Märkte & Kurse

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

13.11.2025 / 09:00 CET/CEST
Dissemination of a Research, transmitted by EQS News - a service of EQS
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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
     Target price:                SEK 57
     Target price on sight of:    12 months
     Last rating change:
     Analyst:                     Henry Wendisch

Topic: Following preliminary results (sales and EBITDA) in October, Astor
released final Q3 results yesterday. Here are our key highlights:

Order intake has risen to new highs. Driven by large orders reported in Q3
(such as Airsafe: SEK 68m, Oscilion: SEK 15m) but also by growing demand
across all subsidiaries, order intake more than quintupled to SEK 144m (9M:
SEK 322m, +171% yoy), which implies a strong book-to-bill ratio of 1.8x (9M:
1.3x). Given relatively short average lead times across the group, out of
the SEK 368m current order backlog, SEK 149m are due for delivery in Q4 2025,
providing excellent visibility into the upcoming quarter (eNuW: SEK 157m
sales).

Strong organic sales growth despite seasonal weakness. Q3 revenues increased
by 22% organically, which we partly attribute to first deliveries of
Oscilion's drone jammer "Astor Eclipse" but also higher outputs at the
composite manufacturer Marstrom. Given past M&A, sales increased by a total
of 78% yoy to SEK 79m. On a segmental level (only comparable on a 9M basis),
Astor TECH showed a 400% yoy sales jump to SEK 59m, whereas Astor INDUSTRY
grew sales by 40% yoy to SEK 168m. The new, and still small, segment Astor
PROTECT recorded revenues of SEK 5.1m, containing mostly revenues of AirSafe
for now.

Elevated profitability picture needs clarification. Q3 EBITDA jumped from
SEK -3.9m last year to SEK 15.9m with a staggering 20.2% EBITDA margin
(+29.1pp yoy), which we regard to be a mix of several drivers: (1) the high
margin acquisition of Scandiflash in Q4'24 had a margin accretive effect,
(2) the better scale drastically improved the holding expense coverage (SEK
4.8m in Q3), but more importantly (3) a seasonal, positive swing in own work
capitalized (SEK 9.7m, up 1149% yoy) as well as increase/decrease in
unfinished goods and WIP (SEK 13.5m), positively affecting the margin.
Especially the Astor TECH segment benefitted from this effect, showing a
40.7% EBITDA margin in Q3 (vs. 23.6% in H1). However, given the strong sell
down of WIP as well as lower capitalization of own work expected for the
remainder of the year, a margin dragging reversal of this effect should come
in Q4 (eNuW).

Cash generation muted due to seasonality. Hand in hand with the effect
mentioned above, working capital was also impacted, as it seasonally peaked
now in preparation for the sell-down in Q4. Therefore, CFO came in at SEK
-11.1m (9M: SEK 2.5m), thanks to the SEK -25.6m WC effect (9M: - 23.1m), but
we also expect a positive swing back in Q4.

In sum, Astor remains in full swing. The recently closed AMMUNITY
acquisitions should not only indicate a record Q4 ahead, it also lifts the
group from a mostly national player to an internationally recognized Nordic
defence group. Against this backdrop, we reiterate our BUY recommendation
with unchanged PT of SEK 57, based on DCF.


You can download the research here:
https://eqs-cockpit.com/c/fncls.ssp?u=d3aeff535a59e85ca6b0d61321a903b6
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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2229022 13.11.2025 CET/CEST

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