NuWays lifts Scandinavian Astor price target to SEK 54, keeps buy rating

  • NuWays raised its target price on Scandinavian Astor Group to SEK 54 from SEK 51, reiterating BUY, citing a strong Q1 2026 print and a planned consolidation of NSG.
  • Q1 2026 sales rose 74% year over year to SEK 130 million; EBITDA more than tripled to SEK 27.8 million, lifting margin to 21.4%.
  • NuWays called purchase of remaining 63.5% of NSG “transformative,” projecting pro-forma sales of about SEK 234 million, EBITDA of about SEK 42.7 million, order intake of about SEK 194 million, order book of about SEK 787 million.
  • Deal terms include SEK 295 million in fixed cash or debt-like consideration; about 8,800,000 new shares issued to sellers; earn-out up to SEK 147 million tied to 2027 EBITDA.
  • NuWays expects transaction to be margin-accretive and EPS-accretive, strengthening investment case around a larger defense-focused platform.


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