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Third party research

Fastator: Set for a busy 2023 - ABG

Fastator

This is a third party research report and does not necessarily reflect our views or values

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Another eventful quarter...
...new managements and upcoming refinancing
Share trading at ~60% discount to NAV vs hist. avg. of ~30%


Several important events in Företagsparken

In Q4'22, Företagsparken posted rental income of SEK 103m and income from property management of SEK 74m, up by 98% and 217% y-o-y. The main reason was increased scalability as it acquired several properties in 2022, going from a property value of SEK 4.0bn in Q4'21 to SEK 6.4bn in Q4'22. Moreover, property value changes affected the result negatively in Q4'22, partly offset by a directed share issue of SEK 900m, taking the equity position to SEK 3.3bn vs SEK 2.5bn in Q3'22. Nothing new was highlighted regarding Point Properties, although the earnings capacity was up by ~3% q-o-q in Point and ~44% in Företagsparken. The value of Fastator’s holding in Studentbostäder, which is directly connected to its share price, fell by 16% q-o-q, and in our updated model, we expect a further negative value change of ~19%, or ~SEK 34m, in Q1.
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