Fastpartner: Improved balance sheet, good project timing - ABG

Occupancy rate +180 bps since Q3’21 to ~93%


Management remains cautious on property valuation


~55% discount to reported NAV


Strong demand in 2022 confirmed

The occupancy rate has improved steadily in 2022. In the absence of a quarterly net leasing figure, that supports management’s message of withheld demand from tenants so far this year. Last 12m the occupancy rate excl. projects has improved by 180bps to 92.9% (240bps to 92.9% incl. projects). The company mainly attributes the increase to move-ins of projects (e.g. Aga, Lidingö) and high demand in new lettings. In terms of Fastpartner’s property valuations, the valuation yield was left unchanged in Q3 and no value changes were reported. Management’s valuation assumptions for indexation (2%) and the discount rate were also left unchanged. The entire portfolio is externally valued twice a year with the most recent being 30 June.

Länk till analysen i sin helhet: https://cr.abgsc.com/foretag/fastpartner/Equity-research/2022/10/fastpartner---improved-balance-sheet-good-project-timing/