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 € amounts) have the capability to disable a multi-million € 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 ResearchWeb:
www.nuways-ag.comEmail:
research@nuways-ag.comLinkedIn:
https://www.linkedin.com/company/nuwaysagAdresse: Mittelweg 16-17, 20148
Hamburg, Germany++++++++++
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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