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Third party research

Fastpartner: Valuation well below peers - ABG

Fastpartner

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

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Higher costs partially offset by lower net financials in Q1
Outgrowing the sector on cash earnings in 2025e-2026e
2025e P/CEPS of 13.5x, ~15% below office peers


Higher costs weighed on Q1 results

Fastpartner's Q1 results showed rental income to be 1% below our forecast. Combined with higher property costs. this resulted in NOI of SEK 374m (-4.6% vs ABGSCe, -2.7% y-o-y). Better net financials and central admin in line with our expectations resulted in rec. PTP of SEK 185m, -2.2% vs. ABGSCe. The occupancy rate decreased slightly to 91.7% (92.4% in Q4). We previously expected the termination of the Nasdaq lease in Q2, but it is now expected at year-end 2025. Combined with lower net interest, this has a positive impact on our 2025 estimates, while lower occupancy has a slight negative impact on 2026e-27e.