SMAG Mobile Antenna Masts AG Shows Promising Growth

SMAG Mobile Antenna Masts AG, analyzed by NuWays AG, demonstrates significant growth potential. In Q2, output surged 31% year-on-year to €10.3 million, with sales rising 4%. The company achieved its first industrial customer approval for its TaWAN system, indicating successful production ramp-up.

Adjusted EBIT reached €0.2 million, reflecting a 1.9% margin, impacted by increased staffing and ongoing low-margin projects. SMAG anticipates improved margins as project mix evolves and seasonality boosts H2 deliveries. A €70 million contract with a European defense firm enhances SMAG's visibility, raising fixed backlog to approximately €182 million.

Looking ahead, potential orders like a €150-200 million air defense program could further bolster growth, with FY26 guidance targeting €55-60 million in output and a 19-21% EBIT margin. Current metrics suggest shares offer a compelling investment opportunity at a projected 12x 2027 earnings.