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Fastpartner

Fastpartner

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.

SEKm 2020 2021e 2022e
Rental Income 1802 1905 2045
Rental growth (%) 6,8 5,8 7,3
Net operating income 1285 1343 1450
NOI margin (%) 71,3 70,5 70,9
CEPS Adj 4,26 4,63 5,2
CEPS Adj. growth (%) 6,9 8,9 12,2
DPS 2 2,2 2,4
EPRA NAVPS 83,74 93,59 106,11
EPS 8,48 4,52 4,28
EPS Adj 8,92 4,96 4,72
P/CEPS Adj. (x) 22,8 20,5 18,3
P/E Adj. (x) 10,9 19,1 20,1
P/EPRANAV (x) 1,16 1,01 0,89
Implicit yield (%) 4 3,9 4,1
div.yield (%) 2,1 2,3 2,5
LTV (%) 46,1 44,9 43,5
SEKm 2020 2021e 2022e
Rental income 1802 1905 2045
Other income 0 0 0
Operating costs -517 -562 -595
Net operating income 1285 1343 1450
NOI margin (%) 71,3 70,5 70,9
Value change realized 1 0 0
Value change unrealized 1074 100 0
Administration costs -38 -41 -44
All other income & costs 0 0 0
EBIT 2343 1405 1410
Net financial items -317 -273 -264
Value change derivatives -17 52 0
Pretax profit 2010 1184 1147
Deferred profit tax -285 -174 -168
Current tax -93 -104 -115
Net profit 1632 907 863
Minority interest 0 0 0
Net profit to shareholders 1552 826 783
Other income statement related information 2020 2021 2022
Cash earnings 779 848 951
Tax rate (%) -18,8 -23,4 -24,7
Net investments 2097 1340 1911
Acquisitions N/A N/A N/A
Other investments 0 0 0
Divestments N/A N/A N/A
EPS 8,48 4,52 4,28
CEPS 4,26 4,63 5,2
CEPS adj. 4,26 4,63 5,2
Dividend per share Adj 2 2,2 2,4
Payout ratio of CEPS (%) 47 47,5 46,2
Rental growth (%) 6,8 5,8 7,3
NOI growth (%) 9,6 4,5 7,9
CEPS growth (%) 6,9 8,9 12,2
CEPS adj. growth (%) 6,9 8,9 12,2
Balance Sheet 2020 2021 2022
Properties 31344 32784 34696
Deferred tax asset 0 0 0
Receivables 152 152 152
Cash and liquid assets 147 147 147
Other assets 1504 1591 1708
Current liabilities 144 92 92
Total assets 33148 34675 36703
Shareholders equity 14057 15253 16737
Minority 0 0 0
Deferred tax 2464 2567 2683
Interest bearing debt 16484 16762 17191
Short-term debt 0 0 0
Derivatives 144 92 92
Total liabilities and equity 33148 34675 36703
Other balance sheet related information 2020 2021 2022
Net IB debt 14461 14723 15106
Rental area m2 (000) 1533 1533 1533
Rent per m2 1175 1243 1334
Equity ratio (%) 42,4 44 45,6
Loan to value (%) 46,1 44,9 43,5
Net loan to value (%) 53,1 51,6 50
ICR real estate 4 5 5
Interest rate on debt (%) 2 2 2
Occupancy rate (%) 91,2 91,2 91,2
NAV per share 0 0 0
BVPS 76,86 83,4 91,51
EPRA NAV per share 83,74 93,59 106,11
Valuation 2020 2021 2022
Shares outstanding adj. 183 183 183
Share price 80,72 94,9 94,9
Market cap. (m) 14764 17357 17357
P/E 11,4 21 22,2
Net IB debt / share 79 80 83
P/CEPS 22,8 20,5 18,3
P/CEPS adj. 22,8 20,5 18,3
EV/EBIT 13,7 22,8 23
Implicit yield (%) 4 3,9 4,1
Yield on BV (%) 4,1 4,1 4,2
Dividend yield (%) 2,1 2,3 2,5
P/NAV 0 0 0
P/EPRA NAV 1,16 1,01 0,89
P/BVPS 1,26 1,14 1,04
EV/NOI 25,06 23,88 22,39

Equity research

Read earlier research

Media

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

Main shareholders - FastPartner

Main shareholders Share capital % Voting shares % Verified
Sven-Olof Johansson 66.5 % 70.8 % 26 Apr 2021
Länsförsäkringar Fonder 7.6 % 8.1 % 31 Mar 2021
Familjen Kamprads stiftelse 3.2 % 3.2 % 31 Mar 2021
Swedbank Robur Fonder 2.9 % 3.0 % 30 Apr 2021
Ilija Batljan 2.1 % 2.2 % 31 Mar 2021
Tredje AP-fonden 1.1 % 1.2 % 31 Mar 2021
ODIN Fonder 0.7 % 0.8 % 30 Apr 2021
Carnegie Fonder 0.7 % 0.7 % 31 Mar 2021
Avanza Pension 0.8 % 0.4 % 31 Mar 2021
ICA-handlarnas Förbund 0.7 % 0.1 % 31 Mar 2021
Source: Holdings by Modular Finance AB

Insider list - FastPartner

Name Quantity Code Date
Jenny Tallskog + 350 BUY 11 May 2021
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

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