Fastpartner is a company operating in the real estate industry and focuses on the acquisition, development and management of commercial properties. The company's portfolio includes office and retail properties. The operations are primarily concentrated on the Swedish market. Fastpartner was founded in 1987 and is headquartered in Stockholm.
* Increasing activity in the letting market* Net financials miss in Q3 drives negative revisions* 2026e P/CEPS of 14x vs coverage average of 16xSolid operational performance, miss on net financials in Q3Fastpartner delivered Q3 results with rental income...
* 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...
Top-line miss weighs on Q2 numbers FastPartner delivered Q2 results with rental income and net operating income both 2% below our forecast. Combined with slightly higher central administration costs and net financials, this resulted in rec. PTP 7% below...
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Rec. PTP -7% vs ABGSCe Vacancies up slightly, property value down -0.6% Slight underperformance justified Rec PTP -7% vs ABGSCe Fastpartner delivered a Q2 report with rental income of SEK 561m (-2.1% vs ABGSCe of SEK 573m and -2.4% y-o-y), while NOI ...
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%...
Rec PTP -2% vs ABGSCe, driven by higher property costs Vacancies up slightly, property values flat Share to trade slightly below the sector today Rec PTP -2% vs ABGSCe Fastpartner delivered a Q1 report with rental income of SEK 572m (1.4% vs ABGSCe of...
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...
Rec PTP -1% vs ABGSCe, driven by lower rental income Values largely unchanged, despite slight yield contraction Share to trade in-line with the sector today Rec PTP -1% vs ABGSCe Fastpartner delivered a Q4 report with rental income of SEK 566m -2% vs...
Top-line estimate cuts partly mitigated by lower rates Outgrowing the sector on high share of floating debt P/CEPS of ~20x is broadly in line with sector average Estimate changes Fastpartner delivered a Q3 report with rental income 2% below our expectations...
Rec PTP -3% vs ABGSCe, driven by topline New swap agreements of ~SEK 835m Share to trade slightly below the sector Q3 Rec PTP -3% vs ABGSCe Fastpartner delivered a Q3 report with NOI -3% vs ABGSCe and +4% y-o-y. Net financial expenses came down by ~3...
- Rec. PTP 7% below ABGSCe - CEPS est. +2.7-0.6% for '25-26e due to projects - Share trading at a ~3% premium on '25e P/CEPS Top-line miss driven by divestments Fastpartner reported Q2 rental income of SEK 574m (-1.4% vs ABGSCe) with the NOI margin falling...
Rec. PTP 4% below ABGSCe CEPS est. down by 3-4% for '25-'26e Share trading at ~10% premium on '25e P/CEPS Minor miss on most items Fastpartner reported Q1 rental income of SEK 579m (-1% vs. ABGSCe at SEK 584m), and lower-than-expected NOI at SEK 384m...
Q4 NOI margin on the softer side >80% floating debt drives estimate revisions 2024e P/CEPS of ~20.5x (sector avg at ~17.5x) Strong like-for-like growth and higher occupancy Fastpartner (FPAR) delivered a Q4 report with a solid top line, up 10.5% y-o-...
- Soft NOI margin, higher financials, rec PTP -13% vs ABGSCe - Value changes of -2.8% vs ABGSCe at -3.2% - New swap agreements of ~SEK 1.0bn (~6% of debt) Rec PTP -13% vs ABGSCe, -38% y-o-y Fastpartner delivered a Q4 report with rental income of SEK ...
Low ICR in 2024e... ...but we see supportive options 2024e P/CEPS at ~13.5x with floating rates Floating debt continues to hurt estimates Fastpartner delivered a Q3 report with rental income and NOI -2% and -1%, respectively, compared to our expectations...
Q3 NOI and Rec PTP -1% and -8% vs ABGSCe Limited (~0%) property value changes Cons IFPM estimates down ~3-5% First take on Q3 figures Fastpartner delivered a Q3 report with rental income of SEK 545m (+6% y-o-y, -2% vs ABGSCe) with a strong NOI margin...
• Significant est. revisions from higher interest rates • Second credit rating downgrade has no impact • LTV below 50%, but 2024e ICR below 2x (target >3x) All about financing costs Fastpartner delivered a Q2 report with rental income of SEK 553m (-3...
Q2'23 NOI +15% y-o-y, -1% vs ABGSCe Value changes -4.2%, net LTV 47.4% Credit facilities and liquidity for bonds up until 2026 First take on Q2 figures Fastpartner delivered a Q2 report with rental income of SEK 553m (+12% y-o-y, -3% vs ABGSCe. The NOI...
Occupancy rate up to 92.5% (91.1%) Focus on deleveraging during 2023 2023e P/CEPS of 20x and NAV discount of 16% Project completions and underlying demand drive growth Fastpartner (FPAR) delivered a Q4 report with rental income and NOI -4% vs ABGSCe....
Recurring PTP growth of -27% y-o-y, 14% below ABGSCe In Q4’22, Fastpartner (FPAR) reported rental income of SEK 502m (469m) vs ABGSCe at SEK 521m. NOI increased 6% y-o-y to SEK 340m, -4% vs ABGSCe. Recurring PTP of SEK 180m (247m) was -14% vs ABGSCe ...