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

13.10.2025 / 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 Scandinavian Astor Group AB

Company Name: Scandinavian Astor Group AB
ISIN: SE0019175274

Reason for the research: Update
Recommendation: BUY
from: 13.10.2025
Target price: SEK 56.00
Target price on sight of: 12 months
Last rating change:
Analyst: Henry Wendisch

Sweden commits SEK 3.5bn to anti-drone defence

Last Friday, the Swedish government announced a SEK 5bn (EUR 450m) investment
package to strengthen national defence capabilities, including SEK 3.5bn (EUR
320m) dedicated to anti-drone systems and SEK 1.5bn for upgrades to the
Gripen fighter jet. This measure represents a major reinforcement of
Sweden's defence posture and is highly relevant for Astor, notably its
subsidiary Oscilion, which manufactures the Astor Eclipse drone jammer.

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:
https://eqs-cockpit.com/c/fncls.ssp?u=d2dffa4324808c90d2fbbf8c18776492
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
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bestimmter Börsengeschäfte.
Offenlegung möglicher Interessenskonflikte nach § 85 WpHG beim oben
analysierten Unternehmen befinden sich in der vollständigen Analyse.
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2211576 13.10.2025 CET/CEST

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