Castellum AB (publ)

DB:TEX Stock Report

Market Cap: €5.1b

Castellum Valuation

Is TEX undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

0/6

Valuation Score 0/6

  • Below Fair Value

  • Significantly Below Fair Value

  • Price-To-Sales vs Peers

  • Price-To-Sales vs Industry

  • Price-To-Sales vs Fair Ratio

  • Analyst Forecast

Share Price vs Fair Value

What is the Fair Price of TEX when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: TEX (€10.38) is trading above our estimate of fair value (€6.37)

Significantly Below Fair Value: TEX is trading above our estimate of fair value.

Key Valuation Metric

Which metric is best to use when looking at relative valuation for TEX?

Key metric: As TEX is unprofitable we use its Price-To-Sales Ratio for relative valuation analysis.

The above table shows the Price to Sales ratio for TEX. This is calculated by dividing TEX's market cap by their current revenue.
What is TEX's PS Ratio?
PS Ratio5.7x
SalesSEK 10.39b
Market CapSEK 58.90b

Price to Sales Ratio vs Peers

How does TEX's PS Ratio compare to its peers?

The above table shows the PS ratio for TEX vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PSEstimated GrowthMarket Cap
Peer Average3.1x
LEG LEG Immobilien
4.3x-14.2%€6.1b
O5G CPI Property Group
4.2xn/a€6.8b
AT1 Aroundtown
2.1x2.3%€3.1b
TEG TAG Immobilien
1.8x-33.9%€2.5b
TEX Castellum
5.7x0.1%€58.9b

Price-To-Sales vs Peers: TEX is expensive based on its Price-To-Sales Ratio (5.7x) compared to the peer average (3.1x).

Price to Sales Ratio vs Industry

How does TEX's PS Ratio compare vs other companies in the DE Real Estate Industry?

9 CompaniesPrice / SalesEstimated GrowthMarket Cap
DMRE DEMIRE Deutsche Mittelstand Real Estate
0.4x-42.0%US$76.87m
ADJ Adler Group
0.1xn/aUS$49.02m
NUVA Noratis
0.3x16.6%US$14.39m
AMMN Grounds Real Estate Development
0.6xn/aUS$10.19m
TEX 5.7xIndustry Avg. 3.3xNo. of Companies9PS02.44.87.29.612+
9 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Sales vs Industry: TEX is expensive based on its Price-To-Sales Ratio (5.7x) compared to the German Real Estate industry average (3.3x).

Price to Sales Ratio vs Fair Ratio

What is TEX's PS Ratio compared to its Fair PS Ratio? This is the expected PS Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

TEX PS Ratio vs Fair Ratio.
Fair Ratio
Current PS Ratio5.7x
Fair PS Ratio5.2x

Price-To-Sales vs Fair Ratio: TEX is expensive based on its Price-To-Sales Ratio (5.7x) compared to the estimated Fair Price-To-Sales Ratio (5.2x).

Analyst Price Targets

What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?

The above table shows the analyst TEX forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
Current€10.38
€11.12
+7.1%
13.1%€13.04€8.87n/a11
Dec ’25€10.94
€11.04
+0.9%
12.1%€12.82€9.06n/a11
Nov ’25€11.35
€11.18
-1.5%
11.1%€12.88€9.44n/a11
Oct ’25€12.93
€11.47
-11.2%
11.9%€13.68€9.71n/a11
Sep ’25€12.00
€11.26
-6.2%
15.4%€13.61€7.90n/a9
Aug ’25€11.40
€10.94
-4.0%
14.5%€12.91€7.75n/a9
Jul ’25€11.28
€10.88
-3.5%
13.7%€12.72€7.90n/a10
Jun ’25€11.15
€10.69
-4.1%
15.5%€12.97€7.78n/a10
May ’25€11.02
€10.90
-1.1%
15.9%€13.09€7.85n/a9
Apr ’25€12.11
€11.07
-8.6%
15.6%€13.08€7.85n/a10
Mar ’25€10.92
€11.08
+1.5%
16.3%€13.37€8.02n/a10
Feb ’25€11.84
€10.97
-7.4%
19.1%€13.17€7.81n/a10
Jan ’25€12.88
€10.53
-18.2%
17.8%€12.84€7.44n/a10
Dec ’24€11.03
€10.39
-5.7%
18.7%€12.77€7.49€10.9410
Nov ’24€8.83
€9.95
+12.8%
18.1%€12.27€7.28€11.3510
Oct ’24€9.15
€10.09
+10.3%
19.8%€13.46€7.49€12.9310
Sep ’24€9.68
€10.10
+4.4%
20.4%€13.53€7.19€12.0010
Aug ’24€10.19
€10.42
+2.3%
19.4%€13.86€7.36€11.4010
Jul ’24€8.43
€10.34
+22.7%
24.5%€15.38€7.26€11.289
Jun ’24€8.57
€10.61
+23.7%
23.9%€15.72€6.60€11.158
May ’24€10.76
€12.77
+18.7%
20.2%€16.08€8.04€11.028
Apr ’24€10.42
€12.77
+22.6%
20.2%€16.08€8.04€12.118
Mar ’24€11.85
€12.55
+5.9%
17.7%€16.25€9.03€10.927
Feb ’24€12.81
€13.05
+1.8%
18.4%€16.24€8.92€11.8410
Jan ’24€11.45
€12.62
+10.3%
16.6%€15.92€9.20€12.8810
Dec ’23€11.65
€12.68
+8.9%
16.5%€15.98€9.24€11.0310

Analyst Forecast: Target price is less than 20% higher than the current share price.

Discover undervalued companies

7D

1Y

7D

1Y

7D

1Y

Company Analysis and Financial Data Status

DataLast Updated (UTC time)
Company Analysis2024/12/26 05:48
End of Day Share Price 2024/12/23 00:00
Earnings2024/09/30
Annual Earnings2023/12/31

Data Sources

The data used in our company analysis is from S&P Global Market Intelligence LLC. The following data is used in our analysis model to generate this report. Data is normalised which can introduce a delay from the source being available.

PackageDataTimeframeExample US Source *
Company Financials10 years
  • Income statement
  • Cash flow statement
  • Balance sheet
Analyst Consensus Estimates+3 years
  • Forecast financials
  • Analyst price targets
Market Prices30 years
  • Stock prices
  • Dividends, Splits and Actions
Ownership10 years
  • Top shareholders
  • Insider trading
Management10 years
  • Leadership team
  • Board of directors
Key Developments10 years
  • Company announcements

* example for US securities, for non-US equivalent regulatory forms and sources are used.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.

Analysis Model and Snowflake

Details of the analysis model used to generate this report is available on our Github page, we also have guides on how to use our reports and tutorials on Youtube.

Learn about the world class team who designed and built the Simply Wall St analysis model.

Industry and Sector Metrics

Our industry and section metrics are calculated every 6 hours by Simply Wall St, details of our process are available on .

Analyst Sources

Castellum AB (publ) is covered by 25 analysts. 7 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.

AnalystInstitution
Tobias KajABG Sundal Collier
Ruud Van MaanenABN AMRO Bank N.V.
Paul MayBarclays