Scandinavian Astor Group AB (von NuWays AG): BUY 12.11.2026, 09:00 Uhr von dpa-AFX Jetzt kommentieren: 0

Original-Research: Scandinavian Astor Group AB - from NuWays AG



12.11.2026 / 09:00 CET/CEST
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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
     Target price:                SEK 27
     Target price on sight of:    12 months
     Last rating change:
     Analyst:                     Simon Keller



Q3 review: recovery takes shape



Astor's Q3 showed a clear recovery from the weaker second quarter. Stronger
deliveries, improved cost absorption and a pickup in order intake provide a
firmer base for further growth, despite uneven progress across the
portfolio.



Order intake regained momentum. Orders increased 23% yoy and 120% qoq to SEK
178m. Although intake still lagged deliveries, book-to-bill improved to 0.7x
from 0.5x in Q2. October's SEK 33m Marstrom infrastructure award provides an
encouraging start to Q4, with high quotation activity supporting the
prospect of further contract wins.



Sales increased 218% yoy to SEK 250m, up 47% sequentially (eNuW: SEK 240m).
Protect drove the step-up, with sales roughly doubling qoq to SEK 193m.
Higher deliveries were complemented by NSG's first full quarter of
consolidation, contributing SEK 53m. Growth was more moderate in Industry,
where sales rose 15% yoy to SEK 58m, including SEK 4m from PBH Teknik,
consolidated since September. The acquisition helped cushion automotive
weakness at Carbonia during its transition towards defence production.



Profitability recovered markedly from Q2. Adj. EBITDA reached SEK 35m (+104%
yoy, eNuW: SEK 30m), with the margin recovering to 13.9% from 6.2% in Q2.
Personnel costs fell 14% qoq to SEK 42m (+51% yoy vs. sales growth of 218%),
despite NSG's first full quarter of consolidation. Personnel costs should
remain broadly stable in the near term. Protect's margin improved to 14.4%
from 8.2% in Q2, reflecting better performance across its businesses.
Industry was near break-even, reflecting automotive weakness at Carbonia and
preparatory costs for defence framework agreements. The transition should
ease entering 2027, supporting better capacity utilisation and margins as
defence volumes ramp.



The order book supports broadly stable sales into Q4. Backlog scheduled for
delivery before year-end stood at SEK 276m, covering c. 109% of our Q4 sales
estimate (eNuW: sales: SEK 253m; EBITDA: SEK 35m). Full delivery would lift
FY26 sales to c. SEK 827m, providing c. 3% upside to our SEK 805m estimate.
While most of NSG's SEK 256m contract now scheduled for 2027, the completion
of a previously postponed Protect delivery after quarter-end is nevertheless
an encouraging sign that order execution is progressing.



Ammunity and NSG support growth, with Industry adding margin upside
potential. Ammunity's expanded capacity offers substantial volume upside,
with a Latvian strategic partnership and new European customers representing
potential catalysts. NSG benefits from infrastructure-protection demand, and
Industry's defence ramp should lift utilisation and margins. Selective
acquisitions provide an additional route to growth.



Action: D&A assumptions raised slightly following higher-than-expected
charges in Q3, partly reflecting PPA amortisation.



Reiterate BUY, unchanged PT of SEK 27, based on a blend of DCF and peer
group valuation.



You can download the research here:
https://nwr.eqs-cockpit.com/fncls2.ssx?fn=redirect&u=5165c0ed257189de26f600504853b19f
For additional information visit our website:
https://www.nuways-ag.com/research



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 Interessenkonflikte nach § 85 WpHG beim oben
analysierten Unternehmen befindet sich in der vollständigen Analyse.
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2433408 12.11.2026 CET/CEST