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FastPartner

Management of commercial real estate

FastPartner owns, manages and develops primarily commercial real estate. The portfolio consists mainly of warehouse and production properties, but also offices and retail premises. Greater Stockholm is and 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 2018 2019e 2020e
Rental Income 1451 1645 1742
Rental growth (%) 7,5 13,4 5,9
Net operating income 982 1153 1224
NOI margin (%) 67,7 70,1 70,3
CEPS Adj 3,13 3,76 4,11
CEPS Adj. growth (%) 2,4 20,3 9,2
DPS 1,6 1,9 2
EPRA NAVPS 59,7 67,95 73,82
EPS 9,64 5,88 3,76
EPS Adj 9,86 6,09 3,97
P/CEPS Adj. (x) 19,3 19 17,4
P/E Adj. (x) 6,1 11,7 18
P/EPRANAV (x) 1,01 1,05 0,97
Implicit yield (%) 4,3 4 4,2
div.yield (%) 2,7 2,7 2,8
LTV (%) 51,4 53,4 52,4
SEKm 2018 2019e 2020e
Rental income 1451 1645 1742
Other income 0 0 0
Operating costs -469 -492 -518
Net operating income 982 1153 1224
NOI margin (%) 67,7 70,1 70,3
Value change realized 1 0 0
Value change unrealized 1199 577 0
Administration costs -32 -36 -37
All other income & costs 0 0 0
EBIT 2149 1694 1188
Net financial items -235 -271 -268
Value change derivatives 174 -26 0
Pretax profit 2088 1397 919
Deferred profit tax -195 -195 -89
Current tax -110 -101 -112
Net profit 1783 1102 718
Minority interest 0 0 0
Net profit to shareholders 1745 1064 680
Other income statement related information 2018 2019 2020
Cash earnings 566 681 743
Tax rate (%) -14,6 -21,1 -21,9
Net investments 1015 2996 1248
Acquisitions N/A N/A N/A
Other investments 0 0 0
Divestments N/A N/A N/A
EPS 9,64 5,88 3,76
CEPS 3,13 3,76 4,11
CEPS adj. 3,13 3,76 4,11
Dividend per share Adj 1,6 1,9 2
Payout ratio of CEPS (%) 51,1 50,5 48,7
Rental growth (%) 7,5 13,4 5,9
NOI growth (%) 4,9 17,4 6,2
CEPS growth (%) 2,4 20,3 9,2
CEPS adj. growth (%) 2,4 20,3 9,2
Balance Sheet 2018 2019 2020
Properties 22330 25903 27151
Deferred tax asset 0 0 0
Receivables 453 453 453
Cash and liquid assets 676 676 676
Other assets 70 947 1003
Current liabilities 94 120 120
Total assets 23529 27980 29283
Shareholders equity 9114 10251 11105
Minority 0 0 0
Deferred tax 1589 1690 1801
Interest bearing debt 12731 15919 16257
Short-term debt 0 0 0
Derivatives 94 120 120
Total liabilities and equity 23529 27980 29283
Other balance sheet related information 2018 2019 2020
Net IB debt 11481 13844 14220
Rental area m2 (000) 1443 1484 1484
Rent per m2 1005 1108 1174
Equity ratio (%) 38,7 36,6 37,9
Loan to value (%) 51,4 53,4 52,4
Net loan to value (%) 60 64,1 62,4
ICR real estate 4 4 4
Interest rate on debt (%) 2 2 2
Occupancy rate (%) 90,3 90,3 90,3
NAV per share 0 0 0
BVPS 39,31 45,6 61,39
EPRA NAV per share 59,7 67,95 73,82
Valuation 2018 2019 2020
Shares outstanding adj. 181 181 181
Share price 52,42 71,4 71,4
Market cap. (m) 9483 12916 12916
P/E 6,3 12,1 19
Net IB debt / share 63 77 79
P/CEPS 19,3 19 17,4
P/CEPS adj. 19,3 19 17,4
EV/EBIT 10,4 15,8 22,8
Implicit yield (%) 4,3 4 4,2
Yield on BV (%) 4,4 4,5 4,5
Dividend yield (%) 2,7 2,7 2,8
P/NAV N/A N/A N/A
P/EPRA NAV 1,01 1,05 0,97
P/BVPS 1,53 1,57 1,16
EV/NOI 22,81 23,22 22,16

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Main shareholders

FastPartner

Main shareholders Share capital % Voting shares % Verified
Sven-Olof Johansson 69.5 % 71.5 %
Länsförsäkringar Fonder 5.1 % 5.2 %
Nordea Fonder 4.3 % 4.4 %
Swedbank Robur Fonder 2.8 % 2.8 %
Familjen Kamprads stiftelse 1.6 % 1.6 %
ODIN Fonder 0.8 % 0.8 %
Bengt Olsson 0.5 % 0.5 %
Alfred Berg 0.5 % 0.5 %
SEB Fonder 0.5 % 0.5 %
Björn Molin 0.5 % 0.5 %