Castellum AB (CAST) Fair Value & Analysis
Real Estate · SE · Market cap 57.0B SEK (≈ $6.0B) · ISIN SE0000379190
What is Castellum AB really worth?
A solid business, but trading 136% above our fair value of kr 56.39.
Strengths
Risks
Fair value as of: Sep 3, 2026
From 14 valuation models · updated yesterday
Share price −2.3% over the past month.
What runs behind every stock
69 individual criteria per stock, every one traceable See the method →
What matters now
- The price sits above even our optimistic bull case (kr 66.50). The favourable scenario is already priced in.
- Solid but not exceptional quality (53/100) and above fair value, neither a clear bargain nor a standout compounder.
- A fairly wide model range (kr 31.55 to kr 66.50) leaves room in how you read the outcome.
- As a real-estate business, asset- and dividend-based methods carry more weight here than a standard DCF.
Price vs Fair Value (5 years)
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 3, 2026.
How to read this chart
60‑month range kr 89.87 – kr 199.84 · fair‑value band kr 31.55 – kr 66.50 · the kr 132.90 price screens above the kr 56.39 fair value. Dashed = 300-day average. As of Sep 3, 2026.
Analysis
Castellum AB (CAST) currently trades at kr 132.90, while our model-based Fair Value estimate is kr 56.39, implying the stock looks roughly 135.7% overvalued today. The Quality Score stands at 53/100 (solid quality), in the Real Estate sector. Bull case: the Asset-Based group reads highest at a median of kr 100.78 per share, and 3 of the 14 models we run sit above the kr 132.90 price. Bear case: the Multiples group reads lowest at kr 46.00, and 11 of the 14 models stay below the price. Evidence for this calculation is high.
Over the trailing twelve months, Castellum AB generated revenue of 9.9B SEK at a net margin of 22.6%. It earns a return on equity of 2.9%. Net debt stands at 68.2B SEK. The stock trades on a trailing P/E of 29.1. Fundamentals as of Sep 3, 2026
Our scenario range runs from kr 31.55 (bear case) to kr 66.50 (bull case); at kr 132.90, the current price sits above that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The share trades near its 52-week high and 33% above its 52-week low, currently above its 200-day average. For context, the median of 10 Real Estate peers we cover trades at −19% fair-value upside, at −58%, CAST screens richer than that median.
Fair Value models
This estimate rests on fiscal year 2025 figures, and about 8 months have passed since. In that time the company retained roughly kr 3.09 per share, which is 5.5 % of the fair value. The fair value deliberately does not add this in: the models value reported figures, not a projection.
Each model estimates fair value its own way; the Fair Value above is the evidence-weighted, family-balanced blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small. Every input is real reported data, nothing guessed.
All 14 models by family
Widest divergence: Asset-Based (kr 100.78) versus Multiples (kr 46.00). Highest evidence: Residual Income (76).
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Key figures & financial health
More key figures
Figures from reported company fundamentals · as of Sep 3, 2026. TTM = trailing twelve months.
Quality Score breakdown
Of which business quality 52 · Market factors (momentum, volatility) 64
Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.
All values are scores from 0 to 100 (100 = best against fixed, research-based bands), not percentages. The three market factors (momentum, 52-week proximity, low volatility) are displayed but carry zero weight in the headline number: market sentiment is not a business property.
About the company
Castellum AB (publ) is one of the Nordic region's largest commercial property companies, with a focus on office and logistics properties in Nordic growth cities. As of 31 December 2025, the property value, including the holdings in the Norwegian company Entra ASA and Halvorsäng, totaled approximately SEK 137 Bn.
Full company description
Castellum AB (publ) is one of the Nordic region's largest commercial property companies, with a focus on office and logistics properties in Nordic growth cities. As of 31 December 2025, the property value, including the holdings in the Norwegian company Entra ASA and Halvorsäng, totaled approximately SEK 137 Bn. The company is listed on Nasdaq Stockholm Large Cap and is classified as green under the Green Equity Designation. Castellum is the only Nordic property company included in the Dow Jones Sustainability Indices (DJSI). Castellum AB (publ) is incorporated in Sweden.
Company description, as reported by the company or data provider.
Revenue & earnings trend
FY2021 – FY2025 · reported fiscal years
Castellum AB reported revenue of 9.6B SEK in FY2025 versus 6.4B SEK in FY2021, a compound +10.9%/yr. Reported net income was 938M SEK in FY2025, compounding −46.9%/yr from FY2021.
of which total revenue +10.6 % · buybacks/dilution −7.2 %
Annual growth per factor. These are factors, not summands: multiplied they give the EPS growth rate, added they do not quite. Start and end points are 3-year averages (details on hover).
CAST screens 136% overvalued. Compare with Sun Hung Kai Properties Limited →
Earlier news
External third-party headlines (Yahoo Finance, Reuters and others), not an editorial selection.
- Castellum AB (CWQXF) Q2 2026 Earnings Call Highlights: Strategic Divestments and Share Buybacks ...
- Castellum AB (CWQXF) Q1 2026 Earnings Call Highlights: Strategic Moves and Market Challenges
- Castellum AB (CWQXF) Q4 2025 Earnings Call Highlights: Navigating Challenges with Strategic ...
- How Investors May Respond To Entra (OB:ENTRA) Board Changes Requested by Castellum
Peer Group
Real Estate - Development · 567 stocks
How this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.
Valuation Multiples vs Real Estate - Development median · lower = cheaper
Strength profile in five axes (Snowflake)
Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.
VALUE 0: the price sits above our fair-value range.
Insider activity: 40/100
Values & ESG
Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.
Similar stocks
10 more Real Estate - Development stocks, each showing price versus our Fair Value estimate (as of Sep 3, 2026).
| Stock | Price | Fair Value | vs Fair Value |
|---|---|---|---|
| Sun Hung Kai Properties Limited 80016 | HK$109.70 | HK$88.93 | −19% |
| China Resources Land Limited 1109 | HK$35.24 | HK$72.16 | +105% |
| Vinhomes Joint Stock Company VHM | 71,700 VND | 109,431 VND | +53% |
| CK Asset Holdings 1113 | HK$47.34 | HK$68.85 | +45% |
| Hongkong Land Holdings H78 | $8.20 | $1.52 | −81% |
| DLF Limited DLF | ₹667.10 | ₹170.24 | −74% |
| China Overseas Land & Investment Limited 0688 | HK$13.76 | HK$22.92 | +67% |
| Macrotech Developers Limited LODHA | ₹1,244 | ₹583.42 | −53% |
| Sino Land Company 0083 | HK$10.33 | HK$6.99 | −32% |
| PT Pantai Indah Kapuk Dua Tbk, PANI | 5,925 IDR | 1,325 IDR | −78% |
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