,1 1,1
EPRA NRV per share 91,35 97,82 103,94
EPS 3,14 6,45 6,94
EPS adj. 0 0 0
P/CEPS 18,1 13,9 12,3
P/E (x) 16,1 7,8 7,3
P/EPRA NRV 0,55 0,52 0,49
Implicit yield (%) 5,5 5,4 5,5
Dividend yield (%) 2,2 2,2 2,2
Net LTV (%) 47,4 45,86 44,15
LTV (%) 0 0 N/A
SEKm 2024 2025e 2026e
Rental income 2293 2266 2318
Other income 0 0 0
Operating costs -683 -661 -673
NOI 1611 1605 1645
NOI margin (%) 70,2 70,8 71
Adm. costs -47 -48 -50
All other income & costs -4 0 0
Recurring EBIT 1564 1557 1595
Net financial items -870 -701 -639
Income from property management 695 856 956
Value chg. realized 7 0 0
Value chg. unrealized 128 721 736
Value chg. derivatives 19 0 0
Pretax profit 845 1577 1692
Deferred tax -85 -205 -215
Current tax -112 -120 -134
Net profit 648 1252 1343
Minority interest 0 0 0
Div. Pref/D-shares and hybrids -73 -73 -73
Net profit to shareholders 575 1179 1270
Cash earnings 509 663 749
Other related information N/A N/A N/A
Tax Rate (%) 23,3 20,6 20,6
Investments in developments -344 -500 -510
Acquisitions 0 0 0
Other investments N/A N/A N/A
Divestments 283 0 0
EPS 3,14 6,45 6,94
CEPS 2,78 3,63 4,09
Dividend per share 1,1 1,1 1,1
Payout ratio of CEPS 39,52 30,34 26,87
Rental growth 3,83 -1,18 2,3
NOI growth 3,62 -0,33 2,49
CEPS growth 2,85 30,25 12,92

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 68.9 % 71.5 % 19 Feb 2025
Länsförsäkringar Fonder 3.2 % 3.4 % 31 Mar 2025
Familjen Kamprads stiftelse 2.4 % 2.3 % 27 Mar 2025
Swedbank Robur Fonder 2.1 % 2.3 % 27 Mar 2025
Cliens Fonder 1.5 % 1.6 % 27 Mar 2025
Tredje AP-fonden 1.4 % 1.5 % 27 Mar 2025
Handelsbanken Fonder 1.2 % 1.3 % 31 Mar 2025
Carnegie Fonder 1.1 % 1.2 % 27 Mar 2025
Alcur Fonder 0.7 % 0.7 % 27 Mar 2025
Avanza Pension 1.1 % 0.5 % 27 Mar 2025
Source: Holdings by Modular Finance AB