Fastpartner: Valuation well below peers - ABG
This is a third party research report and does not necessarily reflect our views or values
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.
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.