NuWays AG: Scandinavian Astor Group AB | Rating: BUY

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 = € 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
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
++++++++++
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.
++++++++++