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Third party research

Fastpartner: Cash earnings growth well above the sector - ABG

Fastpartner

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

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Top-line revisions partly mitigated by lower funding costs
Set to outperform the sector on cash earnings growth
P/CEPS of ~17x in line with the sector average


Solid performance in Q4

Fastpartner's Q4 results saw rental income 2% below our forecast, which we suspect was driven by a later-than-expected contribution from project completions in the quarter. Combined with a strong NOI margin (+1.4pp vs ABGSC, +2.5pp y-o-y), and net financials in line with our forecast, rec. PTP was 1% below our estimate. The SEK 1.1 dividend per share was ahead of our forecast at SEK 1.0. Occupancy was largely unchanged q-o-q at 92.4% (92.5% in Q3), 92.4% (92.6% in Q3) adjusted for projects.
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