Quartz Sea Research

A Europe-focused equity research firm, trusted by 400+ investors.

[Quartz Sea Research @QuartzResearch]

QuartzSea Research initiates coverage on Scandinavian Astor Group AB (ASTOR-SE)

🔹Rating: Buy
🔹Target: SEK 45.00

Full report available here 👉 https://t.co/WwJXocCOCa

[Quartz Sea Research @QuartzResearch]

The Energetics segment just posted a 52.5% EBITDA margin in its first reported quarter.

This isn't efficiency, it's pricing power.

Energetic nitrocellulose capacity is sold out through 2030. Colt CZ now controls the most constrained input in the Western ammunition supply chain.

[Quartz Sea Research @QuartzResearch]

New primer: The European Space Sector.

Historical evolution, orbital infrastructure gaps, strategic autonomy frameworks, and how seven European equities would respond to a SpaceX listing.

Link in first reply

[Quartz Sea Research @QuartzResearch]

Three pillars: Industry (cash-flow backbone), Protect (civil resilience infrastructure), Tech (high-IP electronic warfare).

Astor isn't just a subcontractor—it's building a closed-loop Nordic defense ecosystem.

Our initiation on Scandinavian Astor Group:

[Quartz Sea Research @QuartzResearch]

The European defense supercycle is just starting, yet coverage is nonexistent.

We fix this.

Subscribe today, and become an expert:
https://t.co/23nVZr1p2w

[Quartz Sea Research @QuartzResearch]

@MindfulDataPath 🙏

[Quartz Sea Research @QuartzResearch]

And soon, our coverage will include some European space companies too!

[Lân @MindfulDataPath]

While everyone is talking about $SPCX IPO, a good opportunity to read and learn about the European space sector. Insightful.

[Matteo Marinelli @MrnllMtt]

Space is set up to be one of the defining investment themes of the next decade, and the hype around it is only getting louder. But as always, the real edge won't come from excitement: it will come from understanding what's actually driving the sector.

That's why, ahead of the SpaceX IPO, we published a primer designed to get you oriented fast.

Written by our geopolitical analyst, it lays out the essential context to understand the European space ecosystem: who matters, how the pieces fit together, and what to watch as momentum accelerates. Next up, we'll publish our Initiating Coverage on Avio and OHB.

Space hype is coming. This is how you stay ahead of it.

Full primer in the replies

[Lân @MindfulDataPath]

While everyone is talking about $SPCX IPO, a good opportunity to read and learn about the European space sector. Insightful.

[Quartz Sea Research @QuartzResearch]

https://t.co/DCe9g8BpdO

[Quartz Sea Research @QuartzResearch]

New primer: The European Space Sector.

Historical evolution, orbital infrastructure gaps, strategic autonomy frameworks, and how seven European equities would respond to a SpaceX listing.

Link in first reply

[Quartz Sea Research @QuartzResearch]

February 2024: Houthi attacks severed four major submarine cables when a struck vessel dragged its anchor across the seabed.

No divers, no specialized equipment. Just kinetic disruption with cables as collateral damage.

The doctrine is exportable, deniable, and disproportionate.
https://t.co/JdQJdgh5Yo

[Quartz Sea Research @QuartzResearch]

Following the release of Leonardo's strong Q1 2026 results, our core thesis remains fully intact and is, actually, reinforced.

We therefore reiterated our Buy rating, and revised the price target upward to €75.00.

Read the full earnings update: https://t.co/N3NtbVF4ju

[Quartz Sea Research @QuartzResearch]

Three pillars: Industry (cash-flow backbone), Protect (civil resilience infrastructure), Tech (high-IP electronic warfare).

Astor isn't just a subcontractor—it's building a closed-loop Nordic defense ecosystem.

Our initiation on Scandinavian Astor Group:

[Quartz Sea Research @QuartzResearch]

QuartzSea Research initiates coverage on Scandinavian Astor Group AB (ASTOR-SE)

🔹Rating: Buy
🔹Target: SEK 45.00

Full report available here 👉 https://t.co/WwJXocCOCa

[Quartz Sea Research @QuartzResearch]

Ammunity SIA: Largest private ammunition manufacturer in the Baltics.

Acquired for €3mn. Generating SEK 103mn in revenue with 21% EBITDA margin.

That's roughly 0.3x EV/Revenue for a sovereign-certified defense asset.

[Quartz Sea Research @QuartzResearch]

Today marks two months since we launched, and we're celebrating with a major aesthetic overhaul, finally bringing visual coherence across our pieces.

What do you think?

[Quartz Sea Research @QuartzResearch]

Defence Electronics Europe hit 12.6% operating margin in Q1 2026: a level historically achieved only in H2.

Favorable program mix + structural cost efficiencies scaling production without expanding fixed overhead.

High-margin sensor-led integration is materializing ahead of schedule.

[Quartz Sea Research @QuartzResearch]

April 2026: Colt CZ completed dual listing on Euronext Amsterdam under ticker "COLT."

The listing enhances liquidity and attracts institutional investors increasingly seeking defense sector exposure amid shifting NATO mandates.

https://t.co/SAbfLrXoLB

[Quartz Sea Research @QuartzResearch]

@fedex774 @CMDarnton0 It is certainly not the smartest decision to buy a company whose service can be replaced with a free Gemini subscription

[Quartz Sea Research @QuartzResearch]

The Energetics segment just posted a 52.5% EBITDA margin in its first reported quarter.

This isn't efficiency, it's pricing power.

Energetic nitrocellulose capacity is sold out through 2030. Colt CZ now controls the most constrained input in the Western ammunition supply chain.

[Quartz Sea Research @QuartzResearch]

Following the release of @ColtCZGroup's strong Q1 2026 results, our assumptions received an early validation.

Therefore, we reiterated our Buy rating, and maintained our price target unchanged at CZK 1,400.00

Read the full earnings update: https://t.co/w1iQ739Kdd

[Quartz Sea Research @QuartzResearch]

.@ColtCZGroup Q1 2026 delivered early validation of our thesis.

Revenue: CZK 7.3bn (+32.7% YoY)
Adj. EBITDA: CZK 2.1bn (+72.1% YoY)
Margin expansion: 650bps to 28.5%

Operating leverage kicking in across all segments. Buy rating and CZK 1,400 target reiterated.