Castellum AB (SE:CAST)
:CAST
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Castellum AB
(CAST)
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Rating:66Neutral
Price Target:
kr130.00
▲(2.20% Upside)
Action:Reiterated
Date:04/25/26
The score is driven by mixed fundamentals: solid current cash generation but sharp TTM revenue contraction, historical earnings volatility, and meaningful leverage. Technicals are supportive with an uptrend across moving averages and positive MACD. Valuation is also a positive factor due to a low P/E and a modest dividend yield.
Positive Factors
Recurring rental income model
Castellum’s core business earns contracted rental income plus returns from property development and disposals. That rental-heavy, recoveries-linked model produces recurring cash flows and aligns asset-management incentives, supporting durable income generation across cycles.
Negative Factors
Sharp revenue contraction
A ~68% trailing revenue decline represents a major reduction in scale and recurring income capacity. Such a contraction hampers visibility into future rental cash flows, reduces operating leverage, and limits the company’s ability to organically grow distributable cash in the medium term.
Read all positive and negative factors
Positive Factors
Negative Factors
Recurring rental income model
Castellum’s core business earns contracted rental income plus returns from property development and disposals. That rental-heavy, recoveries-linked model produces recurring cash flows and aligns asset-management incentives, supporting durable income generation across cycles.
Read all positive factors
Castellum AB (CAST) vs. iShares MSCI Sweden ETF (EWD)
Market Cap
kr59.88B
Dividend Yield1.77%
Average Volume (3M)1.31M
Price to Earnings (P/E)10.2
Beta (1Y)0.59
Revenue Growth-2.63%
EPS Growth-11.65%
CountrySE
Employees535
SectorGeneral
Sector StrengthN/A
IndustryReal Estate - Development
Share Statistics
EPS (TTM)4.55
Shares Outstanding492,601,440
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
kr124.67Price Target Upside-1.99% Downside
Rating ConsensusHold
Number of Analyst Covering6
EPS Forecast (FY)8.54
Revenue Forecast (FY)kr9.21B
Castellum AB Business Overview & Revenue Model
Company Description
Castellum is one of Sweden's largest listed real estate companies with a property value of SEK 98 billion. We are active in 17 Swedish growth regions as well as in Copenhagen and Helsinki. Every day, 250,000 people go to work in our premises. We d...
How the Company Makes Money
Castellum makes money primarily by earning rental income from leasing space in its commercial property portfolio to tenants under contracted lease agreements. This rental income is supplemented by recoveries and service charges that are typically ...
Castellum AB Financial Statement Overview
Summary
Income Statement
58
Neutral
Balance Sheet
54
Neutral
Cash Flow
67
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 9.53B | 9.59B | 9.73B | 9.81B | 8.99B | 6.35B |
| Gross Profit | 6.43B | 6.52B | 6.67B | 6.57B | 5.76B | 4.32B |
| EBITDA | 5.07B | 3.52B | 6.49B | -12.27B | 1.30B | 12.48B |
| Net Income | 2.23B | 938.00M | 2.36B | -11.59B | 1.75B | 11.83B |
Balance Sheet | ||||||
| Total Assets | 158.63B | 155.89B | 157.86B | 159.34B | 179.73B | 177.63B |
| Cash, Cash Equivalents and Short-Term Investments | 104.00M | 120.00M | 2.40B | 2.09B | 858.00M | 1.20B |
| Total Debt | 60.65B | 68.28B | 60.10B | 63.11B | 78.44B | 72.57B |
| Total Liabilities | 80.74B | 87.74B | 78.69B | 82.16B | 100.75B | 94.00B |
| Stockholders Equity | 77.89B | 68.15B | 79.17B | 77.18B | 78.98B | 82.94B |
Cash Flow | ||||||
| Free Cash Flow | 4.16B | 3.98B | 4.20B | 4.72B | 5.13B | -14.63B |
| Operating Cash Flow | 4.18B | 3.99B | 4.30B | 4.81B | 4.30B | 2.60B |
| Investing Cash Flow | -5.16B | -5.23B | 46.00M | 800.00M | -2.53B | -13.97B |
| Financing Cash Flow | 873.00M | -1.01B | -4.07B | -4.38B | -2.16B | 12.40B |
Castellum AB Technical Analysis
Positive
127.20
Price Trends
116.80
Positive
113.33
Positive
110.11
Positive
Market Momentum
2.13
Negative
63.77
Neutral
81.84
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 127.2 is above the 20-day moving average (MA) of 121.68, above the 50-day MA of 116.80, and above the 200-day MA of 110.11, indicating a bullish trend. The MACD of 2.13 indicates Negative momentum. The RSI at 63.77 is Neutral, neither overbought nor oversold. The STOCH value of 81.84 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 |
|---|---|---|---|---|---|---|---|
67 Neutral | kr26.04B | 12.07 | 9.74% | 3.60% | 6.56% | 30.63% | |
66 Neutral | kr59.88B | 10.23 | 1.27% | 1.77% | -2.63% | -11.65% | |
62 Neutral | kr34.95B | 13.64 | 6.23% | 2.15% | 6.75% | 162.97% | |
56 Neutral | kr63.12B | 7.74 | 10.31% | ― | 4.62% | 22.69% | |
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% | |
54 Neutral | kr25.09B | 47.66 | -0.92% | 2.39% | 12.22% | -121.80% |
* General Sector Average
SE:CAST
Castellum AB
125.60
11.33
9.92%
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Castellum AB Corporate Events
Castellum boosts Q1 profit on property gains as leasing and share buybacks reshape portfolio
Apr 24, 2026
Castellum reported first-quarter 2026 income of SEK 2.32 billion and net operating income of SEK 1.52 billion, both slightly lower year-on-year, while income from property management edged up 1.4%. Net income jumped to SEK 1.30 billion, helped by ...
Castellum Accelerates Share Buy-Backs to Tune Capital Structure
Apr 23, 2026
Castellum AB has repurchased 1,446,778 of its own shares between 16 and 23 April 2026 under a share buy-back programme of up to SEK 1.7 billion, at a weighted average price of SEK 124.36 and a total transaction value of roughly SEK 180 million. Ex...
Castellum Increases Treasury Holding Through April Share Buybacks
Apr 15, 2026
Castellum AB has continued its share buyback programme, repurchasing its own shares on Nasdaq Stockholm between 7 and 15 April 2026 through ABG Sundal Collier. Following these transactions, the company holds 22,901,500 of its own shares out of a t...
Castellum Sets Date for Q1 2026 Interim Report and Investor Presentation
Apr 13, 2026
Castellum will release its interim report for the period January–March 2026 on 24 April at 8:00 a.m. CEST, followed by a live English-language presentation at 9:00 a.m. led by CEO Pål Ahlsén and Acting CFO Christoffer Strömb&#...
Castellum Expands Treasury Stock Through Continued Share Buybacks
Apr 2, 2026
Castellum AB has continued its share buyback programme, repurchasing its own shares on Nasdaq Stockholm between 25 March and 2 April 2026 through ABG Sundal Collier. Following these transactions, the company holds 19,185,500 treasury shares out of...
Castellum Releases 2025 Annual and Sustainability Report
Mar 31, 2026
Castellum AB has published its 2025 Annual Report, providing a comprehensive overview of the company’s operations, strategy, property portfolio and governance. The report includes a detailed Directors’ Report and full financial stateme...
Castellum Launches SEK 101 Million Warehouse Development in Gothenburg’s Ringön District
Mar 27, 2026
Castellum is a Swedish commercial property developer and manager focused on growth-city assets and sustainable real estate, with a portfolio valued at roughly SEK 137 billion and a listing on Nasdaq Stockholm Large Cap. The group has a strong sust...
Castellum Calls 2026 AGM, Expands Options for Shareholder Participation
Mar 26, 2026
Castellum AB has convened its Annual General Meeting for 29 April 2026 at its head office in Stockholm, offering shareholders the ability to attend in person, via proxy, or through postal voting. The company details registration deadlines, identit...
Castellum launches new SEK 1.7bn share buy-back to optimise capital structure
Mar 24, 2026
Castellum AB has terminated its earlier share buy-back programme after repurchasing 15,075,097 shares for SEK 1.7 billion at an average price of SEK 112.02, and has now launched a new programme under an AGM 2025 mandate. The new buy-back allows pu...
Castellum Sells Linköping Properties for SEK 256 Million to Sharpen Capital Allocation
Mar 18, 2026
Castellum AB has agreed to sell three mixed-use office properties in Linköping, comprising around 10,000 square metres of lettable area and a rental value of SEK 17 million, to buyers Vasaparken and Centria at an underlying property value of ...
Castellum Marks Tenth Straight Year in Global Sustainability Yearbook
Feb 24, 2026
Castellum has been included in The Sustainability Yearbook for the tenth consecutive year, ranking first in Europe and 14th globally in the Real Estate Management Development category. The recognition underscores its position as one of only three...
Castellum to Repurchase Up to SEK 3.4 Billion of Shares After Property Divestment
Feb 20, 2026
Castellum AB will launch a share buy-back programme of up to SEK 3.4 billion, following its recently announced divestment of properties worth SEK 5.6 billion. The board is using an existing mandate to repurchase up to 10 percent of shares, aiming ...
Castellum Sells SEK 5.6 Billion Public-Sector Property Portfolio to AP7
Feb 20, 2026
Castellum, a major Swedish commercial property owner and developer focused on growth cities, is listed on Nasdaq Stockholm Large Cap and holds a Green Equity Designation, underscoring its sustainability profile in the real estate sector. The compa...
Castellum Tightens Strategy as Property Values Weigh on 2025 Earnings
Feb 18, 2026
Castellum reported weaker full-year 2025 results, as income from property management fell and net profit dropped to SEK 938 million, driven by negative property value changes and slightly softer like-for-like net operating income. Despite signing ...
Castellum Nomination Committee Backs Full Board Re-Election for 2026 AGM
Feb 13, 2026
Castellum’s Nomination Committee has proposed the re-election of all current board members, including Chairman Ralf Spann, Anna-Karin Celsing, Henrik Käll, Marita Loft, Leif Norburg, Knut Rost and Stefan Wallander, ahead of the company&...
Castellum Sets February Date for 2025 Year-End Results Presentation
Feb 4, 2026
Castellum AB will publish its year-end report for 2025 on 18 February at 8:00 a.m. CET and follow up with an English-language live presentation at 9:00 a.m. CET, led by CEO Pål Ahlsén and Acting CFO Christoffer Strömbäck. The c...
Castellum Secures Major 15-Year Pre-Lease for Infinity Project in Stockholm
Jan 30, 2026
Castellum has secured a 15-year lease for the entire 24,000-square-metre Infinity office property in Hagastaden, Stockholm, which is currently under construction and scheduled for completion by the end of 2027. The unnamed tenant, which has opted ...
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.