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FastPartner

FastPartner

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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.

Financials

SEKm 2019 2020e 2021e
Rental Income 1687 1853 1991
Rental growth (%) 16,3 9,9 7,4
Net operating income 1173 1319 1421
NOI margin (%) 69,5 71,1 71,4
CEPS Adj 3,98 4,25 4,77
CEPS Adj. growth (%) 22,3 6,7 12,3
DPS 1,9 2,1 2,3
EPRA NAVPS 74,46 75,19 83,69
EPS 17,19 3,18 4,3
EPS Adj 17,4 3,61 4,74
P/CEPS Adj. (x) 24,9 19,3 17,2
P/E Adj. (x) 5,7 22,7 17,3
P/EPRANAV (x) 1,33 1,09 0,98
Implicit yield (%) 4 4,1 4,4
div.yield (%) 1,9 2,6 2,8
LTV (%) 46,6 48,9 47,5
N/A N/A N/A
SEKm 2019 2020e 2021e
Rental income 1687 1853 1991
Other income 0 0 0
Operating costs -514 -535 -570
Net operating income 1173 1319 1421
NOI margin (%) 69,5 71,1 71,4
Value change realized 350 1 0
Value change unrealized 2661 -113 0
Administration costs -35 -38 -40
All other income & costs 0 0 0
EBIT 4173 1170 1381
Net financial items -310 -308 -296
Value change derivatives -33 -31 0
Pretax profit 3831 830 1085
Deferred profit tax -590 -53 -87
Current tax -94 -115 -130
Net profit 3147 662 868
Minority interest 0 0 0
Net profit to shareholders 3109 582 787
Other income statement related information 2019 2020 2021
Cash earnings 720 778 874
Tax rate (%) -17,9 -20,2 -20
Net investments 2831 1820 1646
Acquisitions N/A N/A N/A
Other investments 0 0 0
Divestments N/A N/A N/A
EPS 17,19 3,18 4,3
CEPS 3,98 4,25 4,77
CEPS adj. 3,98 4,25 4,77
Dividend per share Adj 1,9 2,1 2,3
Payout ratio of CEPS (%) 47,7 49,4 48,2
Rental growth (%) 16,3 9,9 7,4
NOI growth (%) 19,5 12,4 7,8
CEPS growth (%) 22,3 6,7 12,3
CEPS adj. growth (%) 22,3 6,7 12,3
Balance Sheet 2019 2020 2021
Properties 28172 29881 31527
Deferred tax asset 0 0 0
Receivables 106 106 106
Cash and liquid assets 264 264 264
Other assets 1444 1586 1704
Current liabilities 127 158 158
Total assets 29987 31838 33601
Shareholders equity 12632 12848 14146
Minority 0 0 0
Deferred tax 2179 2294 2424
Interest bearing debt 15049 16539 16873
Short-term debt 0 0 0
Derivatives 127 158 158
Total liabilities and equity 29987 31838 33601
Other balance sheet related information 2019 2020 2021
Net IB debt 13131 14614 14984
Rental area m2 (000) 1511 1511 1511
Rent per m2 1116 1227 1318
Equity ratio (%) 42,1 40,4 42,1
Loan to value (%) 46,6 48,9 47,5
Net loan to value (%) 54,4 56,2 54,4
ICR real estate 4 4 5
Interest rate on debt (%) 2 2 2
Occupancy rate (%) 92,5 92,5 92,5
NAV per share 0 0 0
BVPS 58,76 70,12 77,2
EPRA NAV per share 74,46 75,19 83,69
Valuation 2019 2020 2021
Shares outstanding adj. 181 183 183
Share price 76,88 82 82
Market cap. (m) 13908 15025 15025
P/E 5,8 25,8 19,1
Net IB debt / share 73 80 82
P/CEPS 24,9 19,3 17,2
P/CEPS adj. 24,9 19,3 17,2
EV/EBIT 7,4 25,3 21,7
Implicit yield (%) 4 4,1 4,4
Yield on BV (%) 4,2 4,4 4,5
Dividend yield (%) 1,9 2,6 2,8
P/NAV 0 0 0
P/EPRA NAV 1,33 1,09 0,98
P/BVPS 1,69 1,17 1,06
EV/NOI 26,49 22,48 21,12
N/A N/A N/A

Equity research

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Media

FastPartner - Interview with VP Christopher Johansson (in Swedish)
FastPartner - Company presentation with VP Christopher Johansson (in Swedish)

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Main shareholders - FastPartner

Main shareholders Share capital % Voting shares % Verified
Sven-Olof Johansson 66.2 % 70.7 % 19 Mar 2020
Länsförsäkringar Fonder 9.3 % 9.9 % 31 Aug 2020
Familjen Kamprads stiftelse 3.2 % 3.2 % 30 Jun 2020
Swedbank Robur Fonder 2.7 % 2.8 % 31 Aug 2020
Ilija Batljan 0.9 % 1.0 % 30 Jun 2020
ODIN Fonder 0.9 % 0.9 % 31 Aug 2020
Nordea Fonder 0.9 % 0.9 % 31 Jul 2020
Avanza Pension 0.7 % 0.4 % 30 Jun 2020
Catella Fonder 0.9 % 0.1 % 31 Aug 2020
ICA-handlarnas Förbund 0.7 % 0.1 % 30 Jun 2020
Source: Holdings by Modular Finance AB

Insider list - FastPartner

Name Quantity Code Date
Andreas Christer Angur von Hedenberg + 2 000 BUY 3 Sep 2020
Håkan Bolinder + 800 BUY 29 May 2020
Patrik Arnqvist + 500 BUY 27 May 2020
Fredrik Thorgren + 1 000 BUY 19 May 2020
Svante Hedström + 1 600 BUY 15 May 2020
Patrik Arnqvist + 173 BUY 24 Apr 2020
Patrik Arnqvist + 327 BUY 24 Apr 2020
Svante Hedström + 615 BUY 20 Mar 2020
Håkan Bolinder + 266 BUY 20 Mar 2020
Håkan Bolinder + 50 BUY 20 Mar 2020

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