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Fastator

Fastator

Investment company focused on real estate

Fastator was founded in 2011 and listed on Nasdaq First North in 2015. Fastator’s business model is to start, develop and invest in real estate companies, often in niches or segments overlooked by competitors. For example, Fastator acquired 100% of Offentliga Hus in 2011 and divested the company at its IPO in 2020.

Fastator founded Offentliga Hus in 2011, expanded the company, and included an investment partner through a joint venture. Offentliga Hus now stands close to an expected IPO in 2020, and the IPO event could become a value trigger for its property portfolio. Moreover, Fastator assumed a dividend policy in 2018, which could become a trigger in 2021.

Real estate companies are subject to macro risk: GDP, population, interest rate and employment data are important demand factors. Moreover, the company is exposed to key-person dependency risk and ownership risk.

SEKm 2020 2021e 2022e
Sales 263 316 350
Sales growth (%) 20,5 20,2 10,8
EBITDA 199 91 96
EBITDA margin (%) 75,6 28,7 27,5
EBIT adj 334 193 110
EBIT adj margin (%) 126,8 60,9 31,5
Pretax profit 272 76 -6
EPS rep 2,78 0,65 -0,09
EPS growth (%) -91,3 -76,7 -114,2
EPS adj 0,92 -1,02 -0,64
DPS 0,65 0,69 0,73
EV/EBITDA (x) 11 35,1 34
EV/EBIT adj (x) 6,5 16,6 29,7
P/E (x) 7,2 29,5 -207,5
P/E adj (x) 21,6 -18,7 -29,9
EV/sales (x) 8,3 10,1 9,3
FCF yield (%) 11,6 -91,5 -5,6
Dividend yield (%) 3,3 3,6 3,8
Net IB debt/EBITDA 3,4 23 22,5
Lease adj. FCF yield (%) 11,6 -91,5 -5,6
Lease adj. ND/EBITDA 3,4 23 22,5
SEKm 2020 2021e 2022e
Sales 263 316 350
COGS -170 -180 -186
Gross profit 93 136 165
Other operating items 106 -46 -68
EBITDA 199 91 96
Depreciation on tangibles -6 -11 -3
Depreciation on intangibles 0 0 0
EBITA 191 64 68
Goodwill impairment charges 0 0 0
Other impairment and amortisation 0 0 0
EBIT 334 193 110
Other financial items 0 0 0
Net financial items -62 -116 -116
Associated income 0 0 0
Other EO items 0 0 0
Pretax profit 272 76 -6
Tax -57 -26 1
Net profit 214 50 -4
Minority interest -1 0 -3
Net profit discontinued 0 0 0
Net profit to shareholders 214 50 -7
EPS 2,78 0,65 -0,09
EPS Adj 0,92 -1,02 -0,64
Total extraordinary items after tax 0 0 0
Tax rate (%) -21 -34,7 -24,1
Gross margin (%) 35,3 43,1 47
EBITDA margin (%) 75,6 28,7 27,5
EBITA margin (%) 72,6 20,4 19,5
EBIT margin (%) 126,8 60,9 31,5
Pretax margin (%) 103,2 24,1 -1,7
Net margin (%) 81,5 15,7 -1,3
Growth rates Y/Y 2020 2021 2022
Sales growth (%) 20,5 20,2 10,8
EBITDA growth (%) 201,8 -54,3 6,1
EBIT growth (%) -42,9 -42,3 -42,8
Net profit growth (%) -55,4 -76,8 -108,9
EPS growth (%) -91,3 -76,7 -114,2
Profitability 2020 2021 2022
ROE (%) 14,4 3,1 -0,4
ROE Adj (%) 4,8 -4,9 -3
ROCE (%) 12,8 6,2 3,6
ROCE Adj(%) 7,9 2,7 2,6
ROIC (%) 10,9 4,1 2,1
ROIC Adj (%) 10,9 4,1 2,1
Adj earnings numbers 2020 2021 2022
EBITDA Adj 199 91 96
EBITDA Adj margin (%) 75,6 28,7 27,5
EBITA Adj 191 64 68
EBITA Adj margin (%) 72,6 20,4 19,5
EBIT Adj 334 193 110
EBIT Adj margin (%) 126,8 60,9 31,5
Pretax profit Adj 129 -52 -48
Net profit Adj 72 -78 -46
Net profit to shareholders Adj 71 -78 -49
Net Adj margin (%) 27,3 -24,8 -13,3
Depreciation and amortisation -8 -26 -28
Of which leasing depreciation 0 0 0
EO items 0 0 0
Impairment and PPA amortisation 143 128 42
EBITDA lease Adj 199 91 96
EBITDA lease Adj margin (%) 75,6 28,7 27,5
Leasing payments 0 0 0
SEKm 2020 2021e 2022e
EBITDA 199 91 96
Net financial items -62 -116 -116
Paid tax 5 -4 0
Non-cash items -202 -161 -63
Cash flow before change in WC -60 -190 -82
Change in WC 41 155 0
Operating cash flow -19 -36 -82
CAPEX tangible fixed assets 56 -261 0
CAPEX intangible fixed assets 0 0 0
Acquisitions and disposals 142 -1047 0
Free cash flow 179 -1344 -82
Dividend paid -46 -50 0
Share issues and buybacks 142 0 0
Other non cash items 399 -133 0
Decrease in net IB debt -618 117 -355
Balance Sheet (SEKm) 2020 2021 2022
Goodwill 0 0 0
Indefinite intangible assets 18 18 18
Definite intangible assets 0 0 0
Tangible fixed assets 1189 1557 1599
Other fixed assets 1425 1425 1425
Fixed assets 2215 4000 4076
Inventories 0 0 0
Receivables 239 84 84
Other current assets 0 0 0
Cash and liquid assets 925 421 339
Total assets 3379 4504 4499
Shareholders equity 1586 1639 1632
Minority 6 20 22
Total equity 1592 1658 1654
Long-term debt 1208 2500 2500
Pension debt 0 0 0
Convertible debt 0 0 0
Deferred tax 57 57 57
Other long-term liabilities 10 10 10
Short-term debt 394 11 11
Accounts payable 0 0 0
Other current liabilities 122 226 226
Total liabilities and equity 3379 4504 4499
Net IB debt 677 2091 2173
Net IB debt excl. pension debt 677 2091 2173
Capital invested 2332 3858 3934
Working capital 117 -142 -142
EV breakdown 2020 2021 2022
Market cap. diluted (m) 1541 1469 1469
Net IB debt Adj 677 2091 2173
Market value of minority 0 0 0
Reversal of shares and participations -38 -368 -368
Reversal of conv. debt assumed equity 0 0 0
EV 2179 3192 3274
Capital efficiency (%) 2020 2021 2022
Total assets turnover (%) 8 8 7,8
Capital invested turnover (%) 12,7 11,6 12,6
Capital employed turnover (%) 10,7 10,3 11,7
Inventories / sales (%) 0 0 0
Customer advances / sales (%) 0 0 0
Payables / sales (%) 0 0 0
Working capital / sales (%) -6,4 -3,9 -40,5
Financial risk and debt service 2020 2021 2022
Net debt / equity (%) 42,5 126,1 131,4
Net debt / market cap (%) 45,5 142,3 147,9
Equity ratio (%) 47,1 36,8 36,8
Net IB debt adj. / equity (%) 42,5 126,1 131,4
Current ratio (%) 225,6 213,3 178,6
EBITDA / net interest (%) 490,7 92,6 92,6
Net IB debt / EBITDA (%) 340,4 2301,9 2254,8
Interest cover (%) 247,3 77,8 77,2
Lease liability amortisation 0 0 0
Other intangible assets 13 95 95
Right-of-use asset 0 0 0
Total other fixed assets 1013 2348 2382
Leasing liability 0 0 0
Total other long-term liabilities 63 108 107
Net IB debt excl. leasing 677 2091 2173
Net IB debt / EBITDA lease Adj (%) 340,4 2301,9 2254,8
SEKm 2020 2021e 2022e
Shares outstanding adj. 77 77 77
Fully diluted shares Adj 77 77 77
EPS 2,78 0,65 -0,09
Dividend per share Adj 0,7 0,7 0,7
EPS Adj 0,92 -1,02 -0,64
BVPS 20,59 21,28 21,18
BVPS Adj 20,59 21,28 21,18
Net IB debt / share 8,8 27,1 28,2
Share price 19,3 19,07 19,07
Market cap. (m) 1487 1469 1469
Valuation 2020 2021 2022
P/E 7,2 29,5 -207,5
EV/sales 8,28 10,09 9,34
EV/EBITDA 11 35,1 34
EV/EBITA 11,4 49,5 48
EV/EBIT 6,5 16,6 29,7
Dividend yield (%) 3,3 3,6 3,8
FCF yield (%) 11,6 -91,5 -5,6
P/BVPS 0,97 0,9 0,9
P/BVPS Adj 0,97 0,9 0,9
P/E Adj 21,6 -18,7 -29,9
EV/EBITDA Adj 11 35,1 34
EV/EBITA Adj 11,4 49,5 48
EV/EBIT Adj 6,5 16,6 29,7
EV/cap. employed 0,7 0,8 0,8
Investment ratios 2020 2021 2022
Capex / sales -21,1 82,6 0
Capex / depreciation -710,8 989,9 0
Capex tangibles / tangible fixed assets -4,7 16,8 0
Capex intangibles / definite intangibles 0 0 0
Depreciation on intangibles / definite intangibles 0 0 0
Depreciation on tangibles / tangibles 0 0 0
Lease adj. FCF yield (%) 11,6 -91,5 -5,6

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Main shareholders - Fastator

Main shareholders Share capital % Voting shares % Verified
Joachim Kuylenstierna 28.0 % 28.0 % 30 Sep 2021
Mats Lundberg 27.7 % 27.7 % 30 Sep 2021
Nordnet Pensionsförsäkring 4.1 % 4.1 % 30 Sep 2021
Avanza Pension 3.2 % 3.2 % 30 Sep 2021
Ulf Adelsohn 3.1 % 3.1 % 30 Sep 2021
Staffan Heiner Beckett 2.6 % 2.6 % 18 Jan 2021
Futur Pension 2.4 % 2.4 % 30 Sep 2021
Mats Hulth i Stockholm AB 1.7 % 1.7 % 30 Sep 2021
Svante Bengtsson 1.4 % 1.4 % 30 Jun 2021
Fredrik Grevelius 1.1 % 1.1 % 30 Sep 2021
Source: Holdings by Modular Finance AB

Insider list - Fastator

Name Quantity Code Date
Mats Anders Lundberg + 50 000 BUY 1 Sep 2021
Mats Anders Lundberg + 50 000 BUY 20 Aug 2021
Svante Andreas Norrestad Bengtsson + 400 000 BUY 11 Jun 2021
Christoffer Strömbäck + 400 000 BUY 11 Jun 2021
Mats Anders Lundberg + 100 000 BUY 11 Jun 2021
Björn Rosengren + 150 000 BUY 11 Jun 2021
Svante Andreas Norrestad Bengtsson + 2 250 BUY 7 Jan 2021
Svante Andreas Norrestad Bengtsson + 250 BUY 4 Jan 2021
Mats Anders Lundberg + 10 000 BUY 30 Dec 2020
Rita Lundberg + 3 100 BUY 28 Dec 2020

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