Fastpartner: Solid Q3 numbers with improving occupancy - ABG
* NOI -3% y-o-y, 0% vs ABG, 0% vs cons. * Value changes of 0.0% vs ABG of +0.5% * Share to trade slightly ahead of the sector today
ANNONS
Rec. PTP 0% vs ABG, 0% vs cons.
Fastpartner delivered Q3 results with rental income of SEK 547m (0% vs ABG, 0% vs cons.), with an NOI margin of 73.1% (0.6pp y-o-y) driving NOI of SEK 400m (0% vs ABG, 0% vs cons.), rec. PTP of SEK 204m (0% vs ABG, 0%vs cons.), adj. EPRA NRV p.s. of SEK 95 (0% vs ABG, +3% y-o-y). The economic occupancy was up 1.7pp q-o-q to 91.0% (91.3%), occupancy adj. for projects was up 1.9pp q-o-q to 91.4% (91.7%).
adj. EPRA NRV p.s. of SEK 95 (0% vs ABG, +3% y-o-y)
Realised and unrealised value changes amounted to SEK 8m or 0.0%, we expected SEK 180m or +0.5%, and the average valuation yield amounted to 5.20%, flat q-o-q. Net LTV (ABGSC definition) amounted to 48.6% (47.4%), 0.1pp q-o-q, vs ABG at 48.1%. The average paid interest rate increased by 0.1pp q-o-q to 3.90% (3.70%).
Conclusion
Guidance for IFPM NTM of SEK 780m, vs SEK 790m in Q2'26, compared to our estimate NTM of SEK 787m. The year-end '28 target of a run-rate IFPM was flat q-o-q at SEK1,200m. CEO comments that they have solid momentum in lettings. We expect cons. to keep estimates (rec. PTP) largely unchanged on the back of this report isolated. In summary, we expect the share to trade slightly ahead of the sector today on the back of improving occupancy.
