contentSlug

type

ContentSlug_ContentQuery

slug

ContentPageContentQuery

content

trendingContent

query ContentSlug_ContentQuery(
  $contentSlug: String!
  $type: [ContentType!]
) {
  ...ContentPageContentQuery_13QmVO
}

fragment CompanyDetails_Content on Content {
  __isContent: __typename
  companies {
    name
    description
    pageUrl
    id
  }
}

fragment ContentBasicInfo on Content {
  __isContent: __typename
  id
  type
  title
  lang
  companies {
    viewerIsFollowing
    id
    name
    pageUrl
  }
  tags {
    viewerIsFollowing
    id
    name
    pageUrl
  }
  ...PublishingDetails
  ...Reactions
}

fragment ContentMetadata on Content {
  __isContent: __typename
  type
  title
  lang
  pageUrl
  alternatePageUrls: translations {
    __typename
    pageUrl
    lang
  }
  imgUrl
  description
  ... on Video {
    liveTime
    videoUrl
  }
  ... on Webcast {
    liveTime
    videoUrl
  }
}

fragment ContentPageContentQuery_13QmVO on Query {
  content(slug: $contentSlug, type: $type) {
    __typename
    id
    type
    title
    isPremium
    lang
    htmlBody
    summary
    companies {
      forum {
        latestPosts {
          ...ForumPosts
        }
      }
      name
      id
      viewerIsFollowing
      pageUrl
      defaultInstrument {
        isin
        id
        marketOpen
        marketClose
        marketplace {
          region
        }
        returns {
          total
        }
      }
    }
    tags {
      viewerIsFollowing
      id
      name
      pageUrl
    }
    createdAt
    ... on Video {
      liveTime
    }
    ... on Webcast {
      liveTime
    }
    slug
    ... on CompanyReport {
      reportUrl
    }
    ... on ThirdPartyCompanyReport {
      reportUrl
    }
    ... on StockExchangeRelease {
      reportUrl
    }
    ...ContentBasicInfo
    ...ContentMetadata
    ...PriceAndRecommendation_Content
    ...CompanyDetails_Content
    ...ReportLink_Content
    ...KeyFigures_Content
  }
  ...TrendingContent_1jQ2Cn
}

fragment ForumPosts on ForumPost {
  text
  likesCount
  url
  author
  postedAt
  authorImgUrl
}

fragment KeyFigures_Content on Content {
  __isContent: __typename
  companies {
    defaultInstrument {
      estimateData {
        modelType
        reportingCurrency
      }
      snapshot {
        transaction {
          date
          actualized {
            year
            quarter
            revenue
            revenueGrowth
            ebitAdjusted
            ebitReported
            ebitda
            enterpriseValue
            epsAdjusted
            dividend
            dividendYield
            sharePrice
          }
          estimates {
            year
            quarter
            revenue
            revenueGrowth
            ebitAdjusted
            ebitReported
            ebitda
            enterpriseValue
            epsAdjusted
            dividend
            dividendYield
            sharePrice
          }
        }
      }
      id
    }
    id
  }
}

fragment PriceAndRecommendation_Content on Content {
  __isContent: __typename
  createdAt
  companies {
    name
    pageUrl
    defaultInstrument {
      priceData {
        tradeCurrency
      }
      snapshot {
        priceData {
          date
          lastPrice
          tradeCurrency
        }
        transaction {
          date
          recommendation
          targetPrice
        }
        prevTransaction {
          recommendation
        }
      }
      id
    }
    id
  }
}

fragment PublishingDetails on Content {
  __isContent: __typename
  createdAt
  publishers {
    name
    imgUrl
  }
  authors {
    __typename
    id
    name
    slug
    imgUrl
    jobTitle
  }
  ... on Video {
    liveTime
  }
  ... on Webcast {
    liveTime
  }
}

fragment Reactions on Content {
  __isContent: __typename
  id
  reactionGroups {
    reactionType
    reactionsCount
    viewerReacted
  }
}

fragment ReportLink_Content on Content {
  __isContent: __typename
  type
  isPremium
  ... on CompanyReport {
    reportUrl
  }
  ... on ThirdPartyCompanyReport {
    reportUrl
  }
  ... on StockExchangeRelease {
    reportUrl
  }
}

fragment TrendingContent_1jQ2Cn on Query {
  trendingContent(type: ARTICLE) {
    __typename
    id
    title
    lang
    pageUrl
    createdAt
    type
    imgUrl
    companies {
      squareLogoUrl
      name
      id
    }
    authors {
      __typename
      imgUrl
      id
    }
    publishers {
      imgUrl
    }
  }
}


fastpartner-rec-ptp-miss-on-soft-noi-margin-abg

__typename

title

isPremium

lang

htmlBody

summary

companies

createdAt

publishers

authors

reactionGroups

pageUrl

translations

imgUrl

description

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.

Fastpartner

- 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 ...

- 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 555m (+2% vs ABGSCe) with a margin of 65.3%, driving NOI of SEK 362m (-3% vs ABGSCe). The NOI margin declined 2.5pp y-o-y and was 3.2pp below ABGSCe. Like-for-like property costs increased 7.9% y-o-y vs. 4.7% in Q3'23, and the increase was driven by both higher operating expenses and maintenance costs. Net financial expenses were slightly higher than we anticipated, bringing rec PTP -13% vs ABGSCe. The occupancy rate was flat q-o-q at 92.9% (93.0% adjusted for projects, down 10 bps q-o-q). Taking baby steps Property value changes in the quarter amounted to SEK -955m (-2.8% of property value) compared to our estimate of SEK -1.1bn (-3.2%) and the property valuation yield expanded to 5.2% (+30 bps q-o-q from 4.90%). Fastpartner has been one of the companies with the highest share of floating debt, but it seems like it decided to enter into some interest rate swap derivates of ~SEK 1bn (6% of total debt) during Q4; in total ~18% is hedged. Moreover, FastPartner updated its financing policy where at least 30% of debt should be hedged longer than three years. This will help short-term estimates somewhat (2024/2025) as the long-term rates currently are significantly lower than the 3M STIBOR. Conclusion Soft underlying performance with NOI -3% vs ABGSCe while occupancy of 93% is a historically strong figure for FastPartner. Moreover, the current tax amounted to SEK -66m (+27m), likely driven by interest deduction limitations, leading to CEPS of SEK 0.15 vs. ABGSCe at SEK 0.54. The Q4 miss in combination with interest rate swaps should lead to minor negative estimate revisions (rec. PTP) from consensus of ~2-4%.