(CAST) Castellum - ST
Sector: Real Estate | Industry: Real Estate - Development | Exchange: ST (Sweden) | Market Cap: 55.712m SEK | Total Return: 1.7% in 12m
Avg Turnover: 184M
EPS Trend: -46.1%
Qual. Beats: 0
Rev. Trend: -32.7%
Qual. Beats: -1
Warnings
Altman Z'' 1.07 < 1.0 - financial distress zone
Below Avwap Earnings
Tailwinds
Idiosyncratic Leader
Castellum AB is a Sweden-based real estate operating company specializing in commercial properties, specifically offices and logistics facilities. The company concentrates its portfolio in high-growth Nordic urban centers and maintains a significant ownership stake in the Norwegian property firm Entra ASA.
The business model relies on long-term leasing of commercial space, where logistics assets benefit from the structural demand for e-commerce distribution hubs. Castellum integrates environmental criteria into its operations, holding a Green Equity Designation and inclusion in the Dow Jones Sustainability Indices.
Listed on the Nasdaq Stockholm Large Cap, the company operates within the Real Estate sector, where valuation is typically driven by rental income stability and the net asset value of the underlying property holdings. As of late 2025, its total property value reached approximately SEK 137 billion.
- Net interest income sensitivity to Riksbank rate cuts and refinancing costs
- Office occupancy rates and rental growth in Nordic urban hubs
- Logistics segment expansion driven by regional e-commerce and supply chain demand
- Asset divestments and capital allocation to strengthen the balance sheet
| Net Income: 2.23b TTM > 0 and > 6% of Revenue |
| FCF/TA: 0.03 > 0.02 and ΔFCF/TA -0.35 > 1.0 |
| NWC/Revenue: -202.2% < 20% (prev -125.2%; Δ -77.01% < -1%) |
| CFO/TA 0.03 > 3% & CFO 4.18b > Net Income 2.23b |
| Net Debt (61.7b) to EBITDA (6.23b): 9.89 < 3 |
| Current Ratio: 0.09 > 1.5 & < 3 |
| Outstanding Shares: last quarter (488.5m) vs 12m ago -0.81% < -2% |
| Gross Margin: 67.51% > 18% (prev 68.71%; Δ -1.20% > 0.5%) |
| Asset Turnover: 6.08% > 50% (prev 6.32%; Δ -0.24% > 0%) |
| Interest Coverage Ratio: 2.93 > 6 (EBIT TTM 6.21b / Interest Expense TTM 2.12b) |
| A: -0.12 (Total Current Assets 1.81b - Total Current Liabilities 21.1b) / Total Assets 159b |
| B: 0.18 (Retained Earnings 28.4b / Total Assets 159b) |
| C: 0.04 (EBIT TTM 6.21b / Avg Total Assets 157b) |
| D: 0.96 (Book Value of Equity 77.9b / Total Liabilities 80.7b) |
| Altman-Z'' = 1.07 = BB |
As of June 19, 2026, the stock is trading at SEK 121.70 with a total of 2,816,350 shares traded.
Over the past week, the price has changed by -1.06%,
over one month by -1.46%,
over three months by +8.61% and
over the past year by +1.65%.
Castellum has no consensus analysts rating.
P/E Trailing = 26.6849
P/E Forward = 9.8135
P/S = 5.6377
P/B = 0.7194
P/EG = 0.9173
Revenue TTM = 9.53b SEK
EBIT TTM = 6.21b SEK
EBITDA TTM = 6.23b SEK
Long Term Debt = 38.5b SEK (from longTermDebt, last quarter)
Short Term Debt = 21.1b SEK (from shortTermDebt, last quarter)
Debt = 61.8b SEK (from shortLongTermDebtTotal, last quarter) + Leases 1.10b
Net Debt = 61.7b SEK (calculated: Debt 61.8b - CCE 104.0m)
Enterprise Value = 117b SEK (55.7b + Debt 61.8b - CCE 104.0m)
Interest Coverage Ratio = 2.93 (Ebit TTM 6.21b / Interest Expense TTM 2.12b)
EV/FCF = 28.21x (Enterprise Value 117b / FCF TTM 4.16b)
FCF Yield = 3.54% (FCF TTM 4.16b / Enterprise Value 117b)
FCF Margin = 43.66% (FCF TTM 4.16b / Revenue TTM 9.53b)
Net Margin = 23.42% (Net Income TTM 2.23b / Revenue TTM 9.53b)
Gross Margin = 67.51% ((Revenue TTM 9.53b - Cost of Revenue TTM 3.10b) / Revenue TTM)
Gross Margin QoQ = 64.71% (prev 67.35%)
Tobins Q-Ratio = 0.74 (Enterprise Value 117b / Total Assets 159b)
Interest Expense / Debt = 3.43% (Interest Expense 2.12b / Debt 61.8b)
Taxrate = 23.35% (680.0m / 2.91b)
NOPAT = 4.76b (EBIT 6.21b * (1 - 23.35%))
Current Ratio = 0.09 (Total Current Assets 1.81b / Total Current Liabilities 21.1b)
Debt / Equity = 0.79 (Debt 61.8b / totalStockholderEquity, last quarter 77.9b)
Debt / EBITDA = 9.89 (Net Debt 61.7b / EBITDA 6.23b)
Debt / FCF = 14.82 (Net Debt 61.7b / FCF TTM 4.16b)
Total Stockholder Equity = 73.1b (last 4 quarters mean from totalStockholderEquity)
RoA = 1.42% (Net Income 2.23b / Total Assets 159b)
RoE = 3.05% (Net Income TTM 2.23b / Total Stockholder Equity 73.1b)
RoCE = 5.57% (EBIT 6.21b / Capital Employed (Equity 73.1b + L.T.Debt 38.5b))
RoIC = 3.00% (NOPAT 4.76b / Invested Capital 159b)
WACC = 4.79% (E(55.7b)/V(117b) * Re(7.18%) + D(61.8b)/V(117b) * Rd(3.43%) * (1-Tc(0.23)))
Discount Rate = 7.18% (= CAPM, Blume Beta Adj.)
Shares (quarterly) Correlation: -94.28 | Cagr: -0.37%
[DCF] Terminal Value 74.03% ; FCFF base≈4.34b ; Y1≈4.00b ; Y5≈3.59b
[DCF] Fair Price = N/A (negative equity: EV 56.8b - Net Debt 61.7b = -4.82b; debt exceeds intrinsic value)
EPS Correlation: -46.09 | EPS CAGR: -3.02% | SUE: -0.22 | # QB: 0
Revenue Correlation: -32.70 | Revenue CAGR: -0.51% | SUE: -1.70 | # QB: -1
EPS current Quarter (2026-06-30): EPS=2.42 | Chg30d=+1.26% | Revisions=+20% | Analysts=1
EPS next Quarter (2026-09-30): EPS=2.52 | Chg30d=+0.00% | Revisions=-20% | Analysts=1
EPS current Year (2026-12-31): EPS=8.62 | Chg30d=+0.07% | Revisions=+0% | GrowthEPS=-3.7% | GrowthRev=-4.0%
EPS next Year (2027-12-31): EPS=8.90 | Chg30d=-0.04% | Revisions=-33% | GrowthEPS=+3.3% | GrowthRev=+0.7%
[Analyst] Revisions Ratio: -33%