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Fastator: Double-digit growth at a NAV discount - ABG

Major valuation uplifts in Q3
Additional acquisitions to come in Företagsparken
2022e 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, or 7.7% of property value (vs. ABGSCe at SEK 18m). Additionally, Studentbostäder’s 16% share appreciation in Q3 contributed SEK 47m to net profit. Q3 sales increased 5% q-o-q, primarily driven by Nordic PM, which grew 19% q-o-q and 36% y-o-y, partly explained by the full impact of the Nativus acquisition. Looking ahead, we raise our sales estimates by ~2-5% for 2022-2023e on the back of a better-than-expected outlook for Nordic PM while the remaining raise comes on the back of the consolidation of Företagsparken into Fastator, announced on 2 December.

13% NAV CAGR at an 18% discount to 2022e NAV
We estimate a 2021-2023 NAV CAGR (including paid dividends) of 13%, just above our sector average at 12%. Fastator is currently trading at an 18% discount to its 2022e NAV, compared to its three-year historical average discount of 21%.
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