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Original-Research: Scandinavian Astor Group AB - from NuWays AG
27.05.2025 / 09:00 CET/CEST
Dissemination 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.
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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
from: 27.05.2025
Target price: SEK 40.00
Target price on sight of: 12 months
Last rating change:
Analyst: Henry Wendisch
Keeping the news flow up, decisive order and team add
Topic: Last week, Astor's subsidiary Oscilion received a first commercial
order for its drone shield system "Astor Eclipse" and also announced Emelie
Agnedal as a new board member (Chief Business Development Officer) starting
on 1st Sept'25. Here is our take:
Milestone order for Astor Eclipse. Following a trial order in 2023 by an
undisclosed customer, Oscilion seems to start commercialization of the C-UAS
product (simply put: "drone shields") Astor Eclipse, as an order from an
undisclosed country in the Western world worth SEK 21m was received last
week. Next to the electronic warfare (EW)system itself, the order also
includes training and technical support. With short lead times (Oscilion
entered into an agreement for serial production with a third-party
manufacturer in Nov '24), deliveries will begin this summer and should be
completed by Y/E'25e. Although no more information were disclosed, we regard
this order as an important milestone for Astor with potential follow up
order from the same customer in the cards. The fact that training and
technical support were also part of the order and that it had a comparably
low order volume (SEK 21m = EUR 1.9m), suggests that the implementation of
Astor Eclipse for the customer's armed forces could only just start, in our
view. A new era of warfare, which is based on the intense deployment of UAS
("drones"), evidenced by the Ukraine war, shows the need for effective
C-UAS, especially among Western world's armed forces. Therefore, the
adoption of one customer in the Western world, might also suggest that many
other NATO members adopt the technology for their armed forces, also to
fulfil common NATO standards. In our view, Astor Eclipse therefore comes at
the right time and could rightfully be called a "blockbuster product", as
CFO Billström commented during Q1's earnings call.
Emelie Agnedal to become CBDO. Astor expands its management board by hiring
the engineering physicist (MSc) Emelie Agnedal to oversee the group's
business development & strategy as of 1st September 2025. Having previously
worked at MilDef as Director of BD, in leading roles at the Swedish military
procurement agency FMV and at AFRY as a technical consultant for EW and
communications, she brings extensive experience and a broad network to
Astor.
Astor continues to keep the good news flow. We therefore reiterate our BUY
recommendation, despite our PT of SEK 40.00 (in which no potential and
recently announced M&A is baked in yet) being close to the current share
price.
You can download the research here: http://www.more-ir.de/d/32732.pdf
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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 Interessenskonflikte nach § 85 WpHG beim oben
analysierten Unternehmen befinden sich in der vollständigen Analyse.
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2145866 27.05.2025 CET/CEST
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