Märkte & Kurse

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

14.04.2026 / 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
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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 51
     Target price on sight of:    12 months
     Last rating change:
     Analyst:                     Simon Keller

FY25 confirmed, Ammunity growth runway in focus

Astor closed FY25 with results fully in line with the preliminary figures
released in February, leaving the financial picture unchanged. FY25 sales
reached SEK 433m (+94% yoy), adj. EBITDA SEK 83m (margin: 19.2%, +6.3pp
yoy), net cash SEK 35m and equity ratio 64%.

The year-end order backlog warrants brief context. While the figure may look
modest at first glance, relative to some defence primes, lean firm backlogs
are not unusual for suppliers of Astor's type, in our view. The clearest
evidence is the 2024 starting point: the backlog due in 2025 stood at only
SEK 135m, c. 39% of the SEK 345m in sales ultimately generated that year by
the businesses already owned at the time (eNuW). Against that reference, the
year-end 2025 backlog due in 2026 of SEK 409m, equivalent to c. 63% of our
FY26e sales estimate of SEK 650m, reads as a step-up in visibility.

The management transition is a near-term overhang. Following the CFO change
announced in January, Astor disclosed in April that CEO Mattias Hjorth will
step down, with board member Martin Elovsson set to take over at the AGM on
13 May. The incoming CEO brings internal familiarity and an
execution-focused background, which should support operational continuity.
That said, any leadership transition carries execution risk, and we expect
it to weigh on sentiment until the new team has established credibility with
investors. For a group where the growth model is built on acquisitions,
management continuity matters across capital allocation, integration
discipline and external communication alike.

At the same time, the operational picture remains compelling. Astor is
well-positioned across structurally growing defence end-markets, with demand
tailwinds that show no signs of fading. The most interesting near-term
growth vector is Ammunity, Latvia's only manufacturer of military
small-calibre ammunition and the largest private ammunition producer in the
Baltics, consolidated from Nov 25. Weeks after closing, Astor committed SEK
92m in capacity investment targeting additional production lines, with the
potential to increase annual output up to sixfold over time and a first
contribution to sales and profitability from this expansion is expected from
H2 26.

The investment case for Ammunity rests on a highly favourable demand
environment. Our analysis of Baltic defence procurement puts the annual
addressable market for small-calibre ammunition only across Estonia, Latvia
and Lithuania already at c. EUR 60m today. Against that backdrop, Ammunity's
current revenue run-rate of c. EUR 13m (eNuW) already represents a meaningful
share of a market that is itself expanding rapidly. As Latvia's sole
domestic military-grade small-calibre producer, Ammunity carries a
structural competitive advantage that few European peers can replicate.
Sales expansion might also benefit from growth in Ukraine and the Nordic
market.

Reiterate BUY, unchanged PT of SEK 51, based on a blend of DCF and peer
group valuation.

You can download the research here:
https://eqs-cockpit.com/c/fncls.ssp?u=5f7265de6b791706e2026166b4cb1a5a
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
++++++++++
Diese Meldung ist keine Anlageberatung oder Aufforderung zum Abschluss
bestimmter Börsengeschäfte.
Offenlegung möglicher Interessenkonflikte nach § 85 WpHG beim oben
analysierten Unternehmen befindet sich in der vollständigen Analyse.
++++++++++

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2307668 14.04.2026 CET/CEST

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