SMAG Mobile Antenna Masts AG (von NuWays AG): BUY 20.08.2026, 09:00 Uhr von dpa-AFX Jetzt kommentieren: 0

Original-Research: SMAG Mobile Antenna Masts AG - from NuWays AG



20.08.2026 / 09:00 CET/CEST
Dissemination of a Research, transmitted by EQS News - a service of EQS
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Classification of NuWays AG to SMAG Mobile Antenna Masts AG



     Company Name:                SMAG Mobile Antenna Masts AG
     ISIN:                        DE000A42FR12



     Reason for the research:     Initiation
     Recommendation:              BUY
     Target price:                EUR 47
     Target price on sight of:    12 months
     Last rating change:
     Analyst:                     Simon Keller



Standing tall in a critical niche; INITIATE WITH BUY



SMAG is a rare pure-play on the mobile communications infrastructure behind
the digital battlefield. Many tactical radio links depend on line of sight,
making antenna height critical to range, coverage and network resilience.
Radar, electronic-warfare and surveillance payloads also often benefit from
elevation. Combining height and payload with stability, rapid deployment and
mobility under battlefield conditions is SMAG's specialised niche.



SMAG offers a best-in-class height and payload combination. Its highest mast
reaches 40m with a 600kg point payload, operates without guy-wires and
deploys in only a few minutes. Across its product portfolio, SMAG has
fielded more than 2,000 systems in over 20 countries, providing extensive
operational and integration experience. SMAG also works with customers early
in programme development and helps define mast specifications, enabling its
engineering know-how to shape platform requirements. Military qualifications
and relationships with more than 50 defence primes, OEMs and government
agencies reinforce its position as a trusted specialist supplier.



The EUR 1.4bn total order backlog provides the basis for a significant
earnings step-up. At YE25, backlog equalled 24x the midpoint of the 2026
output guidance, while the EUR 140m fixed portion alone corresponds to c. 2.5x
our 2026e total output estimate. The central programme is TaWAN, the
deployable transport network connecting forward D-LBO networks with the
Bundeswehr's rear core and a key enabler of Germany's NATO readiness
commitments. Rheinmetall holds a ten-year framework of c. EUR 8bn, including
an initial EUR 1.9bn call-off for one division. TaWAN accounts for EUR 868m of
SMAG's backlog, comprising EUR 110m fixed and a EUR 758m option. Rheinmetall CEO
Armin Papperger has indicated that TaWAN could potentially double from c. EUR
8bn to c. EUR 16bn based on German planning considerations. This points to
substantial programme potential beyond the existing framework and supports
our view that SMAG's EUR 758m option is highly likely to be exercised in full
(eNuW).



Growth is now moving from backlog into production. We expect total output to
grow at a 2025-28e CAGR of c. 49% to EUR 113m in 2028e. TaWAN deliveries,
added production space and welding automation should enable operating
leverage, lifting adj. EBIT from EUR 4m in 2025 to EUR 10.8m in 2026e and EUR
26.6m by 2028e. This implies a 2025-28e CAGR of 89% and a 2028e margin of
23.5%. FY26e requires a strong H2 ramp, making production progress and
guidance confirmation the first important proof points.



Additional programmes broaden the growth opportunity. Demand for air
defence, passive surveillance, counter-UAS and deployable air traffic
control creates a pipeline beyond TaWAN, while the fielded base supports a
growing aftermarket. Success would gradually diversify SMAG's programme mix.



SMAG's share price is c. 45% below the peer-implied value of EUR 49 on 2027
EV/EBITDA, creating an attractive risk/reward. INITIATE with c.75% upside
and PT at EUR 47, based on DCF. BUY.



You can download the research here:
https://nwr.eqs-cockpit.com/fncls2.ssx?fn=redirect&u=a4774be3b24efe3c105bf701802d74d8
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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2386016 20.08.2026 CET/CEST