Original-Research: Scandinavian Astor Group AB (von NuWays AG): BUY

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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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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

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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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2307668 14.04.2026 CET/CEST

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