Original-Research: Scandinavian Astor Group AB (von NuWays AG): BUY
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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
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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: 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
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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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2165120 04.07.2025 CET/CEST
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