Scandinavian Astor Group AB: Growth Prospects Amidst Cautious Outlook

Scandinavian Astor Group AB has received a "BUY" recommendation from NuWays AG, with a target price of SEK 27. Despite attractive growth potential, concerns over order timing have led to a more cautious earnings outlook. Recent estimates are adjusted to reflect continued order intake weakness and delivery risks.

In the second quarter, order intake was SEK 81 million, and the backlog at the beginning of June stood at SEK 610 million. Recent orders in September and October totaling SEK 68 million show potential signs of recovery. However, high quotation activity suggests an increased order momentum for the fourth quarter.

The company relies on three growth pillars: Industry, Ammunity, and NSG. The Industry segment's solid foundation is expected to sustain EBITDA margins above 20%. September's equity raise of SEK 114 million aims to support further acquisitions.