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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 1687 1894 2030
Rental growth (%) 16,3 12,3 7,2
Net operating income 1173 1333 1436
NOI margin (%) 69,5 70,4 70,8
CEPS Adj 3,98 4,41 4,94
CEPS Adj. growth (%) 22,3 10,8 12
DPS 1,9 2,1 2,3
EPRA NAVPS 74,46 84,55 95,48
EPS 17,19 3,97 4,45
EPS Adj 17,4 4,42 4,9
P/CEPS Adj. (x) 24,9 15,4 13,8
P/E Adj. (x) 5,7 15,4 13,9
P/EPRANAV (x) 1,33 0,81 0,71
Implicit yield (%) 4 4,5 4,8
div.yield (%) 1,9 3,1 3,4
LTV (%) 46,6 47,2 45,6
SEKm 2019 2020e 2021e
Rental income 1687 1894 2030
Other income 0 0 0
Operating costs -514 -561 -593
Net operating income 1173 1333 1436
NOI margin (%) 69,5 70,4 70,8
Value change realized 350 0 0
Value change unrealized 2661 0 0
Administration costs -35 -38 -40
All other income & costs 0 0 0
EBIT 4173 1295 1396
Net financial items -310 -296 -289
Value change derivatives -33 0 0
Pretax profit 3831 999 1108
Deferred profit tax -590 -80 -89
Current tax -94 -120 -133
Net profit 3147 799 886
Minority interest 0 0 0
Net profit to shareholders 3109 719 806
Other income statement related information 2019 2020 2021
Cash earnings 720 798 894
Tax rate (%) -17,9 -20 -20
Net investments 2831 3108 2008
Acquisitions N/A N/A N/A
Other investments 0 0 0
Divestments N/A N/A N/A
EPS 17,19 3,97 4,45
CEPS 3,98 4,41 4,94
CEPS adj. 3,98 4,41 4,94
Dividend per share Adj 1,9 2,1 2,3
Payout ratio of CEPS (%) 47,7 47,6 46,5
Rental growth (%) 16,3 12,3 7,2
NOI growth (%) 19,5 13,7 7,7
CEPS growth (%) 22,3 10,8 12
CEPS adj. growth (%) 22,3 10,8 12
Balance Sheet 2019 2020 2021
Properties 28172 31280 33288
Deferred tax asset 0 0 0
Receivables 106 106 106
Cash and liquid assets 264 264 264
Other assets 1444 1621 1737
Current liabilities 127 127 127
Total assets 29987 33272 35396
Shareholders equity 12632 14076 15680
Minority 0 0 0
Deferred tax 2179 2299 2432
Interest bearing debt 15049 16770 17157
Short-term debt 0 0 0
Derivatives 127 127 127
Total liabilities and equity 29987 33272 35396
Other balance sheet related information 2019 2020 2021
Net IB debt 13131 14775 15165
Rental area m2 (000) 1511 1511 1511
Rent per m2 1116 1254 1344
Equity ratio (%) 42,1 42,3 44,3
Loan to value (%) 46,6 47,2 45,6
Net loan to value (%) 54,4 54,5 52,3
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 77,81 86,68
EPRA NAV per share 74,46 84,55 95,48
Valuation 2019 2020 2021
Shares outstanding adj. 181 181 181
Share price 76,88 68,1 68,1
Market cap. (m) 13908 12319 12319
P/E 5,8 17,1 15,3
Net IB debt / share 73 82 84
P/CEPS 24,9 15,4 13,8
P/CEPS adj. 24,9 15,4 13,8
EV/EBIT 7,4 20,9 19,7
Implicit yield (%) 4 4,5 4,8
Yield on BV (%) 4,2 4,3 4,3
Dividend yield (%) 1,9 3,1 3,4
P/NAV N/A N/A N/A
P/EPRA NAV 1,33 0,81 0,71
P/BVPS 1,69 0,88 0,79
EV/NOI 26,49 20,33 19,14

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 9.2 % 9.9 % 29 Feb 2020
Familjen Kamprads stiftelse 3.3 % 3.3 % 31 Dec 2019
Swedbank Robur Fonder 2.7 % 2.8 % 29 Feb 2020
ODIN Fonder 1.1 % 1.2 % 29 Feb 2020
Nordea Fonder 1.0 % 1.1 % 29 Feb 2020
Ilija Batljan 0.9 % 1.0 % 31 Dec 2019
Carnegie Fonder 0.6 % 0.7 % 29 Feb 2020
Catella Fonder 1.1 % 0.1 % 29 Feb 2020
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 + 615 BUY 20 Mar 2020
Svante Hedström + 339 BUY 20 Mar 2020
Håkan Bolinder + 266 BUY 20 Mar 2020
Svante Hedström + 350 BUY 20 Mar 2020
Håkan Bolinder + 50 BUY 20 Mar 2020
Andreas Christer Angur von Hedenberg + 1 000 BUY 17 Mar 2020
Andreas Christer Angur von Hedenberg + 4 000 BUY 16 Mar 2020
Håkan Bolinder - 41 SELL 13 Mar 2020
Patrik Arnqvist + 220 BUY 28 Feb 2020
Patrik Arnqvist + 130 BUY 28 Feb 2020

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