Original-Research: Scandinavian Astor Group AB - from NuWays AG
Classification of NuWays AG to Scandinavian Astor Group AB
Sweden commits SEK 3.5bn to anti-drone defence Oscilion is one of very few companies globally and the only one in Sweden capable of delivering a field-proven electronic warfare jammer. Given the Swedish government's emphasis on domestic sourcing for critical defence technologies, we view Oscilion as a front-runner for potential orders stemming from this new budget. Comparable products exist only in the US and Israel, making a local solution both politically and logistically compelling. Assuming 10-20% of the SEK 3.5bn anti-drone allocation flows into jammer procurement, the implied market potential for Astor could reach SEK 350-700m, a substantial upside to current orders. So far, only two orders for Eclipse have been announced (May 2025: SEK 21m; July 2025: SEK 15m), both from undisclosed "Western world countries". With production already scaling, this new government initiative could serve as a blueprint for larger serial contracts and establish Sweden as a reference customer with other European countries to follow. Recent incidents involving drone disruptions at European airports (e.g., Denmark, Munich) underscore the urgent need for counter-UAV technologies. As defence ministries and civil agencies accelerate procurement, Astor is well positioned with a ready-to-deploy, battle-tested solution. Most competitors remain in R&D phases, while Oscilion's product is market-ready after years of development. Despite the robust newsflow and structural tailwinds, Astor's share price has underperformed recently, confirming our view that the market has yet to price in the potential upside from today's announcement. Consequently, the upside potential has grown even further and should pose an ideal opportunity to enter or build up a position. Therefore, we reiterate our BUY recommendation and maintain Astor in the NuWays AlphaList with an unchanged PT of SEK 56.00, based on DCF. You can download the research here: scandinavian-astor-group-ab-2025-10-13-update-en-94d83 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. ++++++++++ The EQS Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. | ||||||||||||||||||||
2211576 13.10.2025 CET/CEST
