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Third party research

Fastpartner: Rec. PTP miss of 5% on higher net financials - ABG

Fastpartner

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

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* Rec. PTP -4% vs ABGSCe* Occupancy flat q-o-q, as are values* Share to underperform the sector todayRec PTP -5% vs ABGSCeFastpartner delivered a Q3 report with rental income of SEK 569m (+1.0% vs ABGSCe of SEK 563m and -0.9% y-o-y), while NOI amounted to SEK 412m (0.0% vs ABGSCe of SEK 412m and -1.9% y-o-y). The NOI margin amounted to 72.5% vs ABGSCe at 73.2% and 73.2% in Q3'24. Rec. PTP amounted to SEK 217m (-4.9% vs ABGSCe of SEK 228m and +12.8% y-o-y). Occupancy was essentially unchanged q-o-q at 91.3% (91.3% in Q2), and 91.7% (91.8% in Q2) adjusted for projects.Property values and LTV essentially flatProperty value changes amounted to SEK 5m (0.0%), compared to our estimate of SEK 43m (0.1%). The average valuation yield was unchanged at 5.2% (5.2% in Q2'25). The adj. EPRA NRV (ABGSC calculation) amounted to SEK 91.6 per share, 1.4% y-o-y and -0.3% vs ABGSCe. Net LTV was up 0.1pp q-o-q from 47.5% in Q2 to 47.6%. The average interest rate was down by 0.1pp q-o-q to 3.7% by the end of Q3.ConclusionGuidance for IFPM NTM of SEK 860m, vs Q2 of SEK 880m, compared to our estimate of SEK 850m for 2025e and SEK 912m NTM. Postive commentary from the CEO on letting activity, stating demand is improving slightly for smaller premises, while larger tenants are more cautious but not downsizing to the same extent. We expect cons. to lower estimates (rec. PTP) by ~2-4% on the back of this report. In summary, we expect the share to trade slightly below the sector today.
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