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Original-Research: Scandinavian Astor Group AB - from NuWays AG
24.10.2025 / 09:00 CET/CEST
Dissemination of a Research, transmitted by EQS News - a service of EQS
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The issuer is solely responsible for the content of this research. The
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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: 24.10.2025
Target price: SEK 57.00
Target price on sight of: 12 months
Last rating change:
Analyst: Henry Wendisch
NSG secures a huge SEK 256m order
Topic: Yesterday Astor's minority stake Nordic Shield Group announced a
large order intake while on Wednesday, the subsidiary Scandiflash reached an
important agreement as a reseller of doppler radar systems. In detail:
To recap, NSG is a civil defense company (36.5% stake, recently increased
from 36%) that develops and builds shielded structures like shelters, data
centers, and containers. In doing so, it has two subsidiaries: NEZ and
Cesium. While NEZ builds and sells highly secure (physical and technical)
data centers for mostly civil customers, Cesium builds mobile security
vaults (e.g. bullet, chemical and explosion proof mobile command centers)
for defense purposes.
Now, NEZ secured a SEK 256m order from an undisclosed company in the Western
world. This is one of the largest order in NSG's history, and first revenues
are expected to be recognized already in Q4'25 and final delivery is
scheduled for Q4'26e, with ongoing revenue recognition until then.
As Astor consolidates NSG at equity, only the attributable net income will
appear as 'income from companies recorded at equity', pushing EBITDA, but
not impacting group sales. Assuming a stable EBITDA margin for NSG (FY'24:
28%) going forward, a net income margin between 5-15% seems reasonable, in
our view. Consequently, this order alone would thus translate into a SEK
5-14m positive EBITDA contribution over the next 12 months (eNuW), which
compares well to our old estimate of SEK 15m for NSG's attributable net
income in FY'26e, based on the current order book. Now, we conservatively
raise this estimate to SEK 20m for FY'26e (i.e. + SEK 5m from this order).
Second to NSG, Scandiflash continues to expand as well. The company recently
entered a cooperation agreement with Pulse MC2 (a French reseller of
Scandiflash's flash X-ray systems and INFINITION doppler radar systems) to
resell the doppler radar systems to customers in Sweden, Norway, and
Denmark. Although the expected revenue and margin impact is not disclosed,
it should add additional sales and profits in absolute levels, however, the
cooperation has the potential to drag margins. Simply put, we do not
estimate that Scandiflash's superb 30%+ EBITDA margin can be maintained if a
relevant share of sales are lower margin reselling revenues.
Against this backdrop coupled with strong anti-drone defense news flow
across Europe and currently ample M&A firepower, we strongly reiterate our
BUY recommendation and slightly increase our PT to SEK 57.00 (old: SEK
56.00), based on DCF.
You can download the research here:
https://eqs-cockpit.com/c/fncls.ssp?u=63eaeda610971ea06a9ce88c6441c891
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 Interessenskonflikte nach § 85 WpHG beim oben
analysierten Unternehmen befinden sich in der vollständigen Analyse.
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2218126 24.10.2025 CET/CEST
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