Original-Research: Scandinavian Astor Group AB - from NuWays AG 27.08.2025 / 09:00 CET / CEST Dissemination of a Research, transmitted by EQS News - a service of EQS Group.

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

27.08.2025 / 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:                        27.08.2025
     Target price:                SEK 56.00
     Target price on sight of:    12 months
     Last rating change:
     Analyst:                     Henry Wendisch

Astor released a solid set of Q2 results with strong order intake, sales
growth and margin expansions. In detail:

Q2 order intake grew by 85% yoy to SEK 111m (1.2x book-to-bill) with order
backlog now at SEK 289m. Thereof, 52% are due for delivery in H2'25e,
providing strong sales visibility for H2 (eNuW: SEK 252m sales in H2'25e).
Mind you, a couple days after June 30th , Astor recorded SEK 85m order
intake and with the upcoming AMMUNITY acquisition, the underlying order book
stands at SEK 598m (+232% yoy).

Accordingly, Q2 sales grew by 77% to SEK 91m, of which 29% yoy was
organically and 48% yoy inorganically. Especially the Scandiflash
acquisition continues to bring positive effects, lifting the Tech segments
sales to SEK 19m (vs. SEK 4m in Q2'24, ex Scandiflash). The Industry segment
also grew drastically to SEK 66m sales and the new segment Protect was shown
for the first time, with sales of SEK 5.7m (containing only AirSafe for
now).

Q2 EBITDA arrived at SEK 8.9m (9.8% margin, up 8.2pp yoy) due to a mix of
profitable past acquisitions (especially Scandiflash), increasing holding
expense coverage as well as operating leverage stemming from the strong
organic growth. For the third consecutive quarter, Astor reported a positive
net profit (SEK 1.8m, 2% profit margin).

Operating cashflow came in strong at SEK 6.9m (78% of EBITDA) with a slight
WC swing support. Ongoing CAPEX of SEK 6.9m to expand capacities led to a
break-even FCF in Q2 (positive SEK 2.3m in H1), showing that Astor is also
well on track to generate sustainable FCFs, despite strong current
investments into capacities, people and capabilities.

Following the capital raise, net debt of SEK 40m per Q1 now turned into a
solid
net cash position of SEK 289m per H1. The gross cash position of SEK 351m
plus the unused credit facility of up to 128m SEK, give Astor a SEK 479m
M&A/investment firepower. As commented by CFO Billström, the M&A pipeline
looks better than ever. We thus expect further M&A announcements soon.

Looking ahead, H2 should come in with sustained high momentum. As we expect
the closing of Ammunity in Q4 (SEK 103m FY'24 sales) and the recent closing
of NSG (full effect from 30% stake in Q3 and from 36% stake in Q4, recorded
at equity with 20-30% net profit margins), the sales and EBITDA development
should develop accordingly. Organically, the recent strong orders for
Oscilion's EW system "Astor Eclipse" should also be recognized as sales in
H2, further supporting our view of a strong H2'25e with sales of SEK 252m
and EBITDA of SEK 38m (15% margin).

All in all, Astor continues to develop really well and the recent share
price development presents an excellent BUYing opportunity, in our view and
our PT remains unchanged at SEK 56.00, based on DCF.



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https://eqs-cockpit.com/c/fncls.ssp?u=be4bc1d0b2a94770e4cd3b8893802ff1
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Contact for questions:
NuWays AG - Equity Research
Web: www.nuways-ag.com
Email: research@nuways-ag.com
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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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2189092 27.08.2025 CET/CEST