Original-Research: SMAG Mobile Antenna Masts AG (von NuWays AG): BUY

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Original-Research: SMAG Mobile Antenna Masts AG - from NuWays AG

20.08.2026 / 09:00 CET/CEST

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Classification of NuWays AG to SMAG Mobile Antenna Masts AG

Company Name: SMAG Mobile Antenna Masts AG

ISIN: DE000A42FR12

Reason for the research: Initiation

Recommendation: BUY

Target price: EUR 47

Target price on sight of: 12 months

Last rating change:

Analyst: Simon Keller

Standing tall in a critical niche; INITIATE WITH BUY

SMAG is a rare pure-play on the mobile communications infrastructure behind

the digital battlefield. Many tactical radio links depend on line of sight,

making antenna height critical to range, coverage and network resilience.

Radar, electronic-warfare and surveillance payloads also often benefit from

elevation. Combining height and payload with stability, rapid deployment and

mobility under battlefield conditions is SMAG's specialised niche.

SMAG offers a best-in-class height and payload combination. Its highest mast

reaches 40m with a 600kg point payload, operates without guy-wires and

deploys in only a few minutes. Across its product portfolio, SMAG has

fielded more than 2,000 systems in over 20 countries, providing extensive

operational and integration experience. SMAG also works with customers early

in programme development and helps define mast specifications, enabling its

engineering know-how to shape platform requirements. Military qualifications

and relationships with more than 50 defence primes, OEMs and government

agencies reinforce its position as a trusted specialist supplier.

The EUR 1.4bn total order backlog provides the basis for a significant

earnings step-up. At YE25, backlog equalled 24x the midpoint of the 2026

output guidance, while the EUR 140m fixed portion alone corresponds to c. 2.5x

our 2026e total output estimate. The central programme is TaWAN, the

deployable transport network connecting forward D-LBO networks with the

Bundeswehr's rear core and a key enabler of Germany's NATO readiness

commitments. Rheinmetall holds a ten-year framework of c. EUR 8bn, including

an initial EUR 1.9bn call-off for one division. TaWAN accounts for EUR 868m of

SMAG's backlog, comprising EUR 110m fixed and a EUR 758m option. Rheinmetall CEO

Armin Papperger has indicated that TaWAN could potentially double from c. EUR

8bn to c. EUR 16bn based on German planning considerations. This points to

substantial programme potential beyond the existing framework and supports

our view that SMAG's EUR 758m option is highly likely to be exercised in full

(eNuW).

Growth is now moving from backlog into production. We expect total output to

grow at a 2025-28e CAGR of c. 49% to EUR 113m in 2028e. TaWAN deliveries,

added production space and welding automation should enable operating

leverage, lifting adj. EBIT from EUR 4m in 2025 to EUR 10.8m in 2026e and EUR

26.6m by 2028e. This implies a 2025-28e CAGR of 89% and a 2028e margin of

23.5%. FY26e requires a strong H2 ramp, making production progress and

guidance confirmation the first important proof points.

Additional programmes broaden the growth opportunity. Demand for air

defence, passive surveillance, counter-UAS and deployable air traffic

control creates a pipeline beyond TaWAN, while the fielded base supports a

growing aftermarket. Success would gradually diversify SMAG's programme mix.

SMAG's share price is c. 45% below the peer-implied value of EUR 49 on 2027

EV/EBITDA, creating an attractive risk/reward. INITIATE with c.75% upside

and PT at EUR 47, based on DCF. BUY.

You can download the research here:

https://nwr.eqs-cockpit.com/fncls2.ssx?fn=redirect&u=a4774be3b24efe3c105bf701802d74d8

For additional information visit our website:

https://www.nuways-ag.com/research

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 Interessenkonflikte nach § 85 WpHG beim oben

analysierten Unternehmen befindet sich in der vollständigen Analyse.

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2386016 20.08.2026 CET/CEST

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