Original-Research, Scandinavian

Original-Research: Scandinavian Astor Group AB - from NuWays AG 20.10.2025 / 09:00 CET / CEST Dissemination of a Research, transmitted by EQS News - a service of EQS Group.

20.10.2025 - 09:00:29

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


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



20.10.2025 / 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.



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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:                        20.10.2025
     Target price:                SEK 56.00
     Target price on sight of:    12 months
     Last rating change:
     Analyst:                     Henry Wendisch



Q3 prelims confirm strong momentum



Topic: Last Friday, Astor released preliminary Q3 figures, showing a
continuation of growth and margin expansion amid rising orders and scale. In
detail:



Q3 sales rose by 79% yoy to SEK 79m, driven by a mix of past M&A (eNuW: 52%
yoy inorganically) as well as strong underlying growth (eNuW: 27% yoy
organically). Especially the consolidation of Scandiflash (Q4'24) should
have again driven inorganic sales growth the most. Mind you, Q3 is usually
considered a "weak" quarter, given the Swedish summer holidays and thus
seasonally less output. Against this backdrop, this development stands even
stronger and highlights the superb momentum at Astor, in our view. For 9M,
this implies sales growth of 86% yoy, of which we estimate 31% to be
organically and 55% inorganically.



A clear highlight of the release was the bottom-line, with Q3 EBITDA
arriving at SEK 15m (vs. SEK -3.9m in Q3'24). The EBITDA margin thus stood
at 19% (+28pp yoy), which is an outstanding result for a seasonally "weak"
quarter. On an LTM basis, EBITDA margin reached 15.7%, which already exceeds
the mid-term target of at least 15%. We attribute the strong increase in
EBITDA to several drivers: (1) the consolidation of the highly profitable
Scandiflash (32% EBITDA margin) has lifted the margin mix significantly, (2)
overall rising utilization rates amid growing orders, (3) improving coverage
of fixed costs, especially holding expenses and (4) first at-equity
contributions from the recently closed Nordic Shield Group acquisition.



Looking ahead, Q4 is seasonally strong and aims for new records. With the
expected upcoming consolidation of AMMUNITY (FY'24: SEK 103m sales, 21%
EBITDA margin with an estimated SEK 1.1bn order backlog) in Q4, the revenue
base should be lifted notably while the consolidation should also be highly
margin accretive. In sum, we expect Q4 sales of SEK 154m (+69% yoy, thereof
26% organically and 43% inorganically) and an 18% EBITDA margin.



Newsflow should remain upbeat. Following recent drone infringements at
European airports, Europe is currently massively increasing anti
drone-defence commitments. Germany is committing EUR 10bn (for both, drones
and drone defence), whereas Sweden announced SEK 3.5bn for drone defence.
Here, Astor seems perfectly positioned with its Astor Eclipse to capture
parts of the budgets with upcoming order intake announcements.



All in all, the release fully underpins our positive view on the stock, that
offers a strong sales and margin expansion profile, excellent tailwinds and
an attractive valuation. Consequently, we reiterate our BUY recommendation
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=90acc63c4f3250bc992b21682f2cda03
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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
++++++++++
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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2215250 20.10.2025 CET/CEST




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