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

27.08.2025 / 09:00 CET/CEST

Dissemination of a Research, transmitted by EQS News - a service of EQ

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.

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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: 27.08.2025

Target price: SEK 56.00

Target price on sight of: 12 month

Last rating change:

Analyst: Henry Wendisch

Astor released a solid set of Q2 results with strong order intake, sale

growth and margin expansions. In detail:

Q2 order intake grew by 85% yoy to SEK 111m (1.2x book-to-bill) with order

backlog now at SEK 289m. Thereof, 52% are due for delivery in H2'25e,

providing strong sales visibility for H2 (eNuW: SEK 252m sales in H2'25e).

Mind you, a couple days after June 30th , Astor recorded SEK 85m order

intake and with the upcoming AMMUNITY acquisition, the underlying order book

stands at SEK 598m (+232% yoy).

Accordingly, Q2 sales grew by 77% to SEK 91m, of which 29% yoy wa

organically and 48% yoy inorganically. Especially the Scandiflash

acquisition continues to bring positive effects, lifting the Tech segment

sales to SEK 19m (vs. SEK 4m in Q2'24, ex Scandiflash). The Industry segment

also grew drastically to SEK 66m sales and the new segment Protect was shown

for the first time, with sales of SEK 5.7m (containing only AirSafe for

now).

Q2 EBITDA arrived at SEK 8.9m (9.8% margin, up 8.2pp yoy) due to a mix of

profitable past acquisitions (especially Scandiflash), increasing holding

expense coverage as well as operating leverage stemming from the strong

organic growth. For the third consecutive quarter, Astor reported a positive

net profit (SEK 1.8m, 2% profit margin).

Operating cashflow came in strong at SEK 6.9m (78% of EBITDA) with a slight

WC swing support. Ongoing CAPEX of SEK 6.9m to expand capacities led to a

break-even FCF in Q2 (positive SEK 2.3m in H1), showing that Astor is also

well on track to generate sustainable FCFs, despite strong current

investments into capacities, people and capabilities.

Following the capital raise, net debt of SEK 40m per Q1 now turned into a

solid

net cash position of SEK 289m per H1. The gross cash position of SEK 351m

plus the unused credit facility of up to 128m SEK, give Astor a SEK 479m

M&A/investment firepower. As commented by CFO Billström, the M&A pipeline

looks better than ever. We thus expect further M&A announcements soon.

Looking ahead, H2 should come in with sustained high momentum. As we expect

the closing of Ammunity in Q4 (SEK 103m FY'24 sales) and the recent closing

of NSG (full effect from 30% stake in Q3 and from 36% stake in Q4, recorded

at equity with 20-30% net profit margins), the sales and EBITDA development

should develop accordingly. Organically, the recent strong orders for

Oscilion's EW system „Astor Eclipse“ should also be recognized as sales in

H2, further supporting our view of a strong H2'25e with sales of SEK 252m

and EBITDA of SEK 38m (15% margin).

All in all, Astor continues to develop really well and the recent share

price development presents an excellent BUYing opportunity, in our view and

our PT remains unchanged at SEK 56.00, based on DCF.

You can download the research here:

https://eqs-cockpit.com/c/fncls.ssp?u=be4bc1d0b2a94770e4cd3b8893802ff1

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 Abschlu

bestimmter Börsengeschäfte.

Offenlegung möglicher Interessenskonflikte nach § 85 WpHG beim oben

analysierten Unternehmen befinden sich in der vollständigen Analyse.

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2189092 27.08.2025 CET/CEST

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