We adapt a NAV-focused approachFöretagsparken the largest growth driverNAVPS growth >10% every year since 2015 listing
Better insight from a new valuation approach In this report, we change to analysing and valuing Fastator as an investment company rather than a project or investment property company. In this new approach, we analyse the individual holdings in detail, as we believe it gives a better insight into Fastator's growth opportunities. We also put more emphasis on net asset value (NAV) and forecast NAV growth for each holding on a standalone basis
7-8% annual NAV growth ’23-‘24e Following a flat NAV growth in ‘22e, we forecast 7-8% p.a. in ’23-‘24e, respectively. This is driven by growth in Företagsparken (65%), Point Properties (28%), Vrenen (3%), GenovaFastator (2%) and Nordic PM (1%). For the remaining holdings, we use the last reported NAV for the full forecast period, i.e., flat growth forecasts. We discuss our reasoning and forecasts in further detail on pages 5-8.
Valued at ~45% discount to reported NAVFastator has grown its NAV per share by >10% every year since it was listed, in 2015, with some years seeing much more than that (e.g., 33% in 2021). The three- and five-year average valuations of the share to reported NAV are ~30-25% discount. At present, the share is trading at a 45% discount. Our fair value range of SEK 15.2-18.6 indicates a discount between 43% (low end) and 30% (high end).