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Fastpartner: Several options ahead - ABG

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. IFPM/CEPS, however, was hurt by further rate increases, which led to negative estimate revisions. Property value changes in the quarter were limited, but we still incorporate further write-downs for the upcoming three quarters (trough in Q2'24e).
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