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Fastpartner

Fastpartner

Management of commercial real estate

FastPartner owns, manages and develops primarily commercial real estate. The portfolio consists mainly of offices and logistics/warehouse/production properties, but with some retail premises and community service properties. Greater Stockholm remains FastPartner's most prioritized investment area. About 80% of rental income comes from the Greater Stockholm area and 20% from the rest of the country, with Gävle as the largest management unit. Moreover, FastPartner's property portfolio includes five properties in Stockholm city.

Over the years, FastPartner has developed a portfolio of about 200,000 sqm residential building rights and approximately 200,000 sqm commercial building rights. The untapped building rights are in different stages, i.e. ranging from development of zoning plans, approved zoning plans to established construction. Presently, there are good opportunities to convert these into leasable areas.

The main risk for a real estate company is the macro development in the markets in which it operates. The demand situation should be more sustainable in Stockholm given the growing population, but historically volatility has been higher in the downturns. Moreover, the major shareholder and CEO of FastPartner, Sven-Olof Johansson, is very important to the company.

SEKm 2020 2021e 2022e
Rental Income 1802 1896 2040
Rental growth (%) 6,8 5,2 7,6
Net operating income 1285 1337 1447
NOI margin (%) 71,3 70,5 70,9
CEPS Adj 4,26 4,49 5,06
CEPS Adj. growth (%) 6,9 5,5 12,7
DPS 2 2,2 2,4
EPRA NAVPS 83,74 95,35 107,95
EPS 8,48 9,89 4,01
EPS Adj 8,92 10,33 4,45
P/CEPS Adj. (x) 22,8 25,3 22,5
P/E Adj. (x) 10,9 11 25,6
P/EPRANAV (x) 1,16 1,19 1,05
Implicit yield (%) 4 3,6 3,8
div.yield (%) 2,1 1,9 2,1
LTV (%) 46,1 42,2 40,7
SEKm 2020 2021e 2022e
Rental income 1802 1896 2040
Other income 0 0 0
Operating costs -517 -559 -593
Net operating income 1285 1337 1447
NOI margin (%) 71,3 70,5 70,9
Value change realized 1 4 0
Value change unrealized 1074 1216 0
Administration costs -38 -42 -45
All other income & costs 0 0 0
EBIT 2343 2515 1406
Net financial items -317 -287 -278
Value change derivatives -17 170 0
Pretax profit 2010 2399 1128
Deferred profit tax -285 -402 -193
Current tax -93 -107 -121
Net profit 1632 1890 813
Minority interest 0 0 0
Net profit to shareholders 1552 1810 733
Other income statement related information 2020 2021 2022
Cash earnings 779 822 926
Tax rate (%) -18,8 -21,2 -27,9
Net investments 2097 -272 1892
Acquisitions N/A N/A N/A
Other investments 0 0 0
Divestments N/A N/A N/A
EPS 8,48 9,89 4,01
CEPS 4,26 4,49 5,06
CEPS adj. 4,26 4,49 5,06
Dividend per share Adj 2 2,2 2,4
Payout ratio of CEPS (%) 47 49 47,4
Rental growth (%) 6,8 5,2 7,6
NOI growth (%) 9,6 4,1 8,2
CEPS growth (%) 6,9 5,5 12,7
CEPS adj. growth (%) 6,9 5,5 12,7
Balance Sheet 2020 2021 2022
Properties 31344 32292 34184
Deferred tax asset 0 0 0
Receivables 152 152 152
Cash and liquid assets 147 147 147
Other assets 1657 1736 1856
Current liabilities 144 -27 -27
Total assets 33148 34175 36187
Shareholders equity 14057 15853 17271
Minority 0 0 0
Deferred tax 2464 2571 2692
Interest bearing debt 16484 15778 16251
Short-term debt 0 0 0
Derivatives 144 -27 -27
Total liabilities and equity 33148 34175 36187
Other balance sheet related information 2020 2021 2022
Net IB debt 14461 13630 13923
Rental area m2 (000) 1533 1533 1533
Rent per m2 1175 1237 1331
Equity ratio (%) 42,4 46,4 47,7
Loan to value (%) 46,1 42,2 40,7
Net loan to value (%) 53,1 49,3 48
ICR real estate 4 5 5
Interest rate on debt (%) 2 2 2
Occupancy rate (%) 91,2 91,2 91,2
NAV per share 0 0 0
BVPS 76,86 86,68 94,43
EPRA NAV per share 83,74 95,35 107,95
Valuation 2020 2021 2022
Shares outstanding adj. 183 183 183
Share price 80,72 113,8 113,8
Market cap. (m) 14764 20814 20814
P/E 11,4 11,5 28,4
Net IB debt / share 79 75 76
P/CEPS 22,8 25,3 22,5
P/CEPS adj. 22,8 25,3 22,5
EV/EBIT 13,7 13,7 24,7
Implicit yield (%) 4 3,6 3,8
Yield on BV (%) 4,1 4,1 4,2
Dividend yield (%) 2,1 1,9 2,1
P/NAV 0 0 0
P/EPRA NAV 1,16 1,19 1,05
P/BVPS 1,26 1,31 1,21
EV/NOI 25,06 25,75 24

Equity research

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Media

Fastpartner - Company presentation with Deputy CEO Christopher Johansson
Fastparner - Company presentation with Deputy CEO Christopher Johansson (in Swedish)

Main shareholders - FastPartner

Main shareholders Share capital % Voting shares % Verified
Sven-Olof Johansson 66.6 % 70.8 % 6 Sep 2021
Länsförsäkringar Fonder 8.0 % 8.6 % 31 Aug 2021
Familjen Kamprads stiftelse 3.2 % 3.2 % 30 Jun 2021
Swedbank Robur Fonder 2.8 % 3.0 % 31 Aug 2021
Ilija Batljan 2.1 % 2.2 % 30 Jun 2021
Tredje AP-fonden 1.2 % 1.2 % 30 Jun 2021
SEB Fonder 0.8 % 0.9 % 31 Aug 2021
ODIN Fonder 0.7 % 0.8 % 31 Aug 2021
Avanza Pension 0.7 % 0.4 % 30 Jun 2021
ICA-handlarnas Förbund 0.7 % 0.1 % 30 Jun 2021
Source: Holdings by Modular Finance AB

Insider list - FastPartner

Name Quantity Code Date
Christopher Johansson + 1 054 SUBS 6 Sep 2021
Sven-Olof Johansson +4 113 407 SUBS 6 Sep 2021
Charlotte Bergman + 84 SUBS 6 Sep 2021
Christopher Johansson + 154 ALTM 6 Sep 2021
Fredrik Thorgren + 203 SUBS 6 Sep 2021
Svante Hedström + 400 SUBS 6 Sep 2021
Daniel Gerlach + 643 SUBS 6 Sep 2021
Christopher Johansson + 375 SUBS 6 Sep 2021
Sven Marcus Christopher Johansson + 210 SUBS 6 Sep 2021
Svante Hedström + 1 500 SUBS 6 Sep 2021

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