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Castellum AB
(CAST)
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Rating:63Neutral
Price Target:
kr139.00
▲(6.60% Upside)
Action:Reiterated
Date:07/16/26
The score is driven primarily by improving financial performance (profitability rebound, solid cash conversion, and easing leverage) and supportive technical momentum (price above all key moving averages with positive MACD). These positives are tempered by a relatively expensive valuation (high P/E with only a modest dividend yield) and the company’s history of earnings volatility.
Positive Factors
Steady cash generation (FCF)
TTM free cash flow roughly matches net income and showed ~36% growth, with operating cash flow positive across periods. This durable cash conversion supports funding development, maintenance and debt service internally, reducing dependence on capital markets and improving medium-term financial resilience.
Negative Factors
Earnings volatility
Material swings, including a very large 2023 loss, show sensitivity of earnings and valuations in a development-led real estate model. This volatility complicates multi-period forecasting, may force countercyclical asset actions, and increases execution and financing risk over investment cycles.
Read all positive and negative factors
Positive Factors
Negative Factors
Steady cash generation (FCF)
TTM free cash flow roughly matches net income and showed ~36% growth, with operating cash flow positive across periods. This durable cash conversion supports funding development, maintenance and debt service internally, reducing dependence on capital markets and improving medium-term financial resilience.
Read all positive factors
Castellum AB (CAST) vs. iShares MSCI Sweden ETF (EWD)
Market Cap
kr60.65B
Dividend Yield1.85%
Average Volume (3M)1.31M
Price to Earnings (P/E)24.2
Beta (1Y)0.59
Revenue Growth-1.19%
EPS Growth2.93%
CountrySE
Employees481
SectorGeneral
Sector StrengthN/A
IndustryReal Estate - Development
Share Statistics
EPS (TTM)5.54
Shares Outstanding477,526,370
10 Day Avg. Volume1,152,183
30 Day Avg. Volume1,308,227
Financial Highlights & Ratios
PEG Ratio-0.93
Price to Book (P/B)0.77
Price to Sales (P/S)5.46
P/FCF Ratio13.17
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
kr128.50Price Target Upside-1.46% Downside
Rating ConsensusHold
Number of Analyst Covering5
EPS Forecast (FY)8.44
Revenue Forecast (FY)kr9.10B
Castellum AB Business Overview & Revenue Model
Company Description
Castellum AB is a leading publicly traded real estate company in Sweden, managing a substantial property portfolio valued at SEK 98 billion. The firm is strategically active across 17 high-growth regions within Sweden, in addition to significant p...
How the Company Makes Money
Castellum makes money primarily by owning and operating commercial properties and collecting recurring rental income from tenants under lease agreements. Revenue is generated from (1) base rent and index-linked rent escalations where applicable, (...
Castellum AB Financial Statement Overview
Summary
Income Statement
63
Positive
Balance Sheet
58
Neutral
Cash Flow
66
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 9.55B | 9.59B | 9.47B | 9.81B | 12.75B | 8.30B |
| Gross Profit | 6.51B | 6.45B | 6.34B | 6.57B | 9.52B | 6.27B |
| EBITDA | 5.22B | 3.60B | 4.56B | -12.27B | 3.89B | 12.86B |
| Net Income | 2.68B | 938.00M | 2.36B | -11.59B | 1.75B | 11.83B |
Balance Sheet | ||||||
| Total Assets | 153.43B | 155.89B | 157.86B | 159.34B | 179.73B | 177.63B |
| Cash, Cash Equivalents and Short-Term Investments | 93.00M | 120.00M | 2.40B | 2.09B | 858.00M | 1.20B |
| Total Debt | 56.81B | 68.28B | 60.10B | 63.09B | 78.44B | 72.57B |
| Total Liabilities | 77.49B | 87.74B | 78.69B | 82.13B | 100.75B | 94.00B |
| Stockholders Equity | 75.94B | 68.15B | 79.17B | 77.15B | 78.82B | 82.94B |
Cash Flow | ||||||
| Free Cash Flow | 3.12B | 3.98B | 4.13B | 4.72B | 5.13B | -14.63B |
| Operating Cash Flow | 4.19B | 3.99B | 4.22B | 4.81B | 4.30B | 2.60B |
| Investing Cash Flow | 2.05B | -5.23B | 120.00M | 800.00M | -2.53B | -13.97B |
| Financing Cash Flow | -6.31B | -1.01B | -4.07B | -4.38B | -2.16B | 12.40B |
Castellum AB Technical Analysis
Positive
130.40
Price Trends
127.71
Positive
122.81
Positive
115.63
Positive
Market Momentum
2.34
Negative
66.74
Neutral
88.23
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For SE:CAST, the sentiment is Positive. The current price of 130.4 is below the 20-day moving average (MA) of 131.76, above the 50-day MA of 127.71, and above the 200-day MA of 115.63, indicating a bullish trend. The MACD of 2.34 indicates Negative momentum. The RSI at 66.74 is Neutral, neither overbought nor oversold. The STOCH value of 88.23 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for SE:CAST.
Castellum AB Peers Comparison
UnderperformOutperform
Sector (55)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
71 Outperform | kr34.41B | 10.81 | 9.39% | 2.65% | 10.13% | 135.59% | |
67 Neutral | kr23.78B | 10.89 | 9.03% | 3.60% | 6.89% | 15.60% | |
63 Neutral | kr60.65B | 24.16 | 3.68% | 1.90% | -1.19% | 2.93% | |
63 Neutral | kr62.07B | 8.39 | 7.35% | ― | 4.06% | 14.75% | |
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% | |
52 Neutral | kr23.50B | 54.53 | 1.15% | 2.85% | 12.54% | 114.41% |
* General Sector Average
SE:CAST
Castellum AB
135.80
22.35
19.70%
SE:FABG
Fabege AB
75.65
-6.87
-8.32%
SE:BALD.B
Fastighets AB Balder
54.44
-9.65
-15.06%
SE:PNDX.B
Pandox AB
175.00
1.44
0.83%
SE:WIHL
Wihlborgs Fastigheter AB
78.70
-15.83
-16.75%
Castellum AB Corporate Events
Castellum Clears Regulatory Hurdles for SEK 18.3 Billion Property Divestments
Jul 28, 2026
Castellum has secured all necessary approvals for its previously announced property divestments to Wihlborgs and Alecta, clearing the way for a major reshaping of its portfolio. The Swedish Competition Authority has signed off both deals, while ad...
Castellum Boosts Treasury Stock Through July Share Buybacks
Jul 23, 2026
Castellum AB has continued its share buyback programme, repurchasing its own shares on Nasdaq Stockholm between 15 and 23 July 2026 through Carnegie Investment Bank. Following these transactions, the company now holds 30,164,885 treasury shares ou...
Castellum boosts profitability as major property sales reshape portfolio
Jul 15, 2026
Castellum reported stable income and net operating income for the first half of 2026, with income from property management rising 3.6 percent and net income after tax jumping sharply due to positive property value changes. Despite like-for-like re...
Castellum launches SEK 3 billion share buy-back after major property divestments
Jul 15, 2026
Castellum AB’s board has approved the launch of two parallel share buy-back programmes with a combined ceiling of SEK 3.0 billion, equal to 60 percent of the proceeds from its recent SEK 5.0 billion divestment to Alecta. The remaining capita...
Castellum Sets July Presentation for Half-Year 2026 Results
Jul 1, 2026
Castellum will publish its half-year report for January to June 2026 on 15 July, followed by an English-language live presentation where CEO Pål Ahlsén and CFO Christoffer Strömbäck will comment on the results for investors, an...
Castellum to Sell SEK 5 Billion Stockholm Offices, Plans Payout to Shareholders
Jun 30, 2026
Castellum has agreed to sell two modern office properties in prime Stockholm locations, Isotopen 1 and Klassföreståndaren 3, to Alecta Fastigheter for an underlying property value of SEK 5.0 billion. The assets, comprising 36,100 square ...
Castellum Drops S&P Rating as It Doubles Down on Moody’s and Financial Discipline
Jun 25, 2026
Castellum has decided to terminate its long-term credit rating from Standard Poor’s, opting to rely on a single external assessment as part of its ‘Back to Basics’ strategy. The company will continue to maintain its Moody’...
Castellum Sells Underperforming Skåne Portfolio to Wihlborgs for SEK 13.3 Billion
Jun 25, 2026
Castellum has agreed to sell its entire property portfolio in the Skåne cities of Malmö, Lund, Helsingborg, Ängelholm and Burlöv to Wihlborgs for an underlying value of SEK 13.3 billion, transferring all local employees as well...
Castellum Completes SEK 135 Million Share Buy-Back to Tighten Capital Structure
Jun 24, 2026
Castellum AB has completed its board-approved share buy-back program, repurchasing 1,120,000 shares on Nasdaq Stockholm between 18 and 24 June 2026 at a weighted average price of SEK 120.70, for a total of about SEK 135.2 million. The program, exe...
Castellum Named World’s Most Sustainable Real Estate Company by TIME
Jun 24, 2026
Castellum has been ranked the world’s most sustainable real estate company in TIME Magazine and Statista’s 2026 list of the World’s Most Sustainable Companies, placing eighth overall across all industries and highest among Swedis...
Castellum Crosses 5% Threshold in Ongoing Share Buy-Back Programme
Jun 23, 2026
Castellum has disclosed that it repurchased 350,000 of its own shares on 22 June 2026 under its ongoing share buy-back programme, lifting its total holding of treasury shares to 24,034,000. This represents 5.03 per cent of the company’s 477,...
Castellum Expands Treasury Stock Through June Share Buybacks
Jun 17, 2026
Castellum AB has continued its share buyback programme, repurchasing its own shares on Nasdaq Stockholm between 9 and 17 June 2026 through ABG Sundal Collier. Following these transactions, the company now holds 23,324,000 treasury shares out of a ...
Castellum Buys Back 2.6 Million Shares to Optimise Capital Structure
Jun 8, 2026
Castellum AB has continued executing its board-approved share buy-back programme, repurchasing 2,589,000 shares between 29 May and 8 June 2026 on Nasdaq Stockholm at a weighted average price of SEK 123.55, for a total consideration of about SEK 32...
Castellum to Redeem €864m in EMTN Bonds Early to Support Strategy Shift
Jun 2, 2026
Castellum AB will redeem two outstanding euro-denominated EMTN bonds with a combined outstanding volume of EUR 864 million ahead of maturity. The move involves exercising a par call on EUR 214 million of notes due in 2026 and a make-whole call on ...
Castellum Cancels 15 Million Treasury Shares, Tightening Capital Base
May 29, 2026
Castellum has reduced its share capital by cancelling 15,075,097 treasury shares in line with a mandate from its Annual General Meeting, bringing the total number of shares and votes down to 477,526,355. Following this move, the company still hold...
Castellum Increases Treasury Stake Through Late-May Share Buybacks
May 28, 2026
Castellum AB has continued its share buyback programme, repurchasing its own shares on Nasdaq Stockholm between 20 and 28 May 2026, with ABG Sundal Collier executing the transactions. Following these acquisitions, the company holds 18,094,903 trea...
Castellum Secures Major Ericsson Leases as Tech Giant Relocates to Hagastaden
May 25, 2026
Castellum has expanded its relationship with Ericsson through two new five-year lease agreements totalling about 13,000 sq.m. in the Emerald House and Jubileumshuset office projects in Hagastaden, Stockholm, bringing Ericsson’s committed fut...
Castellum Expands Treasury Share Holding Through Ongoing Buybacks
May 19, 2026
Castellum AB has continued its share buyback programme, repurchasing its own shares on Nasdaq Stockholm between 11 and 19 May 2026 through ABG Sundal Collier. Following these transactions, the company holds 15,460,903 treasury shares out of a tota...
Castellum Names Christoffer Strömbäck as New CFO
May 19, 2026
Castellum has appointed Christoffer Strömbäck as its new Chief Financial Officer, effective immediately, after he had served as Acting CFO and Acting Head of Transactions since November 2025. CEO Pål Ahlsén praised Strömb&...
Castellum Steps Up Capital Optimisation With SEK 286.5m Share Buy-Back
May 8, 2026
Castellum AB has repurchased 2,382,722 of its own shares on Nasdaq Stockholm between 29 April and 8 May 2026 under a board-initiated buy-back programme, at a total transaction value of about SEK 286.5 million and an average price of SEK 120.23. Th...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.