Financials Castellum AB Deutsche Boerse AG

Equities

TEX

SE0000379190

Real Estate Development & Operations

Market Closed - Deutsche Boerse AG Other stock markets 11:35:59 17/05/2024 am IST			After market 01:29:54 am
11.32 ^EUR	-0.44%		11.4	+0.66%

15/05	Earnings Flash (CTM) CASTELLUM Posts Q1 Revenue $11.3M	MT
03/05	Transcript : Castellum AB, Q1 2024 Earnings Call, May 03, 2024

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	60,104	57,829	83,025	41,461	70,590	65,245	-	-
Enterprise Value (EV) ¹	1,00,757	1,03,388	1,52,657	1,17,452	1,30,173	1,25,681	1,22,985	1,20,694
P/E ratio	10.6 x	10.2 x	5.83 x	23.9 x	-5.58 x	22.6 x	14 x	12.8 x
Yield	2.95%	3.31%	3.12%	-	-	1.77%	2.03%	2.07%
Capitalization / Revenue	10.3 x	9.63 x	13.1 x	4.61 x	7.2 x	6.67 x	6.5 x	6.33 x
EV / Revenue	17.3 x	17.2 x	24 x	13.1 x	13.3 x	12.8 x	12.3 x	11.7 x
EV / EBITDA	25.2 x	24.7 x	36.6 x	21.1 x	21.1 x	19.1 x	18.2 x	17.6 x
EV / FCF	130 x	239 x	-13.4 x	124 x	96.3 x	42 x	41.4 x	35.7 x
FCF Yield	0.77%	0.42%	-7.45%	0.8%	1.04%	2.38%	2.42%	2.8%
Price to Book	1.38 x	1.2 x	1 x	0.52 x	0.91 x	0.9 x	0.87 x	0.84 x
Nbr of stocks (in thousands)	2,73,201	2,77,093	3,40,544	3,28,401	4,92,601	4,92,601	-	-
Reference price ²	220.0	208.7	243.8	126.2	143.3	132.4	132.4	132.4
Announcement Date	24/01/20	22/01/21	16/02/22	13/02/23	14/02/24	-	-	-

¹SEK in Million²SEK

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	5,821	6,004	6,353	8,996	9,806	9,786	10,039	10,303
EBITDA ¹	3,992	4,186	4,172	5,568	6,163	6,567	6,740	6,842
EBIT ¹	3,928	4,186	4,172	5,568	6,163	6,058	6,800	6,987
Operating Margin	67.48%	69.72%	65.67%	61.89%	62.85%	61.91%	67.74%	67.82%
Earnings before Tax (EBT) ¹	6,765	7,028	11,869	2,237	-14,608	3,935	5,772	6,365
Net income ¹	5,650	5,615	11,828	1,750	-11,592	2,452	3,924	3,764
Net margin	97.06%	93.52%	186.18%	19.45%	-118.21%	25.05%	39.09%	36.53%
EPS ²	20.68	20.52	41.81	5.290	-25.68	5.853	9.476	10.33
Free Cash Flow ¹	774	432	-11,369	944	1,352	2,993	2,970	3,385
FCF margin	13.3%	7.2%	-178.95%	10.49%	13.79%	30.58%	29.59%	32.86%
FCF Conversion (EBITDA)	19.39%	10.32%	-	16.95%	21.94%	45.57%	44.07%	49.47%
FCF Conversion (Net income)	13.7%	7.69%	-	53.94%	-	122.08%	75.7%	89.93%
Dividend per Share ²	6.500	6.900	7.600	-	-	2.347	2.685	2.739
Announcement Date	24/01/20	22/01/21	16/02/22	13/02/23	14/02/24	-	-	-

¹SEK in Million²SEK

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2021 Q4	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1	2025 Q2
Net sales ¹	1,916	2,193	2,207	2,332	2,264	2,470	2,483	2,435	2,477	2,449	2,477	2,468	2,477	2,500	2,510
EBITDA ¹	1,186	1,339	1,425	1,496	1,311	1,466	1,554	1,639	1,503	1,550	1,623	1,620	1,490	1,547	1,648
EBIT ¹	1,186	1,339	1,425	1,496	1,311	1,466	1,554	1,639	1,503	1,550	1,909	1,871	1,793	1,547	1,648
Operating Margin	61.9%	61.06%	64.57%	64.15%	57.91%	59.35%	62.59%	67.31%	60.68%	63.29%	77.07%	75.81%	72.37%	61.88%	65.66%
Earnings before Tax (EBT) ¹	4,990	3,772	4,301	-3	-5,952	-5,322	369	-1,503	-8,146	186	1,085	1,166	1,132	1,321	1,232
Net income ¹	4,764	3,613	3,320	-399	-4,903	-4,304	481	-1,461	-6,302	-180	911.4	907.9	848.5	939.6	944.3
Net margin	248.64%	164.75%	150.43%	-17.11%	-216.56%	-174.25%	19.37%	-60%	-254.42%	-7.35%	36.8%	36.79%	34.25%	37.58%	37.62%
EPS ²	15.36	10.68	10.11	-1.210	-14.93	-13.10	1.080	-2.630	-12.79	-0.3700	1.890	1.990	1.800	1.860	2.020
Dividend per Share ²	7.600	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Announcement Date	16/02/22	25/04/22	15/07/22	20/10/22	13/02/23	26/04/23	14/07/23	27/10/23	14/02/24	03/05/24	-	-	-	-	-

¹SEK in Million²SEK

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	40,653	45,559	69,632	75,991	59,583	60,436	57,740	55,449
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	10.18 x	10.88 x	16.69 x	13.65 x	9.668 x	9.203 x	8.567 x	8.104 x
Free Cash Flow ¹	774	432	-11,369	944	1,352	2,993	2,970	3,385
ROE (net income / shareholders' equity)	13.5%	13.1%	22.7%	2.2%	5.49%	4.21%	5.68%	5.72%
ROA (Net income/ Total Assets)	5.91%	5.38%	8.23%	0.98%	-6.84%	2.09%	3.03%	3.01%
Assets ¹	95,562	1,04,450	1,43,774	1,78,681	1,69,533	1,17,382	1,29,508	1,25,059
Book Value Per Share ²	160.0	174.0	244.0	241.0	157.0	148.0	153.0	158.0
Cash Flow per Share	-	-	-	-	-	-	-	-
Capex ¹	2,762	2,512	3,799	5,548	3,461	2,126	1,879	1,528
Capex / Sales	47.45%	41.84%	59.8%	61.67%	35.29%	21.72%	18.72%	14.83%
Announcement Date	24/01/20	22/01/21	16/02/22	13/02/23	14/02/24	-	-	-

¹SEK in Million²SEK

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for Castellum AB

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

HOLD

Number of Analysts

Last Close Price

134.3 SEK

Average target price

122 SEK

Spread / Average Target

-9.16%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Other Real Estate Development & Operations

	1st Jan change	Capi.
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DLF LIMITED	+16.84%	24.95B
MITSUBISHI ESTATE CO., LTD.	+40.97%	22.49B
CHINA OVERSEAS LAND & INVESTMENT LTD.	+20.06%	22.19B
EMAAR PROPERTIES	-4.42%	18.48B
POLY DEVELOPMENTS AND HOLDINGS GROUP CO., LTD.	+13.13%	16.73B
HENDERSON LAND DEVELOPMENT COMPANY LIMITED	+9.98%	16.19B

Other Real Estate Development & Operations