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

About this update from Scandinavian Astor Group Ab

Original-Research: Scandinavian Astor Group AB - from NuWays AG27.08.2025 / 09:00 CET/CESTDissemination 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 ABISIN: Reason for the research:UpdateRecommendation:Buyfrom:27.08.2025Target price:SEK 56.00Target price on sight of:12 monthsLast rating change:Analyst:Henry WendischAstor released a solid set of Q2 results with strong order intake, sales 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 was organically and 48% yoy inorganically. Especially the Scandiflash acquisition continues to bring positive effects, lifting the Tech segments 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...

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