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Third party research

Fastator: Beat on all fronts - ABG

Fastator

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

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Sales and NAV 23% and 20% vs ABGSCe, respectively
Not much details provided on the NAV drivers
0.78x P/EPRA NRV ‘22e – below historical avg. 0.85x

Corporate and property transactions driving large earn. beats
Fastator’s sales for Q4 came in at SEK 140m (74m) compared to our forecast of SEK 114m. Net financials came in surprisingly low, due to higher interest on lending to associated companies and joint ventures, plus realized and unrealized value changes on current financial assets. Point’s first zoning plan gained legal force in January (in Motala), in- line with the time optimistic time plan that Fastator had previously guided for - certainly positive. DPS is proposed to SEK 1.00.

EPRA NRVPS +15% y-o-y (adj. for DPS) to SEK 24.7 (21.4)
Unrealised and realised value changes amounted to SEK 360m (48m) or +19%. Fastator’s NAV per share increased 38% y-o-y to SEK 29.6, well above ABGSCe 24.7. The equity ratio declined somewhat to 34% (38 in Q3’21) and to 28% (38%) when including minorities, mainly as an effect of the SEK 200m bond issue in December. The isolated Q4 numbers would imply estimate revisions and a positive share price reaction, how much is hard to say due to the extreme deviations in the figures.

0.78x ‘22e P/EPRA NRV on pre-Q4 numbers
As of our Q3 post-result updated estimates, we have forecasted a 2021-2023 NAV CAGR (including dividends) of ~13%. Fastator is currently trading at 22% below its 2022e NAV, compared to its one- and two-year averages of ~0.85x.
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