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

About this update from Scandinavian Astor Group Ab

Original-Research: Scandinavian Astor Group AB - from NuWays AG08.05.2026 / 09:01 CET/CESTDissemination of a Research, transmitted by - a service of .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 ABCompany Name:Scandinavian Astor Group ABISIN:SE0019175274 Reason for the research:UpdateRecommendation:BUYTarget price:SEK 54Target price on sight of:12 monthsLast rating change: Analyst:Simon KellerNSG turns Astor into a scaled defence platform; PT Up Astor delivered a strong Q1 and announced a transformative step to consolidate NSG, one of its best-performing assets. Overall, the developments highlight solid execution of the order book and strategic continuity under the incoming leadership.Q1 26 sales rose 74% yoy to SEK 130m and EBITDA more than tripled to SEK 27.8m, implying a 21.4% margin, up 10.6pp yoy. The improvement was driven by better capacity utilisation, a stronger business mix and the SEK 5.6m at-equity contribution from NSG. Even excluding this at-equity result, the margin would have been at 17%, up 6.2pp yoy. Particularly strong was the Astor Industry segment. Sales grew 47% yoy to SEK 75.4m, EBITDA more than doubled to SEK 19.7m, courtesy of a c. 12pp margin improvement, supported by higher defence deliveries. The acquisition of the remaining 63.5% of NSG looks transformative and should materially lift Astor’s scale, visibility and earnings base. NSG adds a highly relevant defence-infrastructure niche, offering classified high-security constructions such as shelters, secure data centres and containerised protection solutions against intrusion, sabotage and EMP risks. This fits squarely into Astor Protect, in our view. The scale effect is substantial: based on a pro-forma Q1 calculation, group sales would rise by c. 80% to SEK 234m, EBITDA by c. 53% to SEK 42.7m, orders by c. 115% to SEK 194m and the order book by c. 110% to SEK 787m. NSG would therefore account for c. 44% of pro-forma sales, c. 48% of standalone EBITDA, c. 54% of orders and c. 52% of the combined order book.Financing also looks manageable: Astor is paying SEK 295m in fixed cash/debt-like consideration. In addition, c. 8.8m new shares will be issued to the sellers, increasin...

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