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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 2020 2021e 2022e
Sales 269 320 338
Sales growth (%) 23,3 18,8 5,6
EBITDA 238 217 257
EBITDA margin (%) 88,2 67,9 76,1
EBIT adj 115 214 254
EBIT adj margin (%) 42,7 66,9 75,1
Pretax profit 137 117 142
EPS rep 1,73 1,32 1,66
EPS growth (%) -74 -23,9 25,8
EPS adj 0,34 1,32 1,66
DPS 0,58 0,61 0,65
EV/EBITDA (x) 4,7 6,8 7,1
EV/EBIT adj (x) 9,7 6,9 7,2
P/E (x) 11,7 15,3 12,2
P/E adj (x) 59,5 15,3 12,2
EV/sales (x) 4,2 4,6 5,4
FCF yield (%) 7,4 -18,7 -16,3
Dividend yield (%) 2,9 3 3,2
Net IB debt/EBITDA 2,9 4,9 5,5
N/A N/A N/A
Lease adj. FCF yield (%) 7,4 -18,7 -16,3
Lease adj. ND/EBITDA 5,5 4,9 5,5
SEKm 2020 2021e 2022e
Sales 269 320 338
COGS -82 -92 -93
Gross profit 187 228 245
Other operating items 50 -11 12
EBITDA 238 217 257
Depreciation on tangibles -11 -3 -3
Depreciation on intangibles 0 0 0
EBITA 226 214 254
Goodwill impairment charges 0 0 0
Other impairment and amortisation 0 0 0
EBIT 226 214 254
Other financial items 0 0 0
Net financial items -89 -97 -112
Associated income 0 0 0
Other EO items 0 0 0
Pretax profit 137 117 142
Tax 3 -4 -2
Net profit 140 113 140
Minority interest -2 -8 -8
Net profit discontinued 0 0 0
Net profit to shareholders 138 105 132
EPS 1,73 1,32 1,66
EPS Adj 0,34 1,32 1,66
Total extraordinary items after tax 111,2 0 0
Tax rate (%) 2,1 -3,7 -1,3
Gross margin (%) 69,6 71,4 72,4
EBITDA margin (%) 88,2 67,9 76,1
EBITA margin (%) 84 66,9 75,1
EBIT margin (%) 84 66,9 75,1
Pretax margin (%) 50,9 36,6 42
Net margin (%) 52 35,3 41,4
Growth rates Y/Y 2020 2021 2022
Sales growth (%) 23,3 18,8 5,6
EBITDA growth (%) -62,3 -8,6 18,3
EBIT growth (%) -63,7 -5,4 18,6
Net profit growth (%) -73,1 -19,4 24,1
EPS growth (%) -74 -23,9 25,8
Profitability 2020 2021 2022
ROE (%) 9,3 6,6 8,1
ROE Adj (%) 1,8 6,6 8,1
ROCE (%) 8,7 7,9 8,1
ROCE Adj(%) 4,4 7,9 8,1
ROIC (%) 10 8,1 8,5
ROIC Adj (%) 5,1 8,1 8,5
Adj earnings numbers 2020 2021 2022
EBITDA Adj 127 217 257
EBITDA Adj margin (%) 47 67,9 76,1
EBITA Adj 115 214 254
EBITA Adj margin (%) 42,7 66,9 75,1
EBIT Adj 115 214 254
EBIT Adj margin (%) 42,7 66,9 75,1
Pretax profit Adj 26 117 142
Net profit Adj 29 113 140
Net profit to shareholders Adj 27 105 132
Net Adj margin (%) 10,7 35,3 41,4
N/A N/A N/A
Depreciation and amortisation -11 -3 -3
Of which leasing depreciation 0 0 0
EO items 111 0 0
Impairment and PPA amortisation 0 0 0
EBITDA lease Adj 127 217 257
EBITDA lease Adj margin (%) 47 67,9 76,1
SEKm 2020 2021e 2022e
EBITDA 238 217 257
Net financial items -89 -97 -112
Paid tax 3 -4 -2
Non-cash items 111 168 196
Cash flow before change in WC 263 284 339
Change in WC 106 -185 -202
Operating cash flow 369 98 137
CAPEX tangible fixed assets -250 -400 -400
CAPEX intangible fixed assets 0 0 0
Acquisitions and disposals 0 0 0
Free cash flow 119 -302 -263
Dividend paid 0 -46 -49
Share issues and buybacks 0 0 0
Other non cash items -2 -8 -42
Decrease in net IB debt 117 -355 -354
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 1468 1865 2262
Other fixed assets 1425 1425 1425
Fixed assets 2911 3308 3705
Inventories 0 0 0
Receivables 94 112 118
Other current assets 0 0 0
Cash and liquid assets 47 34 36
Total assets 3053 3454 3859
Shareholders equity 1557 1616 1665
Minority 5 5 5
Total equity 1562 1621 1671
Long-term debt 947 1289 1645
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 3053 3454 3859
Net IB debt 700 1055 1409
Net IB debt excl. pension debt 699 1055 1409
Capital invested 2329 2743 3147
Working capital -366 -349 -342
EV breakdown 2020 2021 2022
Market cap. diluted (m) 1613 1613 1613
Net IB debt Adj 700 1055 1409
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 1119 1475 1829
Capital efficiency (%) 2020 2021 2022
Total assets turnover (%) 8,6 9,8 9,2
Capital invested turnover (%) 11,6 12,6 11,5
Capital employed turnover (%) 10,3 11,7 10,8
Inventories / sales (%) 0 0 0
Customer advances / sales (%) 0 0 0
Payables / sales (%) 0 0 0
Working capital / sales (%) -95,7 -111,7 -102,3
Financial risk and debt service 2020 2021 2022
Net debt / equity (%) 44,8 65,1 84,4
Net debt / market cap (%) 45,4 65,4 87,4
Equity ratio (%) 51,2 46,9 43,3
Net IB debt adj. / equity (%) 44,8 65,1 84,4
Current ratio (%) 29,6 30,6 32,4
EBITDA / net interest (%) 266,7 224,1 229,5
Net IB debt / EBITDA (%) 294,4 485,7 548,3
Interest cover (%) 253,8 220,8 226,6
N/A N/A N/A
Lease liability amortisation 0 0 0
Other intangible assets 18 18 18
Right-of-use asset 0 0 0
Total other fixed assets 1425 1425 1425
Leasing liability 0 0 0
Total other long-term liabilities 67 67 67
Net IB debt excl. leasing 700 1055 1409
Net IB debt / EBITDA lease Adj (%) 553 485,7 548,3
SEKm 2020 2021e 2022e
Shares outstanding adj. 80 80 80
Fully diluted shares Adj 80 80 80
EPS 1,73 1,32 1,66
Dividend per share Adj 0,6 0,6 0,7
EPS Adj 0,34 1,32 1,66
BVPS 19,5 20,24 20,86
BVPS Adj 19,5 20,24 20,86
Net IB debt / share 8,8 13,2 17,6
Share price 19,3 20,2 20,2
Market cap. (m) 1541 1613 1613
Valuation 2020 2021 2022
P/E 11,7 15,3 12,2
EV/sales 4,16 4,61 5,41
EV/EBITDA 4,7 6,8 7,1
EV/EBITA 4,9 6,9 7,2
EV/EBIT 4,9 6,9 7,2
Dividend yield (%) 2,9 3 3,2
FCF yield (%) 7,4 -18,7 -16,3
P/BVPS 1,04 1 0,97
P/BVPS Adj 1,04 1 0,97
P/E Adj 59,5 15,3 12,2
EV/EBITDA Adj 8,8 6,8 7,1
EV/EBITA Adj 9,7 6,9 7,2
EV/EBIT Adj 9,7 6,9 7,2
EV/cap. employed 0,4 0,5 0,5
Investment ratios 2020 2021 2022
Capex / sales 92,8 125 118,4
Capex / depreciation 2177,3 12500 12500
Capex tangibles / tangible fixed assets 17 21,4 17,7
Capex intangibles / definite intangibles 0 0 0
Depreciation on intangibles / definite intangibles 0 0 0
Depreciation on tangibles / tangibles 0,8 0,2 0,1
N/A N/A N/A
Lease adj. FCF yield (%) 7,4 -18,7 -16,3

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Main shareholders - Fastator

Main shareholders Share capital % Voting shares % Verified
Joachim Kuylenstierna 28.0 % 28.0 % 28 Feb 2021
Mats Lundberg 27.7 % 27.7 % 28 Feb 2021
Ulf Adelsohn 3.2 % 3.2 % 28 Feb 2021
Avanza Pension 2.8 % 2.8 % 28 Feb 2021
Staffan Heiner Beckett 2.6 % 2.6 % 18 Jan 2021
Futur Pension 2.1 % 2.1 % 28 Feb 2021
Mats Hulth i Stockholm AB 1.7 % 1.7 % 28 Feb 2021
Svante Bengtsson 1.4 % 1.4 % 28 Feb 2021
Nordnet Pensionsförsäkring 1.3 % 1.3 % 28 Feb 2021
Fredrik Grevelius 0.6 % 0.6 % 28 Feb 2021
Source: Holdings by Modular Finance AB