Scandinavian Astor Group AB (von NuWays AG): BUY

Original-Research: Scandinavian Astor Group AB - from NuWays AG 13.11.2025 / 09:00 CET/CEST Dissemination of a Research, transmitted by EQS News - a service of EQS Group. The issuer is solely responsible for the content of this research. The result of this research does not constitute investment advice or an invitation to conclude certain stock exchange transactions. 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 57
Target price on sight of:	12 months
Last rating change:
Analyst:	Henry Wendisch

Topic: Following preliminary results (sales and EBITDA) in October, Astor released final Q3 results yesterday. Here are our key highlights:

Order intake has risen to new highs. Driven by large orders reported in Q3 (such as Airsafe: SEK 68m, Oscilion: SEK 15m) but also by growing demand across all subsidiaries, order intake more than quintupled to SEK 144m (9M: SEK 322m, +171% yoy), which implies a strong book-to-bill ratio of 1.8x (9M: 1.3x). Given relatively short average lead times across the group, out of the SEK 368m current order backlog, SEK 149m are due for delivery in Q4 2025, providing excellent visibility into the upcoming quarter (eNuW: SEK 157m sales).