Castellum AB: Disposals have gathered pace - but so has the re-rating. Downgrade to Neutral.

Research evidence excerpt

Castellum AB: Disposals have gathered pace - but so has the re-rating. Downgrade to Neutral.

Global Research

8 July 2026ab

Castellum AB Equities

SwedenDisposals have gathered pace - but so has the re-

rating. Downgrade to Neutral. Real Estate

12-month rating Neutral

Prior : Buy

12m price target SKr145.001H26: a strong and eventful run, but the market is catching up

Prior : SKr140.00

Having upgraded Castellum to Buy in January on the basis of value creation from

disposals, debt reduction and buybacks, we believe management has largely delivered. Price (07 Jul 2026) SKr132.90

The company has announced over SEK20bn of disposals YTD, completed multiple RIC: CAST.ST BBG: CAST SS

buyback programmes and improved balance sheet flexibility. These actions have driven a

25% YTD share price re-rating, making Castellum one of the strongest performers in our Trading data and key metrics

Nordic and wider European coverage. While we remain positive on management 52-wk range SKr133.10-102.75

execution and raise our PT to SEK145, we believe much of the near-term value creation Market cap. SKr63.0b/US$6.52b

is now reflected in the share price with focus turning to use of disposal proceeds, Shares o/s 474m (ORD)

management of hybrids and operations. We therefore downgrade to Neutral. Free float 89%

Avg. daily volume ('000) 1,636

Model changes: hybrids likely dilutive but disposals drive further PT upgrade Avg. daily value (m) SKr200.7

The upcoming €1bn (c. SEK 10.1bn) hybrid reset remains a key consideration for equity Common s/h equity (12/26E) SKr69.4b

holders and, in our view, is not fully reflected in consensus. While the instrument carries P/BV (12/26E) 0.8x

no direct equity dilution, refinancing the entire balance at prevailing market rates would

EPS (UBS, diluted) (SEK)