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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 2020 2021e 2022e
Rental Income 1802 1938 2092
Rental growth (%) 6,8 7,6 7,9
Net operating income 1285 1393 1511
NOI margin (%) 71,3 71,9 72,3
CEPS Adj 4,25 4,6 5,2
CEPS Adj. growth (%) 6,7 8,3 13
DPS 2 2,2 2,4
EPRA NAVPS 83,76 94,44 107,92
EPS 8,47 4,14 4,69
EPS Adj 8,91 4,58 5,13
P/CEPS Adj. (x) 22,8 18,1 16
P/E Adj. (x) 10,9 18,2 16,2
P/EPRANAV (x) 1,16 0,88 0,77
Implicit yield (%) 4 4,2 4,6
div.yield (%) 2,1 2,6 2,9
LTV (%) 46,1 44,8 42,7
N/A N/A N/A
SEKm 2020 2021e 2022e
Rental income 1802 1938 2092
Other income 0 0 0
Operating costs -517 -545 -580
Net operating income 1285 1393 1511
NOI margin (%) 71,3 71,9 72,3
Value change realized 1 0 0
Value change unrealized 1074 0 0
Administration costs -38 -41 -43
All other income & costs 0 0 0
EBIT 2343 1356 1472
Net financial items -317 -306 -298
Value change derivatives -17 0 0
Pretax profit 2010 1050 1174
Deferred profit tax -285 -84 -94
Current tax -93 -126 -141
Net profit 1632 840 939
Minority interest 0 0 0
Net profit to shareholders 1552 759 859
Other income statement related information 2020 2021 2022
Cash earnings 779 843 953
Tax rate (%) -18,8 -20 -20
Net investments 2097 1697 1756
Acquisitions N/A N/A N/A
Other investments 0 0 0
Divestments N/A N/A N/A
EPS 8,47 4,14 4,69
CEPS 4,25 4,6 5,2
CEPS adj. 4,25 4,6 5,2
Dividend per share Adj 2 2,2 2,4
Payout ratio of CEPS (%) 47,1 47,8 46,2
Rental growth (%) 6,8 7,6 7,9
NOI growth (%) 9,6 8,4 8,5
CEPS growth (%) 6,7 8,3 13
CEPS adj. growth (%) 6,7 8,3 13
Balance Sheet 2020 2021 2022
Properties 31344 33041 34798
Deferred tax asset 0 0 0
Receivables 152 152 152
Cash and liquid assets 147 147 147
Other assets 1504 1618 1747
Current liabilities 144 144 144
Total assets 33148 34959 36844
Shareholders equity 14057 15386 17083
Minority 0 0 0
Deferred tax 2464 2590 2731
Interest bearing debt 16484 16839 16887
Short-term debt 0 0 0
Derivatives 144 144 144
Total liabilities and equity 33148 34959 36844
Other balance sheet related information 2020 2021 2022
Net IB debt 14461 14818 14861
Rental area m2 (000) 1533 1533 1533
Rent per m2 1175 1264 1364
Equity ratio (%) 42,4 44 46,4
Loan to value (%) 46,1 44,8 42,7
Net loan to value (%) 53,1 51,4 49
ICR real estate 4 4 5
Interest rate on debt (%) 2 2 2
Occupancy rate (%) 91,2 91,2 91,2
NAV per share 0 0 0
BVPS 76,72 83,97 93,23
EPRA NAV per share 83,76 94,44 107,92
Valuation 2020 2021 2022
Shares outstanding adj. 183 183 183
Share price 80,72 83,2 83,2
Market cap. (m) 14791 15245 15245
P/E 11,5 20,1 17,7
Net IB debt / share 79 81 81
P/CEPS 22,8 18,1 16
P/CEPS adj. 22,8 18,1 16
EV/EBIT 13,8 22,2 20,4
Implicit yield (%) 4 4,2 4,6
Yield on BV (%) 4,1 4,2 4,3
Dividend yield (%) 2,1 2,6 2,9
P/NAV 0 0 0
P/EPRA NAV 1,16 0,88 0,77
P/BVPS 1,26 0,99 0,89
EV/NOI 25,08 21,59 19,92
N/A N/A N/A

Equity research

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Media

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

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Main shareholders - FastPartner

Main shareholders Share capital % Voting shares % Verified
Sven-Olof Johansson 66.4 % 70.8 % 10 Dec 2020
Länsförsäkringar Fonder 7.6 % 8.1 % 31 Jan 2021
Familjen Kamprads stiftelse 3.2 % 3.2 % 31 Dec 2020
Swedbank Robur Fonder 2.7 % 2.9 % 31 Jan 2021
Ilija Batljan 1.6 % 1.7 % 31 Dec 2020
ODIN Fonder 1.2 % 1.3 % 31 Jan 2021
Tredje AP-fonden 1.1 % 1.2 % 31 Dec 2020
Carnegie Fonder 0.6 % 0.6 % 31 Dec 2020
Avanza Pension 0.7 % 0.4 % 31 Dec 2020
ICA-handlarnas Förbund 0.7 % 0.1 % 31 Dec 2020
Source: Holdings by Modular Finance AB

Insider list - FastPartner

Name Quantity Code Date
Desiree Malm + 300 BUY 24 Feb 2021
Patrik Arnqvist + 157 BUY 12 Feb 2021
Fredrik Thorgren + 1 000 BUY 12 Feb 2021
Håkan Bolinder + 1 027 BUY 8 Jan 2021
Håkan Bolinder + 900 BUY 21 Dec 2020
Håkan Bolinder + 7 BUY 14 Dec 2020
Sven-Olof Johansson + 200 000 BUY 10 Dec 2020
Charlotte Bergman + 1 500 BUY 29 Oct 2020
Patrik Arnqvist + 500 BUY 28 Oct 2020
Andreas Christer Angur von Hedenberg + 2 000 BUY 3 Sep 2020

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