Scandinavian Astor Group AB: Strategic Growth in Nordic Defence

Scandinavian Astor Group AB, an industrial and defence serial acquirer, has received a "Buy" recommendation from NuWays AG. The company's strategic position in Sweden's advanced industrial and defence sectors is notable. It has successfully acquired six SMEs for SEK 195 million at 6.3x EV/EBITDA, maintaining a 17% EBITDA margin. Astor aims to professionalize operations, prepare companies for defence, and leverage a wide customer network.

Following Sweden's increased defence budget due to its NATO accession, Astor is well-positioned to benefit. Projected organic sales CAGR stands at 18% from FY'24-'27, expected to rise to 27% with recent acquisitions. EBITDA is anticipated to grow at a 58% CAGR over the same period. Valued at 11.5x FY'25e EV/EBITDA, Astor offers an attractive entry point at SEK 17.00 per share.