NAVPS declined 9% q-o-q, to SEK 18.4 Outstanding bonds extended at lower interest rate ~83% below NAV vs. historical average of ~33% Bonds are extended... The Q3'23 results were overshadowed by the extensions of Fastator's three outstanding bonds, all...
NAVPS declined 5% q-o-q to SEK 20.2 Negotiations ongoing with bond investors NAV discount of ~85% vs historical average of ~30% Stable NIY in Point and slightly up in Företagsparken In Q2'23, rental income and income from property management in Företagsparken...
NAVPS decreased 8% q-o-q to SEK 21.2 Upcoming maturity in focus NAV discount of ~70% vs historical average of ~30% Net initial yield +0.2pp q-o-q to 5.9% in Företagsparken In Q1'23, rental income and income from property management in Företagsparken ...
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...
Företagsparken grows despite macro headwinds Q3 NAV decline largely explains estimate cuts Share trading at ~45% discount to rep. NAV Q3 development for the three main holdings Despite a positive result (~SEK 6m), NAV in Företagsparken fell by 8% q-o...
We adapt a NAV-focused approachFöretagsparken the largest growth driverNAVPS growth >10% every year since 2015 listing Better insight from a new valuation approach In this report, we change to analysing and valuing Fastator as an investment company rather...
Estimate changes driven mainly by accounting changes... …as well as lower updated interest assumptions5.5x EV/EBIT ‘22e and a hefty NAV discountDeconsolidation main explainer for deviationsFastator’s Q2 report showed EBIT of SEK 255m, well above ABGSCe...
Sales estimates down for ’22e, up in ’23e-’24e (~3.5%)We cut EBIT by ~15-26% for ’22e-’24e EPS down, triggered by higher interest costsAcquisition activity holds up sales estimatesQ1 sales came in 10% below ABGSCe, which mainly explains our lower sales...
Company activitiesThrough Fastator’s focus on acquisitions and development of existing real estate that previously has been overlooked or not used to its fullest potential, the company avoids exploiting limited resources and contributes to a more sustainable...
Sales above in all three consolidated holdingsLoss in Point, profit in FöretagsparkenEPRA NRV per share 2% below our forecast Total sales and net profit below Fastator’s total sales came in at SEK 174m (74m) compared to our forecast of SEK 193m. Eliminations...
Numbers up, mainly on Företagsparken’s sales beatWe raise our 2022e value revisions to 4.0% (2.9%)Share trading ~45% below its 2023e EPRA NRVFöretagsparken’s earnings capacity NOI margin at 74%Our sales estimates are up, mainly due to Företagsparken’...
Sales and NAV 23% and 20% vs ABGSCe, respectivelyNot much details provided on the NAV drivers0.78x P/EPRA NRV ‘22e – below historical avg. 0.85xCorporate and property transactions driving large earn. beatsFastator’s sales for Q4 came in at SEK 140m (...
Coming expansion of existing areas in FöretagsparkenGrowth prospects remain high ahead for Nordic PMMid-sized city centres bring positive chain effectsInsightful details provided on FöretagsparkenAt today’s Investor Days presentation, Fastator confirmed...
Major valuation uplifts in Q3Additional acquisitions to come in Företagsparken2022e NAV discount of 18%, Q3 2021 discount of 9%Fastator delivered a Q3 report with net profit well above our estimates, driven by property valuation uplifts of SEK 122m, ...
EBIT incl. value changes of SEK 28m in Q2 vs. SEK 32m in Q1Fastator’s EBIT (incl. value changes) was SEK 27.7m in Q2. Of this, among other items, SEK 19m stemmed from Point, SEK -1.3m from Nordic PM and SEK 8.5m from other real estate holdings. Associated...