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Third party research

Fastpartner: High value revisions and positive project trend - ABG

Fastpartner

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

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Recurring PTP up 2% y-o-y, SEK 247m, -7% v. ABGSCe
Large value uplifts following sector-wide yield shift
TTM P/CE of 24.5x vs. sector at 23.4x

NOI was flat y-o-y and came in 2% below ABGSCe. We were too high on net financials, which mainly explains the miss of 7% on recurring PTP vs. ABGSCe. However, recurring PTP was in line with consensus. Ongoing project investments continued upwards to SEK 1,194m (SEK 1,054 in Q1’21 and SEK 970 in Q2’20). Excluding Hilton 2 (Q2’23, SEK 252m), all major projects are scheduled to be completed between Q3’21 and Q4’22. They are located in four (Stockholm, Uppsala, Norrköping and Gävle) out of Fastpartner’s six main cities (nothing in Gothenburg or Malmö).

Fastpartner has historically traded at multiples well above the sector average but it is now trading closer to it at 24.5x TTM P/CE (vs. sector at 23.4x). On last reported P/EPRA NAV (adj.), the share is trading above the sector, at ~1.2x compared to 1.0x. This is 6% above the sector average, compared to the 11% deviation on a three-year average.
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