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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 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 2019 2020e 2021e
Rental Income 1658 1844 1931
Rental growth (%) 14,3 11,2 4,7
Net operating income 1144 1288 1356
NOI margin (%) 69 69,9 70,2
CEPS Adj 3,82 4,38 4,77
CEPS Adj. growth (%) 17,2 14,7 8,9
DPS 1,9 2 2,1
EPRA NAVPS 72,07 83,63 96,17
EPS 10,48 3,94 4,29
EPS Adj 10,69 4,15 4,5
P/CEPS Adj. (x) 25,4 22,2 20,4
P/E Adj. (x) 9,1 23,4 21,6
P/EPRANAV (x) 1,35 1,16 1,01
Implicit yield (%) 3,9 3,7 3,9
div.yield (%) 2 2,1 2,2
LTV (%) 50 50,4 48,7
SEKm 2019 2020e 2021e
Rental income 1658 1844 1931
Other income 0 0 0
Operating costs -514 -556 -575
Net operating income 1144 1288 1356
NOI margin (%) 69 69,9 70,2
Value change realized 350 0 0
Value change unrealized 1241 0 0
Administration costs -35 -38 -39
All other income & costs 0 0 0
EBIT 2724 1250 1317
Net financial items -305 -308 -295
Value change derivatives -92 0 0
Pretax profit 2327 942 1022
Deferred profit tax -293 -80 -87
Current tax -100 -112 -122
Net profit 1934 750 814
Minority interest 0 0 0
Net profit to shareholders 1896 712 776
Other income statement related information 2019 2020 2021
Cash earnings 691 792 862
Tax rate (%) -16,9 -20,4 -20,4
Net investments 2970 3319 2262
Acquisitions N/A N/A N/A
Other investments 0 0 0
Divestments N/A N/A N/A
EPS 10,48 3,94 4,29
CEPS 3,82 4,38 4,77
CEPS adj. 3,82 4,38 4,77
Dividend per share Adj 1,9 2 2,1
Payout ratio of CEPS (%) 49,8 45,7 44,1
Rental growth (%) 14,3 11,2 4,7
NOI growth (%) 16,5 12,6 5,3
CEPS growth (%) 17,2 14,7 8,9
CEPS adj. growth (%) 17,2 14,7 8,9
Balance Sheet 2019 2020 2021
Properties 26891 30210 32472
Deferred tax asset 0 0 0
Receivables 453 453 453
Cash and liquid assets 676 676 676
Other assets 948 1054 1103
Current liabilities 186 186 186
Total assets 28968 32394 34705
Shareholders equity 11633 13193 14941
Minority 0 0 0
Deferred tax 1689 1801 1923
Interest bearing debt 15460 17213 17655
Short-term debt 0 0 0
Derivatives 186 186 186
Total liabilities and equity 28968 32394 34705
Other balance sheet related information 2019 2020 2021
Net IB debt 13446 15235 15802
Rental area m2 (000) 1484 1484 1484
Rent per m2 1117 1242 1301
Equity ratio (%) 40,2 40,7 43,1
Loan to value (%) 50 50,4 48,7
Net loan to value (%) 60 59,2 56,5
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 53,24 72,93 82,59
EPRA NAV per share 72,07 83,63 96,17
Valuation 2019 2020 2021
Shares outstanding adj. 181 181 181
Share price 76,88 97 97
Market cap. (m) 13908 17547 17547
P/E 9,3 24,6 22,6
Net IB debt / share 74 84 87
P/CEPS 25,4 22,2 20,4
P/CEPS adj. 25,4 22,2 20,4
EV/EBIT 11,4 26,2 25,3
Implicit yield (%) 3,9 3,7 3,9
Yield on BV (%) 4,3 4,3 4,2
Dividend yield (%) 2 2,1 2,2
P/NAV N/A N/A N/A
P/EPRA NAV 1,35 1,16 1,01
P/BVPS 1,82 1,33 1,17
EV/NOI 27,1 25,45 24,59

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 69.9 % 71.8 % 3 Sep 2019
Länsförsäkringar Fonder 8.4 % 9.0 % 31 Dec 2019
Familjen Kamprads stiftelse 3.3 % 3.3 % 31 Dec 2019
Swedbank Robur Fonder 2.6 % 2.8 % 31 Dec 2019
Nordea Fonder 2.0 % 2.1 % 31 Dec 2019
Ilija Batljan 0.9 % 1.0 % 31 Dec 2019
Bengt Olsson 0.5 % 0.5 % 31 Dec 2019
Avanza Pension 0.6 % 0.4 % 31 Dec 2019
Catella Fonder 1.1 % 0.1 % 31 Dec 2019
ICA-handlarnas Förbund 0.7 % 0.1 % 31 Dec 2019
Source: Holdings by Modular Finance AB

Insider list - FastPartner

Name Quantity Code Date
Svante Hedström + 2 250 BUY 20 Dec 2019
Daniel Gerlach + 1 600 BUY 13 Dec 2019
Patrik Arnqvist + 500 BUY 13 May 2019
Svante Hedström + 1 800 BUY 20 Feb 2019
Fredrik Thorgren + 142 398 BUY 22 Mar 2018
Patrik Arnqvist + 500 BUY 8 Mar 2018
Sven-Olof Johansson + 100 000 BUY 20 Feb 2018
Sven-Olof Johansson + 501 BUY 12 Dec 2017
Sven-Olof Johansson + 50 000 BUY 11 Dec 2017
Sven-Olof Johansson + 1 433 BUY 16 Nov 2017

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