Märkte & Kurse

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

08.05.2026 / 09:01 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.

---------------------------------------------------------------------------

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 54
     Target price on sight of:    12 months
     Last rating change:
     Analyst:                     Simon Keller

NSG turns Astor into a scaled defence platform; PT Up

Astor delivered a strong Q1 and announced a transformative step to
consolidate NSG, one of its best-performing assets. Overall, the
developments highlight solid execution of the order book and strategic
continuity under the incoming leadership.

Q1 26 sales rose 74% yoy to SEK 130m and EBITDA more than tripled to SEK
27.8m, implying a 21.4% margin, up 10.6pp yoy. The improvement was driven by
better capacity utilisation, a stronger business mix and the SEK 5.6m
at-equity contribution from NSG. Even excluding this at-equity result, the
margin would have been at 17%, up 6.2pp yoy. Particularly strong was the
Astor Industry segment. Sales grew 47% yoy to SEK 75.4m, EBITDA more than
doubled to SEK 19.7m, courtesy of a c. 12pp margin improvement, supported by
higher defence deliveries.

The acquisition of the remaining 63.5% of NSG looks transformative and
should materially lift Astor's scale, visibility and earnings base. NSG adds
a highly relevant defence-infrastructure niche, offering classified
high-security constructions such as shelters, secure data centres and
containerised protection solutions against intrusion, sabotage and EMP
risks. This fits squarely into Astor Protect, in our view.

  * The scale effect is substantial: based on a pro-forma Q1 calculation,
    group sales would rise by c. 80% to SEK 234m, EBITDA by c. 53% to SEK
    42.7m, orders by c. 115% to SEK 194m and the order book by c. 110% to
    SEK 787m. NSG would therefore account for c. 44% of pro-forma sales, c.
    48% of standalone EBITDA, c. 54% of orders and c. 52% of the combined
    order book.

  * Financing also looks manageable: Astor is paying SEK 295m in fixed
    cash/debt-like consideration. In addition, c. 8.8m new shares will be
    issued to the sellers, increasing the share count by c. 14%. A further
    earn-out of up to SEK 147m is linked to NSG's 2027 EBITDA and therefore
    only becomes relevant if the asset performs.

  * Valuation looks attractive in light of the quality and growth profile.
    Astor is paying c. SEK 615m including the full earn-out for the acquired
    63.5% stake, which corresponds to an acquired share of annualised Q1
    EBITDA of SEK 52m (that is c. 12x price to acquired share of annualised
    EBITDA). Considering that the first stake in NSG was acquired
    significantly lower highlights Astor's attractive M&A formula.

Meanwhile, Astor Protect, still largely driven by Ammunity, held up well
sequentially, with sales almost flat qoq despite a seasonally strong Q4
base. With capex into new machinery at Ammunity set to lift production
capacity from summer 2026, the segment should gain momentum over the coming
quarters on a standalone basis as well.

In sum, the transaction is expected to be underlying margin-accretive and
EPS-accretive. In our view, the deal materially strengthens the BUY case, as
Astor is turning into a scaled listed European defence platform with a
broader asset base, higher backlog visibility and stronger earnings
capacity.

BUY, new PT SEK 54 (old: SEK 51), based on DCF and a peer group analysis.

You can download the research here:
https://eqs-cockpit.com/c/fncls.ssp?u=45d65d95d9dfc2c221e838b20f757420
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.
++++++++++

---------------------------------------------------------------------------

The EQS Distribution Services include Regulatory Announcements,
Financial/Corporate News and Press Releases.
View original content:
https://eqs-news.com/?origin_id=7f33726e-4aa6-11f1-8534-027f3c38b923&lang=en

---------------------------------------------------------------------------

2323672 08.05.2026 CET/CEST

°