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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 218 303 360
Sales growth (%) 95,5 38,9 18,7
EBITDA 630 132 200
EBITDA margin (%) 288,4 43,6 55,6
EBIT adj -162 117 192
EBIT adj margin (%) -74,3 38,7 53,4
Pretax profit 569 55 111
EPS rep 34,68 2,86 6,23
EPS growth (%) 53 -91,8 118
EPS adj -17,91 2,36 6,23
DPS 0 3 3,2
EV/EBITDA (x) 1,3 7,3 6,6
EV/EBIT adj (x) -5 8,2 6,9
P/E (x) 2,3 31,5 14,4
P/E adj (x) -4,5 38,2 14,4
EV/sales (x) 3,7 3,2 3,7
FCF yield (%) -54,7 0,5 -23,1
Dividend yield (%) 0 3,3 3,6
Net IB debt/EBITDA 1,3 6,1 5,9
SEKm 2019 2020e 2021e
Sales 218 303 360
COGS -51 -96 -98
Gross profit 168 208 262
Other operating items 462 -75 -62
EBITDA 630 132 200
Depreciation on tangibles -6 -7 -8
Depreciation on intangibles 0 0 0
EBITA 624 125 192
Goodwill impairment charges 0 0 0
Other impairment and amortisation 0 0 0
EBIT 624 125 192
Other financial items 0 0 0
Net financial items -55 -70 -82
Associated income 0 0 0
Other EO items 0 0 0
Pretax profit 569 55 111
Tax -49 -11 -10
Net profit 520 44 101
Minority interest -2 -1 -8
Net profit discontinued 0 0 0
Net profit to shareholders 518 43 93
EPS 34,68 2,86 6,23
EPS Adj -17,91 2,36 6,23
Total extraordinary items after tax 785,9 7,5 0
Tax rate (%) -8,6 -20,3 -8,8
Gross margin (%) 76,8 68,5 72,7
EBITDA margin (%) 288,4 43,6 55,6
EBITA margin (%) 285,5 41,2 53,4
EBIT margin (%) 285,5 41,2 53,4
Pretax margin (%) 260,5 18,2 30,7
Net margin (%) 238,1 14,5 28
Growth rates Y/Y 2019 2020 2021
Sales growth (%) 95,5 38,9 18,7
EBITDA growth (%) 75,6 -79 51,4
EBIT growth (%) 76,8 -80 54,1
Net profit growth (%) 62,4 -91,6 129,5
EPS growth (%) 53 -91,8 118
Profitability 2019 2020 2021
ROE (%) 44,7 3 6,3
ROE Adj (%) -23,1 2,4 6,3
ROCE (%) 30,6 4,8 7
ROCE Adj(%) -8 4,5 7
ROIC (%) 33,2 4,3 6,9
ROIC Adj (%) -8,6 4 6,9
Adj earnings numbers 2019 2020 2021
EBITDA Adj -156 125 200
EBITDA Adj margin (%) -71,5 41,1 55,6
EBITA Adj -162 117 192
EBITA Adj margin (%) -74,3 38,7 53,4
EBIT Adj -162 117 192
EBIT Adj margin (%) -74,3 38,7 53,4
Pretax profit Adj -217 48 111
Net profit Adj -266 36 101
Net profit to shareholders Adj -268 35 93
Net Adj margin (%) -121,7 12 28
SEKm 2019 2020e 2021e
EBITDA 630 132 200
Net financial items -55 -70 -82
Paid tax -49 -11 -10
Non-cash items -195 51 86
Cash flow before change in WC 331 103 195
Change in WC 144 205 -20
Operating cash flow 31 257 89
CAPEX tangible fixed assets -180 -250 -400
CAPEX intangible fixed assets 0 0 0
Acquisitions and disposals -504 0 0
Free cash flow -652 7 -311
Dividend paid 0 0 -45
Share issues and buybacks 0 0 0
Other non cash items -370 -1 -8
Decrease in net IB debt -618 5 -364
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 1472 1864
Other fixed assets 1425 1425 1425
Fixed assets 2673 2915 3307
Inventories 0 0 0
Receivables 311 106 126
Other current assets 0 0 0
Cash and liquid assets 245 47 34
Total assets 3230 3068 3468
Shareholders equity 1419 1462 1510
Minority 5 5 5
Total equity 1424 1467 1515
Long-term debt 1262 1058 1409
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 3068 3468
Net IB debt 817 811 1175
Net IB debt excl. pension debt 816 811 1174
Capital invested 2308 2345 2757
Working capital -149 -354 -335
EV breakdown 2019 2020 2021
Market cap. diluted (m) 1192 1345 1345
Net IB debt Adj 817 811 1175
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 816 963 1326
Capital efficiency (%) 2019 2020 2021
Total assets turnover (%) 9,3 9,6 11
Capital invested turnover (%) 12,7 13 14,1
Capital employed turnover (%) 10,7 11,6 13,1
Inventories / sales (%) 0 0 0
Customer advances / sales (%) 0 0 0
Payables / sales (%) 0 0 0
Working capital / sales (%) -35,4 -83 -95,7
Financial risk and debt service 2019 2020 2021
Net debt / equity (%) 57,3 55,3 77,5
Net debt / market cap (%) 98,7 60,3 87,4
Equity ratio (%) 44,1 47,8 43,7
Net IB debt adj. / equity (%) 57,3 55,3 77,5
Current ratio (%) 116,8 32,1 33,6
EBITDA / net interest (%) 1151,4 189,7 244,9
Net IB debt / EBITDA (%) 129,6 613,2 586,6
Interest cover (%) 1139,9 179 235,2
SEKm 2019 2020e 2021e
Shares outstanding adj. 15 15 15
Fully diluted shares Adj 15 15 15
EPS 34,68 2,86 6,23
Dividend per share Adj 0 3 3,2
EPS Adj -17,91 2,36 6,23
BVPS 94,95 97,81 101,04
BVPS Adj 94,95 97,81 101,04
Net IB debt / share 54,6 54,3 78,6
Share price 55,38 90 90
Market cap. (m) 828 1345 1345
Valuation 2019 2020 2021
P/E 2,3 31,5 14,4
EV/sales 3,74 3,17 3,68
EV/EBITDA 1,3 7,3 6,6
EV/EBITA 1,3 7,7 6,9
EV/EBIT 1,3 7,7 6,9
Dividend yield (%) 0 3,3 3,6
FCF yield (%) -54,7 0,5 -23,1
P/BVPS 0,84 0,92 0,89
P/BVPS Adj 0,84 0,92 0,89
P/E Adj -4,5 38,2 14,4
EV/EBITDA Adj -5,2 7,7 6,6
EV/EBITA Adj -5 8,2 6,9
EV/EBIT Adj -5 8,2 6,9
EV/cap. employed 0,3 0,4 0,5
Investment ratios 2019 2020 2021
Capex / sales 82,3 82,4 111,1
Capex / depreciation 2848,1 3347,2 5018,8
Capex tangibles / tangible fixed assets 14,6 17 21,5
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 0,5 0,4

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Main shareholders - Fastator

Main shareholders Share capital % Voting shares % Verified
Mats Lundberg 30.4 % 30.4 % 30 Jun 2020
Joachim Kuylenstierna 30.4 % 30.4 % 30 Jun 2020
Staffan Heiner Beckett 4.5 % 4.5 % 31 Dec 2019
Ulf Adelsohn 3.6 % 3.6 % 30 Jun 2020
Nordnet Pensionsförsäkring 3.3 % 3.3 % 30 Jun 2020
Mats Hulth i Stockholm AB 2.4 % 2.4 % 30 Jun 2020
Futur Pension 2.3 % 2.3 % 30 Jun 2020
Avanza Pension 2.0 % 2.0 % 30 Jun 2020
Svante Bengtsson 1.5 % 1.5 % 3 Jul 2020
IKC Fonder 0.8 % 0.8 % 30 Jun 2020
Source: Holdings by Modular Finance AB

Insider list - Fastator

Name Quantity Code Date
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
Björn Rosengren - 140 000 SELL 2 Jun 2020
Christoffer Strömbäck - 35 000 SELL 2 Jun 2020

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