Castellum AB (publ) (CAST.ST) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-207.2%

-SEK 143.47

vs SEK 133.80 price

Levered DCF

-SEK 51.77

After debt service

Piotroski score

7 / 9

Strong

Altman Z-score

0.78

Distress zone

Rating

B-

Overall 3 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	55.71×	25.17×	-5.46×	23.89×	5.83×	10.17×	10.64×	5.98×
P/B	0.77×	0.75×	0.82×	0.53×	0.83×	1.18×	1.37×	1.12×
P/S	5.46×	6.27×	6.46×	3.28×	8.31×	9.51×	10.33×	7.99×
EV / EBITDA	33.47×	25.68×	-10.13×	30.69×	10.92×	13.08×	13.35×	9.24×
Gross margin	67.3%	66.9%	67.0%	74.6%	75.5%	71.9%	70.3%	70.7%
Operating margin	64.5%	68.3%	67.0%	72.5%	73.4%	133.8%	131.7%	161.8%
Net margin	9.8%	24.9%	-118.2%	13.7%	142.4%	93.5%	97.1%	133.6%
Current ratio	0.13×	0.34×	0.46×	0.15×	0.11×	0.54×	0.41×	0.65×
Debt / equity	1×	0.76×	0.82×	1×	0.87×	0.97×	0.95×	1.02×
Interest coverage	2.83×	3.03×	3.05×	6.04×	7.2×	10.15×	9.8×	10.53×
Dividend yield	1.7%	0.6%	1.0%	4.5%	2.7%	3.1%	2.8%	3.2%
Payout ratio	97.7%	14.9%	-5.4%	107.0%	16.0%	31.6%	29.5%	19.4%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	1.4%	3.0%	-15.0%	2.2%	14.3%	11.6%	12.9%	18.7%
Return on invested capital	2.8%	3.6%	3.3%	4.1%	3.5%	6.0%	6.6%	8.9%
Return on assets	0.6%	1.5%	-7.3%	1.0%	6.7%	5.1%	5.7%	8.1%
Free cash flow yield	7.6%	6.9%	7.5%	12.3%	-21.2%	5.2%	9.2%	5.6%
Earnings yield	1.8%	4.0%	-18.3%	4.2%	17.1%	9.8%	9.4%	16.7%
Enterprise value	SEK 120.5B	SEK 117.1B	SEK 124.3B	SEK 119.4B	SEK 140.3B	SEK 103.6B	SEK 101.6B	SEK 85B
Net debt / EBITDA	18.93×	12.66×	-4.97×	19.95×	5.55×	5.87×	5.45×	4.4×
Cash conversion cycle (days)	11	14	27	-12	-17	23	-11	-130