Hello my dears,
In these rather uncertain times, I have once again gone on a search for you.
Anyone who knows me knows that I like to dive deep into the engine room.
And I have found a newcomer from Sweden for you.
Of course, the whole thing fits in well with today's correction in some growth stocks, such as Scandinavian Astor . $ASTOR (-0,04 %)
What do you think of this growth stock? And how many of you are already familiar with the company?
The Scandinavian Astor Group went public on December 4, 2025 on the stock exchange. Trading began on the Nordic Growth Market (NGM) in Stockholm
🧠 Interpretation
Bullish
- Share shows high relative strength (Momentum 250T: 2.85)
- Strong 1-year performance (+247%)
- Story-driven (ammunition, defense, EU demand)
Bearish
- Extremely high volatility
- Valuation (P/E 38) ambitious for a young industrial company, but not too expensive.
Since the IPO, the Scandinavian Astor Group has followed a classic small-cap curve curve since the IPO:
- IPO → sell-off → rebound → volatility The share is currently slightly above IPO levelbut with massive momentum and high risk.
Performance
1 day +9.55 %
1 week +32.31 %
Current month +35.00 %
1 month +8.00 %
3 months +36.21 %
Astor Group: business concept, strategy and financial targets
Pioneer in high-tech solutions
Astor Group is committed to being a leading provider of high-tech solutions for the defense industry and key industry segments. The Group operates in three distinct business areas:
- Astor Industry - Focused on supplying key industrial sectors, Astor Industry acts as a trusted subcontractor for components to leading companies in the defense and other large-scale industrial markets.
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The business includes composite manufacturing, micro metal components, sheet metal fabrication and precision engineering with supplies to customer segments in defense, aerospace, aviation, marine systems, vehicles, energy and advanced engineering. The business area consists of the following activities:
- Marstrom Composite AB, which in turn includes the brands and companies:
- Composite Construction Sweden
- ID Modeller
- JPC Composite AB
- Carbonia Composites AB
- Mikroponent Aktiebolag, which in turn also includes:
- Welas Oy Ltd
- Astor Tech - Specializing in advanced systems and products, Astor Tech caters exclusively to the defense and security industry, primarily through framework or agency agreements with government agencies.
System solutions for modern defense
Astor Tech is the Group's technology center and its main mission is to develop, manufacture and provide advanced system solutions in areas such as electromagnetic warfare, advanced high-speed testing and (through collaboration) military stealth and covert vehicles for unmanned underwater weapons. The division primarily targets the armed forces of NATO countries, defense industry companies and government security agencies, as well as research institutes. Astor Tech's companies primarily supply operational systems, but also provide training solutions and technical infrastructure for testing, verification and evaluation. The business area comprises three companies with clear technological core competencies:
- Oscilion EW Systems AB and Oscilion Naval Systems AB (collectively referred to as Oscilion)
- Scandiflash AB
@Klein-Anleger
@All-in-or-nothing
My dears, I am mentioning one subsidiary from Astor Tech in more detail here due to the success and popularity of Kraken Robotic. It would probably go beyond the scope of this article to describe all the other subsidiaries and their business models in detail.
Oscillion Ship Systems
Oscilion Naval Systems AB specializes in the development of maritime technologies and advanced underwater solutions, including unmanned underwater vehicles (UUVs) and stealth vehicles. The company focuses on Silent Proppulsion technology, which is critical for the next generation of underwater platforms in the defense sector.
Through Astor Group's collaboration and co-ownership of Dolprop Industries AB, the company has exclusive rights to develop and commercialize military applications of this technology - such as underwater stealth technology, stealth vehicles and unmanned underwater weapons. This position enables a unique offering for defense customers requiring strategic sub-surface autonomy and future-proof naval capabilities.
Both Oscilion companies are based in Stockholm and employ a team with backgrounds in signal processing, RF technology, security, defense systems and advanced software development, among others. The companies work closely with Swedish and international authorities and research institutes to ensure the relevance of the technology in existing and future threat environments.
- Astor Protect - Forms the Group's platform for personal protective equipment, tactical security systems, survival solutions and ammunition production.
- Advanced protection and survival systems
- Astor Protect is the newest division within the Astor Group and forms the Group's platform for personal protective equipment, tactical security systems, survival solutions and ammunition production. The division was created to meet the growing need for integrated, technologically advanced protection systems for military, civilian and emergency forces in high-risk environments.
- The focus is on supplying products that combine operational functionality and high technical performance. The target groups consist mainly of the armed forces of NATO countries with their special units, emergency services, civil authorities and industrial companies. The division currently consists of the following activities.
Three divisions with strong synergies
The Astor Group operates in three core business areas: Astor Industry, Astor Tech and Astor Protect. While the group primarily targets the defense industry, it also serves other industry sectors, providing valuable cross-selling opportunities and extends its market reach. By leveraging synergies between its business units, Astor Group increases internal efficiency, competitiveness and long-term value creation.
Strategic growth initiatives
The Astor Group focuses on both on both organic growth and acquisition-driven expansion, leveraging its strong market position leveraging its strong market position and deep industry expertise. The Group specializes in the development and acquisition of companies that are leading suppliers to the defense and other industries and often hold dominant positions in niche markets. dominant positions in niche markets. niche markets. As part of the Astor Group, these companies gain access to resources and support to accelerate their growth. The Astor Group is a preferred partner for industrial companies looking to take the next strategic step in their expansion journey.
Ambitious financial goals
The Astor Group has set clear financial targets for 2028
- Sales growth: achieve sales of at least SEK 2,500 millionincluding acquisitions.
- Profitability: Achieve an operating margin (EBITDA) of at least 15 %.
Global presence in growing markets
With a strong global presence, Astor Group operates in markets without geographical barriers, enabling seamless entry into new territories and promoting future growth. The defense and industrial markets, in which Astor Group plays a prominent role, are expected to experience significant growth in the coming years. This growth will be driven by increased demand for defense solutions and industrial applications in today's uncertain global environment.
At Astor Group Germany we understand the specific requirements of the German armed forces and industrial partners. Our solutions are designed to meet stringent operational requirements while enhancing security, efficiency and technological superiority.
Whether you need advanced surveillance systems, state-of-the-art communication technologies or mission-critical defense equipment, we offer customized solutions that are perfectly tailored to your specific needs.
Experienced and knowledgeable organization
The Astor Group organization combines decades of experience and proven expertise in the defense and industrial sectors.
A proven growth strategy
Astor Group has a proven track record of delivering high-quality solutions and implementing a clear, forward-looking expansion strategy. Since its inception, the Group has successfully completed numerous acquisitions and achieved significant growth. With its solid foundation and clear vision, Astor Group is well prepared to meet the increasing demand in the global defense industry and create long-term value for its stakeholders.
2006
The company Oscilion is founded (by Tommy Kahlin and Lennart Sundberg).
2018
Acquisition of JPC Composite AB, 60% ownership.
2020
"Astor" is officially registered as the name of the Group. The name comes from the Asir god Tor - Asa-Tor - in Norse mythology
2022
Takeover of Marstrom Composite AB. Acquisition of the remaining 40% of JPC. The Group's logo as the Scandinavian Astor Group is developed.
2023
The Scandinavian Astor Group goes public on the Spotlight stock market. Takeover of Mikroponent AB.
2024
Acquisition of Airsafe Sweden AB and Scandiflash AB. Takeover of Composite Design Sweden by Marstrom.
2024
Listing at NGM Nordic SME and dual listing at Boerse Stuttgart
2025
Mikroponent acquires Welas Oy and Marstrom Composite acquires ID Modeller.
2025
The Astor Group updates its financial targets to sales of SEK 2,500 million and an EBITDA margin of at least 15 percent for the full year 2028.
2025
Astor Group establishes the Astor Protect business area.
2025
Astor Group acquires Carbonia Composites
2025
Astor Group acquires 36.5% of the Nordic Shield Group
2025
Astor Group acquires Ammunity
2025
Astor Group is listed on the NGM Main Market
Astor Group: Nordic Shield receives orders worth SEK 36 million
14.01.2026 13:14
Astor Group: Nordic Shield erhält Aufträge über 36 Mio. SEK | 4investors.de
Astor Group invests SEK 92 million in production at Ammunity
Fri, 05 Dec 2025 14:43 CETMelde diesen Inhalt
Scandinavian Astor Group ("Astor Group" or the "Company") is strategically investing approximately SEK 92 million in its Latvian subsidiary Ammunity SIA ("Ammunity") to increase production capacity for small caliber ammunition. The investment is part of the initiative announced on June 24, 2025 in connection with the Company's announcement to acquire Ammunity and the private placement conducted at that time. In this context, it was also announced that part of the issue proceeds will be used for working capital and investment in initial capacity to enable rapid scaling of production in response to the strong demand for ammunition produced in Europe.
Scandinavian Astor Group reports strong growth and record order intake for Q3 2025
SEK in millions
Estimates
Year Sales Change
2024 223 168,63 %
2025 408 82,99 %
2026 618,7 51,64 %
2027 736,5 19,03 %
Year EBIT Change
2024 5,59
2025 34,3 513,63 %
2026 59,97 74,83 %
2027 99,57 66,02 %
Year Net result Change
2023 -4,812
2024 0,411 108,54 %
2025 24,34 5.822,46 %
2026 57,03 85,59 %
2027 76,69 69,76 %
Year Net debt Capex
2024 41,4 34,23
2025 -165 90
2026 -118 66,15
2027 -137 63,05
Year EBIT margin ROE
2024 2,51 % 0,25 %
2025 8,41 % 4,09 %
2026 9,69 % 5,92 %
2027 13,52 % 9,21 %
Year Earnings per share Change
2024 0,01
2025 0,354 3440,5 %
2026 0,637 79,91 %
2027 1,03 61,75 %
Year P/E ratio PEG
2024 1.058x
2025 71.6x 0x
2026 39.8x 0.5x
2027 24.6x 0.4x
Number of shares (in thousands)
Date of publication 19.02.25
Market value 1,559
Sector comparison P/E ratio
Rheinmetall 73.04x
AXON 433.15x
The speed with which Scandinavian Astor Group has become profitable seems - soberly considered - remarkable. remarkable .
⚙️ What really impresses
Within a year, the company has made the leap from losses to positive results:
- In the previous year, EBITDA amounted to SEK -3.9 million
- In Q3 2025, it was already SEK +15 million
- Earnings before taxes turned from SEK -8.3 million to SEK +3 million
This is an extremely rapid operational turnaround for a young industrial and defense company.
📈 Why this is so strong
- Scaling takes effect: Sales +78 % YoY in Q3 2025
- EBITDA margin ~20 % - unusually high for a company of this size
- Record order intake of SEK 144 million Sustainably supports profitability
This shows: Profitability does not come from one-off effects, but from genuine growth in demand.
🧭 My conclusion
From an analytical point of view, the faster than average. Many small caps need 3-5 years to become profitable - Astor does it in a fraction of the time. That speaks for:
- a functioning business model
- strong demand in the defense sector
- good cost management
- operational levers that take effect early on
