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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 218 387 434
Sales growth (%) 95,5 77 12,1
EBITDA 630 190 227
EBITDA margin (%) 288,4 49,3 52,4
EBIT adj -162 184 220
EBIT adj margin (%) -74,3 47,6 50,8
Pretax profit 569 92 127
EPS rep 34,68 5,33 7,01
EPS growth (%) 53 -84,6 31,6
EPS adj -17,91 5,33 7,01
DPS 3 3,2 3,4
EV/EBITDA (x) 1,3 7,1 7,5
EV/EBIT adj (x) -5 7,4 7,8
P/E (x) 2,3 13,8 10,5
P/E adj (x) -4,5 13,8 10,5
EV/sales (x) 3,7 3,5 3,9
FCF yield (%) -54,7 -53,3 -27
Dividend yield (%) 3,8 4,3 4,6
Net IB debt/EBITDA 1,3 7,6 7,9
SEKm 2019 2020e 2021e
Sales 218 387 434
COGS -51 -117 -121
Gross profit 168 270 312
Other operating items 462 -79 -85
EBITDA 630 190 227
Depreciation on tangibles -6 -6 -7
Depreciation on intangibles 0 0 0
EBITA 624 184 220
Goodwill impairment charges 0 0 0
Other impairment and amortisation 0 0 0
EBIT 624 184 220
Other financial items 0 0 0
Net financial items -55 -92 -93
Associated income 0 0 0
Other EO items 0 0 0
Pretax profit 569 92 127
Tax -49 -10 -15
Net profit 520 82 112
Minority interest -2 -2 -8
Net profit discontinued 0 0 0
Net profit to shareholders 518 80 105
EPS 34,68 5,33 7,01
EPS Adj -17,91 5,33 7,01
Total extraordinary items after tax 785,9 0 0
Tax rate (%) -8,6 -11 -11,8
Gross margin (%) 76,8 69,7 72
EBITDA margin (%) 288,4 49,3 52,4
EBITA margin (%) 285,5 47,6 50,8
EBIT margin (%) 285,5 47,6 50,8
Pretax margin (%) 260,5 23,7 29,4
Net margin (%) 238,1 21,1 25,9
Growth rates Y/Y 2019 2020 2021
Sales growth (%) 95,5 77 12,1
EBITDA growth (%) 75,6 -69,8 19,2
EBIT growth (%) 76,8 -70,5 19,6
Net profit growth (%) 62,4 -84,3 37,7
EPS growth (%) 53 -84,6 31,6
Profitability 2019 2020 2021
ROE (%) 44,7 5,5 7,1
ROE Adj (%) -23,1 5,5 7,1
ROCE (%) 30,6 6,3 6,5
ROCE Adj(%) -8 6,3 6,5
ROIC (%) 33,2 6,2 6,1
ROIC Adj (%) -8,6 6,2 6,1
Adj earnings numbers 2019 2020 2021
EBITDA Adj -156 190 227
EBITDA Adj margin (%) -71,5 49,3 52,4
EBITA Adj -162 184 220
EBITA Adj margin (%) -74,3 47,6 50,8
EBIT Adj -162 184 220
EBIT Adj margin (%) -74,3 47,6 50,8
Pretax profit Adj -217 92 127
Net profit Adj -266 82 112
Net profit to shareholders Adj -268 80 105
Net Adj margin (%) -121,7 21,1 25,9
SEKm 2019 2020e 2021e
EBITDA 630 190 227
Net financial items -55 -92 -93
Paid tax -49 -10 -15
Non-cash items -195 91 98
Cash flow before change in WC 331 179 217
Change in WC 144 176 -16
Operating cash flow 31 264 103
CAPEX tangible fixed assets -180 -850 -400
CAPEX intangible fixed assets 0 0 0
Acquisitions and disposals -504 0 0
Free cash flow -652 -586 -297
Dividend paid 0 -45 -48
Share issues and buybacks 0 0 0
Other non cash items -370 -2 -8
Decrease in net IB debt -618 -633 -353
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 2073 2466
Other fixed assets 1425 1425 1425
Fixed assets 2673 3517 3910
Inventories 0 0 0
Receivables 311 135 152
Other current assets 0 0 0
Cash and liquid assets 245 47 34
Total assets 3230 3699 4095
Shareholders equity 1419 1454 1510
Minority 5 5 5
Total equity 1424 1459 1516
Long-term debt 1262 1696 2036
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 3699 4095
Net IB debt 817 1449 1802
Net IB debt excl. pension debt 816 1449 1802
Capital invested 2308 2975 3385
Working capital -149 -325 -309
EV breakdown 2019 2020 2021
Market cap. diluted (m) 1192 1100 1100
Net IB debt Adj 817 1449 1802
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 1356 1709
Capital efficiency (%) 2019 2020 2021
Total assets turnover (%) 9,3 11,2 11,1
Capital invested turnover (%) 12,7 14,6 13,6
Capital employed turnover (%) 10,7 13,2 12,9
Inventories / sales (%) 0 0 0
Customer advances / sales (%) 0 0 0
Payables / sales (%) 0 0 0
Working capital / sales (%) -35,4 -61,4 -73,1
Financial risk and debt service 2019 2020 2021
Net debt / equity (%) 57,3 99,4 118,9
Net debt / market cap (%) 98,7 131,8 163,9
Equity ratio (%) 44,1 39,4 37
Net IB debt adj. / equity (%) 57,3 99,4 118,9
Current ratio (%) 116,8 38,2 39
EBITDA / net interest (%) 1151,4 206,2 244,6
Net IB debt / EBITDA (%) 129,6 760,9 793,8
Interest cover (%) 1139,9 199,2 237,3
SEKm 2019 2020e 2021e
Shares outstanding adj. 15 15 15
Fully diluted shares Adj 15 15 15
EPS 34,68 5,33 7,01
Dividend per share Adj 3 3,2 3,4
EPS Adj -17,91 5,33 7,01
BVPS 94,95 97,27 101,08
BVPS Adj 94,95 97,27 101,08
Net IB debt / share 54,6 97 120,6
Share price 55,38 73,6 73,6
Market cap. (m) 828 1100 1100
Valuation 2019 2020 2021
P/E 2,3 13,8 10,5
EV/sales 3,74 3,51 3,94
EV/EBITDA 1,3 7,1 7,5
EV/EBITA 1,3 7,4 7,8
EV/EBIT 1,3 7,4 7,8
Dividend yield (%) 3,8 4,3 4,6
FCF yield (%) -54,7 -53,3 -27
P/BVPS 0,84 0,76 0,73
P/BVPS Adj 0,84 0,76 0,73
P/E Adj -4,5 13,8 10,5
EV/EBITDA Adj -5,2 7,1 7,5
EV/EBITA Adj -5 7,4 7,8
EV/EBIT Adj -5 7,4 7,8
EV/cap. employed 0,3 0,4 0,5
Investment ratios 2019 2020 2021
Capex / sales 82,3 219,8 92,3
Capex / depreciation 2848,1 13275 5879,8
Capex tangibles / tangible fixed assets 14,6 41 16,2
Capex intangibles / definite intangibles N/A N/A N/A
Depreciation on intangibles / definite intangibles N/A N/A N/A
Depreciation on tangibles / tangibles 0,5 0,3 0,3

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Main shareholders - Fastator

Main shareholders Share capital % Voting shares % Verified
Mats Lundberg 31.6 % 31.6 % 31 Dec 2019
Joachim Kuylenstierna 30.4 % 30.4 % 31 Dec 2019
Staffan Heiner Beckett 4.5 % 4.5 % 31 Dec 2019
Nordnet Pensionsförsäkring 4.1 % 4.1 % 31 Dec 2019
Ulf Adelsohn 3.6 % 3.6 % 31 Dec 2019
AB Mats Thore Axel 2.8 % 2.8 % 31 Dec 2019
Futur Pension 2.5 % 2.5 % 31 Dec 2019
Avanza Pension 1.2 % 1.2 % 31 Dec 2019
Joakim Orthén 0.9 % 0.9 % 31 Dec 2019
Svante Bengtsson 0.9 % 0.9 % 31 Dec 2019
Source: Holdings by Modular Finance AB

Insider list - Fastator

Name Quantity Code Date
Mats Anders Lundberg + 50 000 Redemp 19 Nov 2019
Svante Andreas Norrestad Bengtsson + 1 400 BUY 9 Jul 2019
Svante Andreas Norrestad Bengtsson + 125 000 BUY 5 Jul 2019
FREDRIK KLERFELT - 4 557 SELL 31 Aug 2016
FREDRIK KLERFELT - 444 SELL 31 Aug 2016
FREDRIK KLERFELT - 38 465 SELL 30 Aug 2016
Svante Bengtsson + 6 200 BUY 16 Sep 2013
Svante Bengtsson + 10 000 BUY 11 Sep 2013
Svante Bengtsson - 50 000 SELL 17 Jul 2013
Svante Bengtsson + 50 000 First register 17 Jul 2013

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