DDM Analysis: CAST.ST

Valuation Snapshot

Stable Growth	$45.01 - $65.84	$55.06
Multi-Stage	$193.61 - $214.43	$203.81
Blended Fair Value	$129.44
Current Price	$106.30
Upside	21.76%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	-26.77%	-6.63%	0.71	1.98	4.14	3.83	3.61	3.39	2.94	2.77	1.63	1.53
YoY Growth	-	-	-63.93%	-52.28%	8.00%	6.31%	6.54%	15.12%	6.00%	69.90%	6.63%	8.18%
Dividend Yield	-	-	0.64%	1.43%	4.09%	1.96%	2.23%	2.40%	1.92%	2.42%	1.64%	1.63%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	3,038.00
(-) Cash Dividends Paid (M)	654.00
(=) Cash Retained (M)	2,384.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	607.60	379.75	227.85
Cash Retained (M)	2,384.00	2,384.00	2,384.00
(-) Cash Required (M)	-607.60	-379.75	-227.85
(=) Excess Retained (M)	1,776.40	2,004.25	2,156.15
(/) Shares Outstanding (M)	492.32	492.32	492.32
(=) Excess Retained per Share	3.61	4.07	4.38
LTM Dividend per Share	1.33	1.33	1.33
(+) Excess Retained per Share	3.61	4.07	4.38
(=) Adjusted Dividend	4.94	5.40	5.71
WACC / Discount Rate	4.94%	4.94%	4.94%
Growth Rate	-5.43%	-4.43%	-3.43%
Fair Value	$45.01	$55.06	$65.84
Upside / Downside	-57.65%	-48.20%	-38.06%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	3,038.00	2,903.41	2,774.79	2,651.87	2,534.39	2,422.11	2,494.78
Payout Ratio	21.53%	35.22%	48.92%	62.61%	76.31%	90.00%	92.50%
Projected Dividends (M)	654.00	1,022.64	1,357.33	1,660.36	1,933.88	2,179.90	2,307.67

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	4.94%	4.94%	4.94%
Growth Rate	-5.43%	-4.43%	-3.43%
Year 1 PV (M)	964.29	974.48	984.68
Year 2 PV (M)	1,206.85	1,232.51	1,258.44
Year 3 PV (M)	1,392.05	1,436.68	1,482.25
Year 4 PV (M)	1,528.85	1,594.55	1,662.35
Year 5 PV (M)	1,625.02	1,712.77	1,804.27
PV of Terminal Value (M)	88,602.22	93,386.82	98,375.93
Equity Value (M)	95,319.28	100,337.81	105,567.91
Shares Outstanding (M)	492.32	492.32	492.32
Fair Value	$193.61	$203.81	$214.43
Upside / Downside	82.14%	91.73%	101.72%

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TC.BK	Tropical Canning (Thailand) Public Company Limited	6.05%	$0.30	42.33%
8984.T	Daiwa House REIT Investment Corporation	6.04%	$8,653.99	81.69%
0R40.L	Rai Way S.p.A.	6.03%	$0.33	99.60%
3600.HK	Modern Dental Group Limited	6.03%	$0.32	34.31%
003460.KS	Yuhwa Securities co.,ltd.	6.02%	$162.45	83.00%
298540.KQ	The Nature Holdings Co., Ltd.	6.02%	$521.44	76.58%
6263.TWO	Planet Technology Corporation	6.02%	$7.86	95.87%
NZX.NZ	NZX Limited	6.02%	$0.09	77.46%
WLMM3.SA	WLM Participações e Comércio de Máquinas e Veículos S.A.	6.02%	$1.23	40.06%
1760.HK	Intron Technology Holdings Limited	6.01%	$0.12	30.56%
5209.KL	Gas Malaysia Berhad	6.01%	$0.26	82.61%
ALLAN.PA	Lanson-BCC	6.01%	$1.96	26.09%
QAMC.QA	Qatar Aluminium Manufacturing Company Q.P.S.C.	6.00%	$0.10	74.36%
0237.HK	Safety Godown Company, Limited	5.99%	$0.12	71.07%
8986.T	Daiwa Securities Living Investment Corporation	5.99%	$6,829.90	63.32%
ASX.AX	ASX Limited	5.99%	$3.08	67.16%
MKP.TO	MCAN Mortgage Corporation	5.99%	$1.35	74.01%
0QMU.L	Compagnie Financière Richemont S.A.	5.98%	$6.91	67.79%
8924.TWO	O-TA Precision Industry Co., Ltd.	5.98%	$4.29	80.38%
FMTY14.MX	Fibra Mty, S.A.P.I. de C.V.	5.98%	$0.93	46.45%
HUMAN.BK	Humanica Public Company Limited	5.98%	$0.30	74.76%
603368.SS	Guangxi LiuYao Group Co., Ltd	5.97%	$1.06	53.83%
6069.HK	SY Holdings Group Limited	5.97%	$0.67	97.72%
ASII.JK	PT Astra International Tbk	5.97%	$405.75	50.28%
PXT.TO	Parex Resources Inc.	5.97%	$1.12	86.22%
SB	Safe Bulkers, Inc.	5.97%	$0.29	64.01%
1562.KL	Sports Toto Berhad	5.96%	$0.08	49.23%
8442.TW	WW Holding Inc.	5.96%	$4.19	72.79%
NTV.BK	Nonthavej Hospital Public Company Limited	5.96%	$1.37	66.11%
WLE.AX	WAM Leaders Limited	5.96%	$0.08	8.04%
094280.KS	Hyosung ITX Co. Ltd.	5.95%	$751.76	70.97%
O3P.DE	Österreichische Post AG	5.95%	$1.88	98.14%
PWO.DE	PWO AG	5.95%	$1.75	48.89%
0898.HK	Multifield International Holdings Limited	5.94%	$0.06	9.32%
1155.KL	Malayan Banking Berhad	5.94%	$0.62	72.18%
PORT3.SA	Wilson Sons S.A.	5.94%	$1.11	73.49%
009680.KS	Motonic Corporation	5.93%	$599.08	42.49%
3010.SR	Arabian Cement Company	5.93%	$1.29	91.83%
PGW.NZ	PGG Wrightson Limited	5.93%	$0.13	70.38%
0GX2.L	Neurones S.A.	5.92%	$2.49	61.25%
4012.SR	Thob Al Aseel Company	5.92%	$0.20	89.05%
9585.SR	Mulkia Investment Co.	5.92%	$2.01	37.97%
HEN.DE	Henkel AG & Co. KGaA	5.92%	$3.87	41.88%
KKP.BK	Kiatnakin Phatra Bank Public Company Limited	5.92%	$4.02	63.80%
030000.KS	Cheil Worldwide Inc.	5.91%	$1,232.93	68.46%
0RCW.L	Kid ASA	5.91%	$8.00	99.60%
ARSA.ME	Arsagera Asset Management	5.91%	$0.50	52.65%
DBM.TO	Doman Building Materials Group Ltd.	5.91%	$0.56	65.99%
DU.AE	Emirates Integrated Telecommunications Company PJSC	5.91%	$0.58	95.05%
NXR-UN.TO	Nexus Industrial REIT	5.91%	$0.47	57.77%

Financial Statements

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Castellum AB (publ) (CAST.ST)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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