^ Original-Research: SMAG Mobile Antenna Masts AG - from NuWays AG

20.08.2026 / 09:00 CET/CEST Dissemination of a Research, transmitted by EQS News - a service of EQS Group. The issuer is solely responsible for the content of this research. The result of this research does not constitute investment advice or an invitation to conclude certain stock exchange transactions.

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Classification of NuWays AG to SMAG Mobile Antenna Masts AG

Company Name: SMAG Mobile Antenna Masts AG ISIN: DE000A42FR12

Reason for the research: Initiation Recommendation: BUY Target price: EUR 47 Target price on sight of: 12 months Last rating change: Analyst: Simon Keller

Standing tall in a critical niche; INITIATE WITH BUY

SMAG is a rare pure-play on the mobile communications infrastructure behind the digital battlefield. Many tactical radio links depend on line of sight, making antenna height critical to range, coverage and network resilience. Radar, electronic-warfare and surveillance payloads also often benefit from elevation. Combining height and payload with stability, rapid deployment and mobility under battlefield conditions is SMAG's specialised niche.

SMAG offers a best-in-class height and payload combination. Its highest mast reaches 40m with a 600kg point payload, operates without guy-wires and deploys in only a few minutes. Across its product portfolio, SMAG has fielded more than 2,000 systems in over 20 countries, providing extensive operational and integration experience. SMAG also works with customers early in programme development and helps define mast specifications, enabling its engineering know-how to shape platform requirements. Military qualifications and relationships with more than 50 defence primes, OEMs and government agencies reinforce its position as a trusted specialist supplier.

The EUR 1.4bn total order backlog provides the basis for a significant earnings step-up. At YE25, backlog equalled 24x the midpoint of the 2026 output guidance, while the EUR 140m fixed portion alone corresponds to c. 2.5x our 2026e total output estimate. The central programme is TaWAN, the deployable transport network connecting forward D-LBO networks with the Bundeswehr's rear core and a key enabler of Germany's NATO readiness commitments. Rheinmetall holds a ten-year framework of c. EUR 8bn, including an initial EUR 1.9bn call-off for one division. TaWAN accounts for EUR 868m of SMAG's backlog, comprising EUR 110m fixed and a EUR 758m option. Rheinmetall CEO Armin Papperger has indicated that TaWAN could potentially double from c. EUR 8bn to c. EUR 16bn based on German planning considerations. This points to substantial programme potential beyond the existing framework and supports our view that SMAG's EUR 758m option is highly likely to be exercised in full (eNuW).

Growth is now moving from backlog into production. We expect total output to grow at a 2025-28e CAGR of c. 49% to EUR 113m in 2028e. TaWAN deliveries, added production space and welding automation should enable operating leverage, lifting adj. EBIT from EUR 4m in 2025 to EUR 10.8m in 2026e and EUR 26.6m by 2028e. This implies a 2025-28e CAGR of 89% and a 2028e margin of 23.5%. FY26e requires a strong H2 ramp, making production progress and guidance confirmation the first important proof points.

Additional programmes broaden the growth opportunity. Demand for air defence, passive surveillance, counter-UAS and deployable air traffic control creates a pipeline beyond TaWAN, while the fielded base supports a growing aftermarket. Success would gradually diversify SMAG's programme mix.

SMAG's share price is c. 45% below the peer-implied value of EUR 49 on 2027 EV/EBITDA, creating an attractive risk/reward. INITIATE with c.75% upside and PT at EUR 47, based on DCF. BUY.

You can download the research here: https://nwr.eqs-cockpit.com/fncls2.ssx?fn=redirect&u=a4774be3b24efe3c105bf701802d74d8 For additional information visit our website: https://www.nuways-ag.com/research

Contact for questions: NuWays AG - Equity Research Web: www.nuways-ag.com Email: research@nuways-ag.com LinkedIn: https://www.linkedin.com/company/nuwaysag Adresse: Mittelweg 16-17, 20148 Hamburg, Germany ++++++++++ Diese Meldung ist keine Anlageberatung oder Aufforderung zum Abschluss bestimmter Börsengeschäfte. Offenlegung möglicher Interessenkonflikte nach § 85 WpHG beim oben analysierten Unternehmen befindet sich in der vollständigen Analyse. ++++++++++

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2386016 20.08.2026 CET/CEST

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Quelle: dpa-Afx