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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 218 269 320
Sales growth (%) 95,5 23,3 18,8
EBITDA 630 238 217
EBITDA margin (%) 288,4 88,2 67,9
EBIT adj -162 115 214
EBIT adj margin (%) -74,3 42,7 66,9
Pretax profit 569 137 117
EPS rep 34,68 9,02 6,86
EPS growth (%) 53 -74 -23,9
EPS adj -17,91 1,77 6,86
DPS 0 3 3,2
EV/EBITDA (x) 1,3 4,6 6,7
EV/EBIT adj (x) -5 9,6 6,8
P/E (x) 2,3 11,5 15,2
P/E adj (x) -4,5 58,8 15,2
EV/sales (x) 3,7 4,1 4,6
FCF yield (%) -54,7 7,4 -18,9
Dividend yield (%) 0 2,9 3,1
Net IB debt/EBITDA 1,3 2,9 4,9
N/A N/A N/A
SEKm 2019 2020e 2021e
Sales 218 269 320
COGS -51 -82 -92
Gross profit 168 187 228
Other operating items 462 50 -11
EBITDA 630 238 217
Depreciation on tangibles -6 -11 -3
Depreciation on intangibles 0 0 0
EBITA 624 226 214
Goodwill impairment charges 0 0 0
Other impairment and amortisation 0 0 0
EBIT 624 226 214
Other financial items 0 0 0
Net financial items -55 -89 -97
Associated income 0 0 0
Other EO items 0 0 0
Pretax profit 569 137 117
Tax -49 3 -4
Net profit 520 140 113
Minority interest -2 -2 -8
Net profit discontinued 0 0 0
Net profit to shareholders 518 138 105
EPS 34,68 9,02 6,86
EPS Adj -17,91 1,77 6,86
Total extraordinary items after tax 785,9 111,2 0
Tax rate (%) -8,6 2,1 -3,7
Gross margin (%) 76,8 69,6 71,4
EBITDA margin (%) 288,4 88,2 67,9
EBITA margin (%) 285,5 84 66,9
EBIT margin (%) 285,5 84 66,9
Pretax margin (%) 260,5 50,9 36,6
Net margin (%) 238,1 52 35,3
Growth rates Y/Y 2019 2020 2021
Sales growth (%) 95,5 23,3 18,8
EBITDA growth (%) 75,6 -62,3 -8,6
EBIT growth (%) 76,8 -63,7 -5,4
Net profit growth (%) 62,4 -73,1 -19,4
EPS growth (%) 53 -74 -23,9
Profitability 2019 2020 2021
ROE (%) 44,7 9,3 6,6
ROE Adj (%) -23,1 1,8 6,6
ROCE (%) 30,6 8,7 7,9
ROCE Adj(%) -8 4,4 7,9
ROIC (%) 33,2 10 8,1
ROIC Adj (%) -8,6 5,1 8,1
Adj earnings numbers 2019 2020 2021
EBITDA Adj -156 127 217
EBITDA Adj margin (%) -71,5 47 67,9
EBITA Adj -162 115 214
EBITA Adj margin (%) -74,3 42,7 66,9
EBIT Adj -162 115 214
EBIT Adj margin (%) -74,3 42,7 66,9
Pretax profit Adj -217 26 117
Net profit Adj -266 29 113
Net profit to shareholders Adj -268 27 105
Net Adj margin (%) -121,7 10,7 35,3
N/A N/A N/A
SEKm 2019 2020e 2021e
EBITDA 630 238 217
Net financial items -55 -89 -97
Paid tax -49 3 -4
Non-cash items -195 111 168
Cash flow before change in WC 331 263 284
Change in WC -300 106 -185
Operating cash flow 31 369 98
CAPEX tangible fixed assets -180 -250 -400
CAPEX intangible fixed assets 0 0 0
Acquisitions and disposals -504 0 0
Free cash flow -652 119 -302
Dividend paid 0 0 -46
Share issues and buybacks 0 0 0
Other non cash items -370 -2 -8
Decrease in net IB debt -618 117 -355
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 1468 1865
Other fixed assets 1425 1425 1425
Fixed assets 2673 2911 3308
Inventories 0 0 0
Receivables 311 94 112
Other current assets 0 0 0
Cash and liquid assets 245 47 34
Total assets 3230 3053 3454
Shareholders equity 1419 1557 1616
Minority 5 5 5
Total equity 1424 1562 1621
Long-term debt 1262 947 1289
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 3053 3454
Net IB debt 817 700 1055
Net IB debt excl. pension debt 816 699 1055
Capital invested 2308 2329 2743
Working capital -149 -366 -349
EV breakdown 2019 2020 2021
Market cap. diluted (m) 1192 1595 1595
Net IB debt Adj 817 700 1055
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 1101 1457
Capital efficiency (%) 2019 2020 2021
Total assets turnover (%) 9,3 8,6 9,8
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 (%) -35,4 -95,7 -111,7
Financial risk and debt service 2019 2020 2021
Net debt / equity (%) 57,3 44,8 65,1
Net debt / market cap (%) 98,7 43,9 66,2
Equity ratio (%) 44,1 51,2 46,9
Net IB debt adj. / equity (%) 57,3 44,8 65,1
Current ratio (%) 116,8 29,6 30,6
EBITDA / net interest (%) 1151,4 266,7 224,1
Net IB debt / EBITDA (%) 129,6 294,4 485,7
Interest cover (%) 1139,9 253,8 220,8
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 9,02 6,86
Dividend per share Adj 0 3 3,2
EPS Adj -17,91 1,77 6,86
BVPS 94,95 101,53 105,39
BVPS Adj 94,95 101,53 105,39
Net IB debt / share 54,6 45,6 68,8
Share price 55,38 104 104
Market cap. (m) 828 1595 1595
Valuation 2019 2020 2021
P/E 2,3 11,5 15,2
EV/sales 3,74 4,09 4,55
EV/EBITDA 1,3 4,6 6,7
EV/EBITA 1,3 4,9 6,8
EV/EBIT 1,3 4,9 6,8
Dividend yield (%) 0 2,9 3,1
FCF yield (%) -54,7 7,4 -18,9
P/BVPS 0,84 1,02 0,99
P/BVPS Adj 0,84 1,02 0,99
P/E Adj -4,5 58,8 15,2
EV/EBITDA Adj -5,2 8,7 6,7
EV/EBITA Adj -5 9,6 6,8
EV/EBIT Adj -5 9,6 6,8
EV/cap. employed 0,3 0,4 0,5
Investment ratios 2019 2020 2021
Capex / sales 82,3 92,8 125
Capex / depreciation 2848,1 2177,3 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 0,8 0,2
N/A N/A N/A

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Main shareholders - Fastator

Main shareholders Share capital % Voting shares % Verified
Mats Lundberg 27.8 % 27.8 % 31 Oct 2020
Joachim Kuylenstierna 27.8 % 27.8 % 31 Oct 2020
Staffan Heiner Beckett 4.5 % 4.5 % 31 Dec 2019
Ulf Adelsohn 3.3 % 3.3 % 31 Oct 2020
Nordnet Pensionsförsäkring 3.2 % 3.2 % 31 Oct 2020
Avanza Pension 2.4 % 2.4 % 31 Oct 2020
Futur Pension 2.1 % 2.1 % 31 Oct 2020
Mats Hulth i Stockholm AB 1.8 % 1.8 % 31 Oct 2020
Svante Bengtsson 1.5 % 1.5 % 3 Jul 2020
Dragfast AB 1.0 % 1.0 % 31 Oct 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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