Fastpartner: Rental markets remain challenging - ABG

Rec PTP -1% vs ABGSCe, driven by lower rental income
Values largely unchanged, despite slight yield contraction
Share to trade in-line with the sector today


Rec PTP -1% vs ABGSCe

Fastpartner delivered a Q4 report with rental income of SEK 566m -2% vs ABGSCe of SEK 579m and 2% y-o-y, while NOI amounted to SEK 384m 0% vs ABGSCe of SEK 385m and 6% y-o-y. The NOI margin amounted to 67.8% vs ABGSCe at 66.4% and 65.3% in 4Q'23. Rec. PTP amounted to SEK 176m -1% vs ABGSCe of SEK 177m and 57% y-o-y. DPS of SEK 1.1 vs ABGSCe of SEK 1.0. Occupancy was largely unchanged q-o-q at 92.4% (92.5% in Q3), 92.4% (92.6% in Q3) adjusted for projects. We think the topline miss versus our estimates partly is driven by timing of project completions.

Länk till analysen i sin helhet: https://cr.abgsc.com/foretag/fastpartner/Equity-research/2025/2/fastpartner---rental-markets-remain-challenging/