Original-Research: Scandinavian Astor Group AB (von NuWays AG): BUY

^

Original-Research: Scandinavian Astor Group AB - from NuWays AG

04.07.2025 / 09:00 CET/CEST

Dissemination of a Research, transmitted by EQS News - a service of EQS

Group.

The issuer is solely responsible for the content of this research. The

result of this research does not constitute investment advice or an

invitation to conclude certain stock exchange transactions.

---------------------------------------------------------------------------

Classification of NuWays AG to Scandinavian Astor Group AB

Company Name: Scandinavian Astor Group AB

ISIN: SE0019175274

Reason for the research: Update

Recommendation: BUY

from: 04.07.2025

Target price: SEK 56.00

Target price on sight of: 12 months

Last rating change:

Analyst: Henry Wendisch

Milestone order for Airsafe & upbeat drone jammer demand

Over the week, Astor announced two important order intakes for their

subsidiaries Airsafe and Oscilion. In detail:

Airsafe secures major order worth SEK 68m. The parachute system company

secured a milestone order from an undisclosed "country in the Western

world", with an additional option for further SEK 22m. Deliveries are

planned for 2026. Considering Airsafe's FY'24 revenues of SEK 34m with a 15%

EBITDA margin, this order adds significantly to the company's already solid

growth path. To put this into perspective, Astor acquired Airsafe in early

2024 for SEK 25m (5.3x FY'24 EV/EBITDA). This order alone (assuming the

option fully drawn and a 15% EBITDA margin) could deliver a SEK 14m EBITDA

contribution (vs. FY'24 EBITDA of SEK 4.9m), in our view.

Oscilion secures second EW order for the drone jammer "Astor Eclipse".

Following the first commercial order in May (SEK 21m), the electromagnetic

warfare (EW) company Oscilion received a second large order for their drone

jammer "Astor Eclipse", other materials and testing, worth SEK 15m for

delivery in Autumn 2025. Again, the customer was not disclosed due to

national security interests, only the fact that it is a country in the

"Western world" (we expect it to be NATO member as well), which leaves two

interpretations open: 1) this order is a follow-up order by the same

customer that ordered in May, proving our thought of the first order being a

test order which now triggered follow up orders or 2) this order is from a

different customer, showing that other NATO members are in dire need to up

their defense capabilities against drones.

Especially the latter is a direct result of the Ukraine war, where FPV

drones have radically changed warfare. For example, the use of FPV drones

(that cost triple-digit EUR amounts) have the capability to disable a

multi-million EUR vehicle. Therefore, the effective protection against FPV

drones is of great importance for the Western (NATO) countries.

Following many years of development, Oscilion has now proven the successful

commercialization of their advanced mil-tech products, leaving the

pre-revenue phase behind. With that, positive bottom-line contributions from

Oscilion in FY'25e for the first time since foundation should also be in the

cards, in our view.

In sum, Astor remains in the driver seat to execute a strong H2 regarding

further acquisitions. With the recently resolved SEK 320m capital increase

as well as the new SEK 128m credit facility from Swedbank (with only 4-5%

interest rate), Astor has large flexibility to execute on the well-filled

M&A pipeline.

Against this backdrop, we reiterate our BUY recommendation and Astor's

position in our NuWays AlphaList with an unchanged PT of SEK 56.00, based on

DCF

You can download the research here: http://www.more-ir.de/d/32956.pdf

For additional information visit our website:

https://www.nuways-ag.com/research-feed

Contact for questions:

NuWays AG - Equity Research

Web: www.nuways-ag.com

Email: research@nuways-ag.com

LinkedIn: https://www.linkedin.com/company/nuwaysag

Adresse: Mittelweg 16-17, 20148 Hamburg, Germany

ﯯ뻻

Diese Meldung ist keine Anlageberatung oder Aufforderung zum Abschluss

bestimmter Börsengeschäfte.

Offenlegung möglicher Interessenskonflikte nach § 85 WpHG beim oben

analysierten Unternehmen befinden sich in der vollständigen Analyse.

ﯯ뻻

---------------------------------------------------------------------------

The EQS Distribution Services include Regulatory Announcements,

Financial/Corporate News and Press Releases.

Archive at www.eqs-news.com

---------------------------------------------------------------------------

2165120 04.07.2025 CET/CEST

°