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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 226 338 367
Sales growth (%) 102,2 49,7 8,5
EBITDA 461 150 175
EBITDA margin (%) 204,2 44,5 47,6
EBIT adj 59 143 166
EBIT adj margin (%) 25,9 42,2 45,4
Pretax profit 406 94 118
EPS rep 23,31 4,76 6,12
EPS growth (%) 2,8 -79,6 28,5
EPS adj -3,1 4,76 6,12
DPS 0 0 3,15
EV/EBITDA (x) 3,3 11,4 11
EV/EBIT adj (x) 25,9 12 11,6
P/E (x) 4,6 22,5 17,5
P/E adj (x) -34,5 22,5 17,5
EV/sales (x) 6,7 5,1 5,2
FCF yield (%) -34,6 -12 -9,6
Dividend yield (%) 0 0 2,9
Net IB debt/EBITDA 1,5 6,1 6,4
SEKm 2019 2020e 2021e
Sales 226 338 367
COGS -78 -110 -108
Gross profit 148 228 259
Other operating items 313 -78 -84
EBITDA 461 150 175
Depreciation on tangibles -8 -8 -8
Depreciation on intangibles 0 0 0
EBITA 453 143 166
Goodwill impairment charges 0 0 0
Other impairment and amortisation 0 0 0
EBIT 453 143 166
Other financial items 0 0 0
Net financial items -47 -48 -49
Associated income 0 0 0
Other EO items 0 0 0
Pretax profit 406 94 118
Tax -53 -15 -19
Net profit 353 79 99
Minority interest -5 -8 -8
Net profit discontinued 0 0 0
Net profit to shareholders 348 71 91
EPS 23,31 4,76 6,12
EPS Adj -3,1 4,76 6,12
Total extraordinary items after tax 394,6 0 0
Tax rate (%) -13 -16,4 -15,8
Gross margin (%) 65,5 67,6 70,7
EBITDA margin (%) 204,2 44,5 47,6
EBITA margin (%) 200,7 42,2 45,4
EBIT margin (%) 200,7 42,2 45,4
Pretax margin (%) 179,7 27,9 32,1
Net margin (%) 156,2 23,3 27
Growth rates Y/Y 2019 2020 2021
Sales growth (%) 102,2 49,7 8,5
EBITDA growth (%) 28,6 -67,4 16,1
EBIT growth (%) 28,5 -68,5 16,7
Net profit growth (%) 10,2 -77,7 25,7
EPS growth (%) 2,8 -79,6 28,5
Profitability 2019 2020 2021
ROE (%) 32,4 5,5 6,8
ROE Adj (%) -4,3 5,5 6,8
ROCE (%) 24 5,6 6
ROCE Adj(%) 3,1 5,6 6
ROIC (%) 20,7 4,3 4,6
ROIC Adj (%) 2,7 4,3 4,6
Adj earnings numbers 2019 2020 2021
EBITDA Adj 67 150 175
EBITDA Adj margin (%) 29,5 44,5 47,6
EBITA Adj 59 143 166
EBITA Adj margin (%) 25,9 42,2 45,4
EBIT Adj 59 143 166
EBIT Adj margin (%) 25,9 42,2 45,4
Pretax profit Adj 11 94 118
Net profit Adj -42 79 99
Net profit to shareholders Adj -46 71 91
Net Adj margin (%) -18,5 23,3 27
SEKm 2019 2020e 2021e
EBITDA 461 150 175
Net financial items -47 -48 -49
Paid tax -53 -15 -19
Non-cash items 20 55 60
Cash flow before change in WC 381 142 168
Change in WC -40 -28 -10
Operating cash flow 895 59 97
CAPEX tangible fixed assets -1448 -250 -250
CAPEX intangible fixed assets 0 0 0
Acquisitions and disposals 0 0 0
Free cash flow -554 -191 -153
Dividend paid 0 0 -47
Share issues and buybacks 0 0 0
Other non cash items -535 -8 -8
Decrease in net IB debt -515 -199 -207
Balance Sheet (SEKm) 2019 2020 2021
Goodwill 0 0 0
Indefinite intangible assets 15 15 15
Definite intangible assets 0 0 0
Tangible fixed assets 1713 1955 2196
Other fixed assets 1021 1021 1021
Fixed assets 2749 2991 3232
Inventories 0 0 0
Receivables 90 118 128
Other current assets 0 0 0
Cash and liquid assets 219 197 162
Total assets 3058 3306 3523
Shareholders equity 1249 1320 1364
Minority 6 6 6
Total equity 1255 1326 1370
Long-term debt 1136 1313 1486
Pension debt 0 0 0
Convertible debt 0 0 0
Deferred tax 15 15 15
Other long-term liabilities 10 10 10
Short-term debt 12 12 12
Accounts payable 0 0 0
Other current liabilities 629 629 629
Total liabilities and equity 867 1448 3058
Net IB debt 713 912 1120
Net IB debt excl. pension debt 713 912 1119
Capital invested 2622 2893 3144
Working capital 90 118 128
EV breakdown 2019 2020 2021
Market cap. diluted (m) 1599 1599 1599
Net IB debt Adj 713 912 1120
Market value of minority 0 0 0
Reversal of shares and participations -794 -794 -794
Reversal of conv. debt assumed equity 0 0 0
EV 1518 1717 1924
Capital efficiency (%) 2019 2020 2021
Total assets turnover (%) 10 10,6 10,7
Capital invested turnover (%) 11,9 12,3 12,1
Capital employed turnover (%) 12 13,4 13,3
Inventories / sales (%) 0 0 0
Customer advances / sales (%) 0 0 0
Payables / sales (%) 0 0 0
Working capital / sales (%) 31,2 30,9 33,6
Financial risk and debt service 2019 2020 2021
Net debt / equity (%) 56,9 68,8 81,7
Net debt / market cap (%) 86,2 57,1 70
Equity ratio (%) 41 40,1 38,9
Net IB debt adj. / equity (%) 56,9 68,8 81,7
Current ratio (%) 48,2 49,1 45,3
EBITDA / net interest (%) 972,3 310,9 358
Net IB debt / EBITDA (%) 154,7 606,3 641
Interest cover (%) 955,4 294,6 341
SEKm 2019 2020e 2021e
Shares outstanding adj. 15 15 15
Fully diluted shares Adj 15 15 15
EPS 23,31 4,76 6,12
Dividend per share Adj 0 0 3,2
EPS Adj -3,1 4,76 6,12
BVPS 83,57 88,33 91,3
BVPS Adj 83,57 88,33 91,3
Net IB debt / share 47,7 61,1 74,9
Share price 55,38 107 107
Market cap. (m) 828 1599 1599
Valuation 2019 2020 2021
P/E 4,6 22,5 17,5
EV/sales 6,72 5,08 5,25
EV/EBITDA 3,3 11,4 11
EV/EBITA 3,3 12 11,6
EV/EBIT 3,3 12 11,6
Dividend yield (%) 0 0 2,9
FCF yield (%) -34,6 -12 -9,6
P/BVPS 1,28 1,21 1,17
P/BVPS Adj 1,28 1,21 1,17
P/E Adj -34,5 22,5 17,5
EV/EBITDA Adj 22,8 11,4 11
EV/EBITA Adj 25,9 12 11,6
EV/EBIT Adj 25,9 12 11,6
EV/cap. employed 0,6 0,6 0,7
Investment ratios 2019 2020 2021
Capex / sales 641,2 74 68,2
Capex / depreciation 18105,6 3163,4 3011
Capex tangibles / tangible fixed assets 84,6 12,8 11,4
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 0,4 0,4

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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
Danica 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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