Castellum CAST.ST
SwedenReal Estate · Real Estate - DevelopmentNasdaq Estocolmo · SEK
137.18 SEK (+13.5%)
11 analysts
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Castellum AB is a Swedish real estate company that develops, owns, and manages commercial and office properties in Sweden, with a business model focused on generating long-term rental income.
Listed on Nasdaq Estocolmo · Symbol CAST.ST · STO: CAST · Currency SEK
Key points
from its scores- ✓Good share-price trend7.5
- ✕Little or no dividend2.4
- ✕Little competitive advantage3.7
- ✕Weak growth3.8
AI analysis
bottom line, main risk, context and newsThe operational recovery is real, but high leverage and the ECB's rate hike cycle limit the potential for near-term revaluation.
Castellum AB has a highly leveraged balance sheet (Net Debt/EBITDA of 8.44) and negative revenue growth (-24%), although the strong earnings rebound (256.9%) and positive momentum (21.76%) suggest a recovery is underway. Valuation is attractive on a P/B basis (0.83), but the rising interest rate environment in Europe is a drag on its financial health and valuation.
The main risk is the high leverage (Net Debt/EBITDA of 8.44) in a rising interest rate environment in Europe, which increases the cost of debt and could pressure the valuation of its real estate assets.
Context and risks
Castellum AB, as a Swedish REIT, operates in a rising interest rate environment in Europe (the ECB has raised rates and the market prices in further hikes), which makes refinancing its high debt (Net Debt/EBITDA of 8.44) more expensive. Additionally, the real estate sector is long-duration, so rising long-term rates put downward pressure on the value of its assets and its share price.
Is Castellum stock cheap or expensive?
at the analysis dateOn P/E and Price / book, it trades 21% below the Real Estate median on average.
| Multiple | Company | Sector | Difference |
|---|---|---|---|
| P/E | 21.7 | 21.6 | +0% |
| EV / EBITDA | 16.6 | 18.5 | −10% |
| Price / book | 0.8 | 1.4 | −42% |
| Price / sales | 5.2 | 6.3 | −17% |
Sector: median of the 100 Real Estate companies analysed. In bold, the multiples used for the comparison.
Valuation score: 4.6 out of 10 (median for Real Estate: 4.9).
Average analyst target: 137.18 SEK, +13.5% versus the price.
A discount may reflect more risk or slower growth than its sector: Financial health 4.7 (sector 5.5), Growth 3.8 (sector 5.7).
Classic formulas with standard assumptions (10.0% growth, 8-9% discount rate). Indicative only: they change a lot with the assumptions and are not a recommendation.
Work out its fair value yourself →How much would you have made investing every month? →
Comparing it with its sector does not say whether it is a good buy: this is not investment advice.
Score by category
0 to 10 · hover overtap each one to see what it measuresKey metrics
at the analysis date · compared with the Real Estate medianValuation
- P/E
- 21.7
- Forward P/E
- 13.2
- EV / EBITDA
- 16.6
- Price / book
- 0.8
- Price / sales
- 5.2
- PEG
- 0.92
- Market cap
- 52.0B SEK
- Enterprise value
- 111.5B SEK
Profitability
- ROE
- 3.5%
- ROA
- 2.7%
- ROIC (approx.)
- 5.3%
- Gross margin
- 69.8%
- Operating margin
- 63.1%
- Net margin
- 26.9%
- Free cash flow
- −7.3B SEK
- FCF yield
- −14.0%
- Cash conversion
- −108%
Solvency
- Total debt
- 56.8B SEK
- Net debt
- 56.7B SEK
- Cash
- 93.0M SEK
- EBITDA
- 6.7B SEK
- Net debt / EBITDA
- 8.44
- Debt / equity
- 74.81
- Current ratio
- 1.80
- Quick ratio
- 0.16
Growth
- Revenue growth
- −24.0%
- Earnings growth
- +256.9%
- EPS (TTM)
- 5.58 SEK
- EPS (forward)
- 9.13 SEK
Dividend
- Dividend yield
- 2.1%
- Payout
- 22.2%
Risk and market
- Beta
- 1.44
- Analyst consensus
- Hold (11)
- Target price
- 137.18 SEK
- 52-week range
- 100.25 – 137.30
Recent news
All CAST.ST news →Compare it with its sector
All 100 in Real Estate →Frequently asked questions about Castellum
Is Castellum stock cheap or expensive?
On P/E and Price / book, it trades 21% below the Real Estate median on average. Valuation score: 4.6 out of 10 (median for Real Estate: 4.9). Average analyst target: 137.18 SEK, +13.5% versus the price. This is not investment advice.
What score does Castellum get on MeridIAn Screener?
It scores 4.1 out of 10, rank 1,947 of 2,130 (better than 8% of the companies analysed). Its strongest category is Momentum (7.5) and its weakest, Dividend (2.4). Analysis of 08/10/2026.
What is Castellum's P/E ratio?
Its P/E is 21.7: the share price equals 21.7 times earnings per share over the last 12 months. The Real Estate median is 21.6. Based on the earnings analysts expect, the forward P/E is 13.2.
How much is Castellum worth on the stock market?
Its market capitalisation is 52.0B SEK.
Does Castellum pay a dividend?
Yes: its dividend yield is 2.05% and it pays out 22% of its earnings.
How has Castellum stock performed over the last year?
It has risen 13.0% over the last year, excluding dividends. Over the last 52 weeks it has traded between 100.25 and 137.30 SEK. Past performance does not guarantee future results.
What do analysts think of Castellum?
11 analysts cover it; their average recommendation is “Hold” and their average target is 137.18 SEK (+13.5% versus the price). It is an estimate, not market data.