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Fastator

Fastator

Investment company focused on real estate

Fastator is a Swedish investment company that focuses exclusively on the real estate sector. The company, which was founded in 2011, has been listed on First North since 2015. Fastator’s business model is to start, develop and invest in real estate companies. The company has three partly owned companies (Offentliga Hus, Nordic PM, GenovaFastator), and two wholly-owned subsidiaries (Industrisamhället and Point Properties). Joachim Kuylenstierna and Mats Lundberg founded Fastator and are still active as CEO and board member, respectively.

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. Fastator’s CEO Joachim Kuylenstierna and the board member Mats Lundberg own a combined 62% of the shares.

SEKm 2019 2020e 2021e
Sales 218 310 364
Sales growth (%) 95,5 41,9 17,5
EBITDA 630 201 201
EBITDA margin (%) 288,4 64,9 55,3
EBIT adj -162 94 198
EBIT adj margin (%) -74,3 30,4 54,4
Pretax profit 569 158 118
EPS rep 34,68 8,53 6,57
EPS growth (%) 53 -75,4 -22,9
EPS adj -17,91 1,77 6,57
DPS 0 3 3,2
EV/EBITDA (x) 1,3 9,2 11
EV/EBIT adj (x) -5 19,7 11,2
P/E (x) 2,3 18,2 23,6
P/E adj (x) -4,5 87,6 23,6
EV/sales (x) 3,7 6 6,1
FCF yield (%) -54,7 3,8 -13,4
Dividend yield (%) 0 1,9 2,1
Net IB debt/EBITDA 1,3 3,6 5,4
N/A N/A N/A
SEKm 2019 2020e 2021e
Sales 218 310 364
COGS -51 -98 -106
Gross profit 168 211 258
Other operating items 462 -10 -57
EBITDA 630 201 201
Depreciation on tangibles -6 -6 -3
Depreciation on intangibles 0 0 0
EBITA 624 195 198
Goodwill impairment charges 0 0 0
Other impairment and amortisation 0 0 0
EBIT 624 195 198
Other financial items 0 0 0
Net financial items -55 -38 -80
Associated income 0 0 0
Other EO items 0 0 0
Pretax profit 569 158 118
Tax -49 -28 -12
Net profit 520 129 106
Minority interest -2 -2 -8
Net profit discontinued 0 0 0
Net profit to shareholders 518 127 98
EPS 34,68 8,53 6,57
EPS Adj -17,91 1,77 6,57
Total extraordinary items after tax 785,9 101 0
Tax rate (%) -8,6 -18,1 -10,2
Gross margin (%) 76,8 68,2 70,9
EBITDA margin (%) 288,4 64,9 55,3
EBITA margin (%) 285,5 63 54,4
EBIT margin (%) 285,5 63 54,4
Pretax margin (%) 260,5 50,9 32,4
Net margin (%) 238,1 41,7 29,1
Growth rates Y/Y 2019 2020 2021
Sales growth (%) 95,5 41,9 17,5
EBITDA growth (%) 75,6 -68,1 0,1
EBIT growth (%) 76,8 -68,7 1,4
Net profit growth (%) 62,4 -75,2 -18,1
EPS growth (%) 53 -75,4 -22,9
Profitability 2019 2020 2021
ROE (%) 44,7 8,6 6,2
ROE Adj (%) -23,1 1,8 6,2
ROCE (%) 30,6 7,4 7,2
ROCE Adj(%) -8 3,6 7,2
ROIC (%) 33,2 6,9 7
ROIC Adj (%) -8,6 3,3 7
Adj earnings numbers 2019 2020 2021
EBITDA Adj -156 100 201
EBITDA Adj margin (%) -71,5 32,3 55,3
EBITA Adj -162 94 198
EBITA Adj margin (%) -74,3 30,4 54,4
EBIT Adj -162 94 198
EBIT Adj margin (%) -74,3 30,4 54,4
Pretax profit Adj -217 57 118
Net profit Adj -266 28 106
Net profit to shareholders Adj -268 26 98
Net Adj margin (%) -121,7 9,1 29,1
N/A N/A N/A
SEKm 2019 2020e 2021e
EBITDA 630 201 201
Net financial items -55 -38 -80
Paid tax -49 -28 -12
Non-cash items -195 57 112
Cash flow before change in WC 331 192 221
Change in WC -300 146 -131
Operating cash flow 31 338 90
CAPEX tangible fixed assets -180 -250 -400
CAPEX intangible fixed assets 0 0 0
Acquisitions and disposals -504 0 0
Free cash flow -652 88 -310
Dividend paid 0 0 -45
Share issues and buybacks 0 0 0
Other non cash items -370 -2 -8
Decrease in net IB debt -618 86 -362
Balance Sheet (SEKm) 2019 2020 2021
Goodwill 0 0 0
Indefinite intangible assets 18 18 18
Definite intangible assets 0 0 0
Tangible fixed assets 1229 1474 1870
Other fixed assets 1425 1425 1425
Fixed assets 2673 2917 3314
Inventories 0 0 0
Receivables 311 108 127
Other current assets 0 0 0
Cash and liquid assets 245 47 34
Total assets 3230 3072 3475
Shareholders equity 1419 1546 1600
Minority 5 5 5
Total equity 1424 1551 1605
Long-term debt 1262 977 1327
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 16 16 16
Accounts payable 0 0 0
Other current liabilities 461 461 461
Total liabilities and equity 3230 3072 3475
Net IB debt 817 730 1093
Net IB debt excl. pension debt 816 730 1092
Capital invested 2308 2349 2765
Working capital -149 -352 -333
EV breakdown 2019 2020 2021
Market cap. diluted (m) 1192 2316 2316
Net IB debt Adj 817 730 1093
Market value of minority 0 0 0
Reversal of shares and participations -1193 -1193 -1193
Reversal of conv. debt assumed equity 0 0 0
EV 816 1853 2216
Capital efficiency (%) 2019 2020 2021
Total assets turnover (%) 9,3 9,8 11,1
Capital invested turnover (%) 12,7 13,3 14,2
Capital employed turnover (%) 10,7 11,8 13,3
Inventories / sales (%) 0 0 0
Customer advances / sales (%) 0 0 0
Payables / sales (%) 0 0 0
Working capital / sales (%) -35,4 -80,9 -94,1
Financial risk and debt service 2019 2020 2021
Net debt / equity (%) 57,3 47,1 68,1
Net debt / market cap (%) 98,7 31,5 47,2
Equity ratio (%) 44,1 50,5 46,2
Net IB debt adj. / equity (%) 57,3 47,1 68,1
Current ratio (%) 116,8 32,6 33,9
EBITDA / net interest (%) 1151,4 534,4 251,2
Net IB debt / EBITDA (%) 129,6 363,1 542,9
Interest cover (%) 1139,9 518,9 247,2
N/A N/A N/A
SEKm 2019 2020e 2021e
Shares outstanding adj. 15 15 15
Fully diluted shares Adj 15 15 15
EPS 34,68 8,53 6,57
Dividend per share Adj 0 3 3,2
EPS Adj -17,91 1,77 6,57
BVPS 94,95 103,48 107,05
BVPS Adj 94,95 103,48 107,05
Net IB debt / share 54,6 48,9 73,1
Share price 55,38 155 155
Market cap. (m) 828 2316 2316
Valuation 2019 2020 2021
P/E 2,3 18,2 23,6
EV/sales 3,74 5,98 6,08
EV/EBITDA 1,3 9,2 11
EV/EBITA 1,3 9,5 11,2
EV/EBIT 1,3 9,5 11,2
Dividend yield (%) 0 1,9 2,1
FCF yield (%) -54,7 3,8 -13,4
P/BVPS 0,84 1,5 1,45
P/BVPS Adj 0,84 1,5 1,45
P/E Adj -4,5 87,6 23,6
EV/EBITDA Adj -5,2 18,5 11
EV/EBITA Adj -5 19,7 11,2
EV/EBIT Adj -5 19,7 11,2
EV/cap. employed 0,3 0,7 0,8
Investment ratios 2019 2020 2021
Capex / sales 82,3 80,7 109,8
Capex / depreciation 2848,1 4281,6 12500
Capex tangibles / tangible fixed assets 14,6 17 21,4
Capex intangibles / definite intangibles 0 0 0
Depreciation on intangibles / definite intangibles 0 0 0
Depreciation on tangibles / tangibles 0,5 0,4 0,2
N/A N/A N/A

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Main shareholders - Fastator

Main shareholders Share capital % Voting shares % Verified
Mats Lundberg 29.7 % 29.7 % 31 Aug 2020
Joachim Kuylenstierna 29.7 % 29.7 % 31 Aug 2020
Staffan Heiner Beckett 4.5 % 4.5 % 31 Dec 2019
Ulf Adelsohn 3.5 % 3.5 % 31 Aug 2020
Nordnet Pensionsförsäkring 2.8 % 2.8 % 31 Aug 2020
Futur Pension 2.2 % 2.2 % 31 Aug 2020
Mats Hulth i Stockholm AB 2.1 % 2.1 % 31 Aug 2020
Avanza Pension 2.1 % 2.1 % 31 Aug 2020
Svante Bengtsson 1.5 % 1.5 % 3 Jul 2020
Fredrik Grevelius 0.7 % 0.7 % 31 Aug 2020
Source: Holdings by Modular Finance AB

Insider list - Fastator

Name Quantity Code Date
Mats Anders Lundberg -1 000 000 Received loan 14 Sep 2020
Mats Anders Lundberg -1 000 000 Received loan 8 Sep 2020
Nils Daniel Carl Bildt + 30 000 Redemp 6 Jul 2020
Nils Daniel Carl Bildt + 41 344 SUBS 6 Jul 2020
Nils Daniel Carl Bildt + 11 344 SUBS 6 Jul 2020
Björn Rosengren + 39 706 SUBS 3 Jul 2020
Christoffer Strömbäck + 10 964 SUBS 3 Jul 2020
Anders Mossberg + 54 203 SUBS 3 Jul 2020
Svante Andreas Norrestad Bengtsson - 262 500 SELL 2 Jun 2020
Nils Daniel Carl Bildt - 40 000 SELL 2 Jun 2020

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