Castellum Valuation

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

CAST (SEK133.3) is trading above our estimate of [[fair value]] (SEK99.38)

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

Valuation Score

2/6

Valuation Score 2/6

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 CAST when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: CAST (SEK133.3) is trading above our estimate of fair value (SEK99.38)

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

Key Valuation Metric

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

Other financial metrics that can be useful for relative valuation.

The above table shows the n/a ratio for CAST. This is calculated by dividing CAST's market cap by their current preferred multiple.
What is CAST's n/a Ratio?
n/a	0x
n/a	n/a
Market Cap	SEK 65.66b

CAST key valuation metrics and ratios. From Price to Earnings, Price to Sales and Price to Book to Price to Earnings Growth Ratio, Enterprise Value and EBITDA.
Key Statistics
Enterprise Value/Revenue	11.9x
Enterprise Value/EBITDA	17.8x
PEG Ratio	n/a

Price to Sales Ratio vs Peers

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

The above table shows the PS ratio for CAST vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
Company	Forward PS	Estimated Growth	Market Cap
Peer Average	17.7x
SAGA A AB Sagax	26.2x	8.7%	SEK 92.5b
BALD B Fastighets AB Balder	7.5x	3.9%	SEK 94.0b
AKEL D Akelius Residential Property	29x	n/a	€10.0b
WIHL Wihlborgs Fastigheter	8.1x	5.4%	SEK 32.7b
CAST Castellum	6.2x	-0.6%	SEK 65.7b

Price-To-Sales vs Peers: CAST is good value based on its Price-To-Sales Ratio (6.2x) compared to the peer average (17.7x).

Price to Earnings Ratio vs Industry

How does CAST's PE Ratio compare vs other companies in the SE Real Estate Industry?

0 Companies	Price / Earnings	Estimated Growth	Market Cap
Industry Avg.	n/a	66.9%
	n/a	n/a	n/a

Fetching data

0 Companies	Price / Earnings	Estimated Growth	Market Cap
Industry Avg.	n/a	66.9%
	n/a	n/a	n/a

No more companies

Price-To-Sales vs Industry: CAST is expensive based on its Price-To-Sales Ratio (6.2x) compared to the Swedish Real Estate industry average (5.4x).

Price to Sales Ratio vs Fair Ratio

What is CAST'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.

CAST PS Ratio vs Fair Ratio.
Fair Ratio
Current PS Ratio	6.2x
Fair PS Ratio	9.3x

Price-To-Sales vs Fair Ratio: CAST is good value based on its Price-To-Sales Ratio (6.2x) compared to the estimated Fair Price-To-Sales Ratio (9.3x).

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 CAST forecast and predictions for the stock price in 12 month’s time.
Date	Share Price	Average 1Y Price Target	Dispersion	High	Low	1Y Actual price	Analysts
Current	SEK 133.30	SEK 127.11 -4.6%	14.5%	SEK 150.00	SEK 90.00	n/a	9
Aug ’25	SEK 134.40	SEK 127.11 -5.4%	14.5%	SEK 150.00	SEK 90.00	n/a	9
Jul ’25	SEK 129.80	SEK 124.00 -4.5%	13.7%	SEK 145.00	SEK 90.00	n/a	10
Jun ’25	SEK 130.55	SEK 123.70 -5.2%	15.5%	SEK 150.00	SEK 90.00	n/a	10
May ’25	SEK 133.30	SEK 124.89 -6.3%	15.9%	SEK 150.00	SEK 90.00	n/a	9
Apr ’25	SEK 140.90	SEK 126.90 -9.9%	15.6%	SEK 150.00	SEK 90.00	n/a	10
Mar ’25	SEK 128.15	SEK 124.30 -3.0%	16.3%	SEK 150.00	SEK 90.00	n/a	10
Feb ’25	SEK 134.15	SEK 124.90 -6.9%	19.1%	SEK 150.00	SEK 89.00	n/a	10
Jan ’25	SEK 143.30	SEK 118.90 -17.0%	17.8%	SEK 145.00	SEK 84.00	n/a	10
Dec ’24	SEK 129.25	SEK 118.00 -8.7%	18.7%	SEK 145.00	SEK 85.00	n/a	10
Nov ’24	SEK 106.90	SEK 117.60 +10.0%	18.1%	SEK 145.00	SEK 86.00	n/a	10
Oct ’24	SEK 111.35	SEK 119.90 +7.7%	19.8%	SEK 160.00	SEK 89.00	n/a	10
Sep ’24	SEK 115.20	SEK 119.40 +3.6%	20.4%	SEK 160.00	SEK 85.00	n/a	10
Aug ’24	SEK 118.20	SEK 120.30 +1.8%	19.4%	SEK 160.00	SEK 85.00	SEK 134.40	10
Jul ’24	SEK 102.95	SEK 121.00 +17.5%	24.5%	SEK 180.00	SEK 85.00	SEK 129.80	9
Jun ’24	SEK 102.35	SEK 121.44 +18.6%	23.9%	SEK 180.00	SEK 75.60	SEK 130.55	8
May ’24	SEK 124.30	SEK 143.00 +15.0%	20.2%	SEK 180.00	SEK 90.00	SEK 133.30	8
Apr ’24	SEK 120.40	SEK 143.00 +18.8%	20.2%	SEK 180.00	SEK 90.00	SEK 140.90	8
Mar ’24	SEK 128.30	SEK 139.00 +8.3%	17.7%	SEK 180.00	SEK 100.00	SEK 128.15	7
Feb ’24	SEK 145.80	SEK 146.20 +0.3%	18.4%	SEK 182.00	SEK 100.00	SEK 134.15	10
Jan ’24	SEK 126.25	SEK 137.10 +8.6%	16.6%	SEK 173.00	SEK 100.00	SEK 143.30	10
Dec ’23	SEK 129.80	SEK 137.30 +5.8%	16.5%	SEK 173.00	SEK 100.00	SEK 129.25	10
Nov ’23	SEK 131.90	SEK 144.50 +9.6%	10.5%	SEK 173.00	SEK 125.00	SEK 106.90	10
Oct ’23	SEK 125.15	SEK 160.67 +28.4%	17.6%	SEK 210.00	SEK 125.00	SEK 111.35	9
Sep ’23	SEK 144.10	SEK 166.78 +15.7%	16.3%	SEK 210.00	SEK 135.00	SEK 115.20	9
Aug ’23	SEK 162.10	SEK 178.44 +10.1%	16.2%	SEK 215.00	SEK 135.00	SEK 118.20	9

Analyst Forecast: Target price is lower than the current share price.