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Softer top-line, lower operating costsFastpartner delivered Q2 NOI largely in line with us and Factset cons., where a slightly softer top-line was mitigated by lower costs. Central admin costs were in line with our estimate, while net financials were markedly higher, despite average paid interest compressing 10bp to 3.8% q-o-q. The result was rec. PTP 5% below our forecast. NAV (ABGSC definition) was 1.5% below our forecast, driven by negative value changes of SEK 220m, where property values in Kista dropped by 12% q-o-q. We make CEPS revisions of 0-4%, driven by lower assumed rates, SBBs during the quarter and timing of lettings. Solid activity but low insight on actual impactQ2 was active in terms of lettings, the largest was the 15k sqm letting to MagasinX in Frihamnen, another was HM Studios which expanded its lease by 3k sqm. So letting activity looks solid, but data points on rent levels, investment volumes, etc. is scarce, making it very difficult to assess the financial impact. And, as the company does not report net letting, visibility on top-line progression is low. Guidance on IFPM NTM was +1% q-o-q to SEK 790m, with market rates down sequentially we expect this explains the bulk of the positive development. On another note, following the appointment of a new CEO, the company is reviewing the portfolio with divestment likely to follow, no volume indicated. The CEO also announced a 100MW pipeline of potential of data center projects, but no indication of timeline or investment volumes. '26e P/CEPS of 11x, coverage average of 14xThe share is trading at '26e P/CEPS of 11x, below the average in our coverage of 14x and the average for office peers in our coverage at 14x. On '26e P/EPRA NRV, the share is trading at 0.4x compared to office peers at 0.6x. |