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

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 months
Last rating change:
Analyst:	Henry Wendisch

Astor 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 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: scandinavian-astor-group-ab-2025-08-27-previewreview-en-d5a60
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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Offenlegung möglicher Interessenskonflikte nach § 85 WpHG beim oben analysierten Unternehmen befinden sich in der vollständigen Analyse.
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