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

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

13.10.2025 / 09:00 CET/CEST

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

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invitation to conclude certain stock exchange transactions.

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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: 13.10.2025

Target price: SEK 56.00

Target price on sight of: 12 months

Last rating change:

Analyst: Henry Wendisch

Sweden commits SEK 3.5bn to anti-drone defence

Last Friday, the Swedish government announced a SEK 5bn (EUR 450m) investment

package to strengthen national defence capabilities, including SEK 3.5bn (EUR

320m) dedicated to anti-drone systems and SEK 1.5bn for upgrades to the

Gripen fighter jet. This measure represents a major reinforcement of

Sweden's defence posture and is highly relevant for Astor, notably its

subsidiary Oscilion, which manufactures the Astor Eclipse drone jammer.

Oscilion is one of very few companies globally and the only one in Sweden

capable of delivering a field-proven electronic warfare jammer. Given the

Swedish government's emphasis on domestic sourcing for critical defence

technologies, we view Oscilion as a front-runner for potential orders

stemming from this new budget. Comparable products exist only in the US and

Israel, making a local solution both politically and logistically

compelling.

Assuming 10-20% of the SEK 3.5bn anti-drone allocation flows into jammer

procurement, the implied market potential for Astor could reach SEK

350-700m, a substantial upside to current orders. So far, only two orders

for Eclipse have been announced (May 2025: SEK 21m; July 2025: SEK 15m),

both from undisclosed "Western world countries". With production already

scaling, this new government initiative could serve as a blueprint for

larger serial contracts and establish Sweden as a reference customer with

other European countries to follow.

Recent incidents involving drone disruptions at European airports (e.g.,

Denmark, Munich) underscore the urgent need for counter-UAV technologies. As

defence ministries and civil agencies accelerate procurement, Astor is well

positioned with a ready-to-deploy, battle-tested solution. Most competitors

remain in R&D phases, while Oscilion's product is market-ready after years

of development.

Despite the robust newsflow and structural tailwinds, Astor's share price

has underperformed recently, confirming our view that the market has yet to

price in the potential upside from today's announcement. Consequently, the

upside potential has grown even further and should pose an ideal opportunity

to enter or build up a position. Therefore, we reiterate our BUY

recommendation and maintain Astor in the NuWays AlphaList with an unchanged

PT of SEK 56.00, based on DCF.

You can download the research here:

https://eqs-cockpit.com/c/fncls.ssp?u=d2dffa4324808c90d2fbbf8c18776492

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

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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.

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2211576 13.10.2025 CET/CEST

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