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REAL ESTATE: Castellum (CASTSS: Baa3/ ): Preview 16th July Results

REAL ESTATE
  • FY EPS estimates have guided up about 7% since the start of the year while the equity has flat-lined, albeit up 40+% since 2023 lows.
  • The company recently stated that they were more open to growth investment now that the market has stabilised. 
  • Expected:
  • Revenue SEK 2,473
  • Occupancy 91%
  • LTV needs to be converted to EPRA standard which came out at 52% last quarter. ND/EBITDA came in at 9.7x last Qtr. 
     
  • No EUR issuance since Mar ’22 which is also the next significant bond to refinance in Mar ’25. 
  • Issuance unlikely for a few months. 

     

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