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GOMspace

GOMspace

Gomspace is a Denmark-based (Sweden-listed) leading manufacturer and supplier of CubeSat and small satellite solutions for customers within the academic, science, commercial and defense sectors. Its value creation abilities come from its strengths in systems integration, radio technologies, CubeSat platforms and satellite operations. Its mission is to “help teams across the globe achieve their goals in space”.

With the expected increased demand for nanosatellites, there is a substantial risk of various new competitors entering the market and intensifying the competitive landscape. Furthermore, as some of GomSpace’s customers are reliant on funding for their space ventures, the risk of insufficient funding within the industry should be acknowledged. Lastly, as the company's product are focused around space, the risk of regulatory changes is also present.

SEKm 2021 2022e 2023e
Lease adj. ND/EBITDA 3,3 -62,4 -1,2
Lease adj. FCF yield (%) -2,2 -15 2,1
Sales 214 281 382
Sales growth (%) 9,8 31,6 35,8
EBITDA -30 1 53
EBITDA margin (%) -13,8 0,3 13,8
EBIT adj -30 -34 18
EBIT adj margin (%) -13,8 -12,2 4,6
Pretax profit -31 -36 16
EPS rep -0,52 -0,53 0,23
EPS growth (%) 37,3 -1,2 144,3
EPS adj -0,52 -0,26 0,5
DPS 0 0 1
EV/EBITDA (x) -15,7 732 10,6
EV/EBIT adj (x) -15,7 -16,6 31,8
P/E (x) -19,4 -21,2 47,8
P/E adj (x) -19,4 -42,9 22,3
EV/sales (x) 2,2 2 1,5
FCF yield (%) -2,2 -15 2,1
Dividend yield (%) 0 0 8,9
Net IB debt/EBITDA 2,2 -21,6 -0,6
SEKm 2021 2022e 2023e
Leasing payments 0 0 0
Depreciation and amortisation 0 -21 -21
Of which leasing depreciation 0 0 0
EO items 0 0 0
Impairment and PPA amortisation 0 -14 -14
EBITDA lease Adj -30 1 53
EBITDA lease Adj margin (%) -13,8 0,3 13,8
Sales 214 281 382
COGS -165 -230 -275
Gross profit 49 51 107
Other operating items -79 -50 -54
EBITDA -30 1 53
Depreciation on tangibles 0 -22 -25
Depreciation on intangibles 0 0 0
EBITA -30 -20 32
Goodwill impairment charges 0 0 0
Other impairment and amortisation 0 -13 -14
EBIT -30 -34 18
Other financial items 0 0 0
Net financial items -2 -2 -2
Associated income -9 0 0
Other EO items 0 0 0
Pretax profit -31 -36 16
Tax 4 8 -4
Net profit -27 -28 12
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders -27 -28 12
EPS -0,52 -0,53 0,23
EPS Adj -0,52 -0,26 0,5
Total extraordinary items after tax 0 0 0
Tax rate (%) -12,4 -23 -23
Gross margin (%) 22,9 18 28
EBITDA margin (%) -13,8 0,3 13,8
EBITA margin (%) -13,8 -7,2 8,3
EBIT margin (%) -13,8 -12,2 4,6
Pretax margin (%) -14,6 -12,8 4,2
Net margin (%) -12,8 -9,8 3,2
Growth rates Y/Y 2021 2022 2023
Sales growth (%) 9,8 31,6 35,8
EBITDA growth (%) 2,4 102,6 6648,7
EBIT growth (%) 2,4 -15,9 151,2
Net profit growth (%) 37,3 -1,2 144,3
EPS growth (%) 37,3 -1,2 144,3
Profitability 2021 2022 2023
ROE (%) -11,6 -13,1 6
ROE Adj (%) -11,6 -6,5 12,9
ROCE (%) -10,5 -13,5 7,1
ROCE Adj(%) -10,5 -8 12,8
ROIC (%) -16,3 -15,5 7,5
ROIC Adj (%) -16,3 -15,5 7,5
Adj earnings numbers 2021 2022 2023
EBITDA Adj -30 1 53
EBITDA Adj margin (%) -13,8 0,3 13,8
EBITA Adj -30 -20 32
EBITA Adj margin (%) -13,8 -7,2 8,3
EBIT Adj -30 -34 18
EBIT Adj margin (%) -13,8 -12,2 4,6
Pretax profit Adj -31 -22 30
Net profit Adj -27 -14 26
Net profit to shareholders Adj -27 -14 26
Net Adj margin (%) -12,8 -4,9 6,9
SEKm 2021 2022e 2023e
Lease liability amortisation 0 0 0
Other intangible assets 128 114 100
Right-of-use asset 33 33 33
Total other fixed assets 6 6 6
Leasing liability 32 32 32
Total other long-term liabilities 11 11 11
Net IB debt excl. leasing -98 -49 -61
Net IB debt / EBITDA lease Adj (%) 330,6 -6236,5 -116,3
EBITDA -30 1 53
Net financial items -2 -2 -2
Paid tax 4 8 -4
Non-cash items 0 0 0
Cash flow before change in WC -27 7 47
Change in WC 9 -78 -11
Operating cash flow -18 -71 36
CAPEX tangible fixed assets 6 -17 -24
CAPEX intangible fixed assets 0 0 0
Acquisitions and disposals 0 0 0
Free cash flow -12 -88 13
Dividend paid 0 0 0
Share issues and buybacks 0 0 0
Other non cash items -17 39 0
Decrease in net IB debt 41 -18 23
Balance Sheet (SEKm) 2021 2022 2023
Goodwill 4 4 4
Indefinite intangible assets 0 0 0
Definite intangible assets 114 101 87
Tangible fixed assets 16 13 15
Other fixed assets 7 7 7
Fixed assets 186 169 158
Inventories 36 46 57
Receivables 45 70 92
Other current assets 39 0 0
Cash and liquid assets 108 59 71
Total assets 414 344 378
Shareholders equity 225 197 209
Minority 0 0 0
Total equity 225 197 209
Long-term debt 10 10 10
Pension debt 0 0 0
Convertible debt 0 0 0
Deferred tax 0 0 0
Other long-term liabilities 8 8 8
Short-term debt 0 0 0
Accounts payable 100 59 80
Other current liabilities 36 35 35
Total liabilities and equity 414 344 378
Net IB debt -66 -17 -29
Net IB debt excl. pension debt -66 -17 -29
Capital invested 159 180 180
Working capital -17 22 33
EV breakdown 2021 2022 2023
Market cap. diluted (m) 529 587 587
Net IB debt Adj -66 -17 -29
Market value of minority 0 0 0
Reversal of shares and participations 0 0 0
Reversal of conv. debt assumed equity 0 0 0
EV 463 570 557
Capital efficiency (%) 2021 2022 2023
Total assets turnover (%) 52,3 74,1 105,7
Capital invested turnover (%) 93,4 134,5 178,9
Capital employed turnover (%) 58,3 79,8 107
Inventories / sales (%) 13 13,2 13,6
Customer advances / sales (%) 0 0 0
Payables / sales (%) 28,6 25,4 18,2
Working capital / sales (%) -9,2 1 7,3
Financial risk and debt service 2021 2022 2023
Net debt / equity (%) -29,3 -8,5 -14
Net debt / market cap (%) -8 -2,9 -5
Equity ratio (%) 54,3 57,3 55,5
Net IB debt adj. / equity (%) -29,3 -8,5 -14
Current ratio (%) 166,7 185,9 190,6
EBITDA / net interest (%) -1771,1 45,8 3282,9
Net IB debt / EBITDA (%) 223 -2157,7 -55,8
Interest cover (%) -1771,1 -1189,5 1970,4
SEKm 2021 2022e 2023e
Lease adj. FCF yield (%) -2,2 -15 2,1
Shares outstanding adj. 52 52 52
Fully diluted shares Adj 52 52 52
EPS -0,52 -0,53 0,23
Dividend per share Adj 0 0 1
EPS Adj -0,52 -0,26 0,5
BVPS 4,3 3,77 4,01
BVPS Adj 1,79 1,53 2,03
Net IB debt / share -1,3 -0,3 -0,6
Share price 15,78 11,22 11,22
Market cap. (m) 825 587 587
Valuation 2021 2022 2023
P/E -19,4 -21,2 47,8
EV/sales 2,17 2,03 1,46
EV/EBITDA -15,7 732 10,6
EV/EBITA -15,7 -28,2 17,7
EV/EBIT -15,7 -16,6 31,8
Dividend yield (%) 0 0 8,9
FCF yield (%) -2,2 -15 2,1
P/BVPS 2,35 2,97 2,8
P/BVPS Adj 5,66 7,35 5,53
P/E Adj -19,4 -42,9 22,3
EV/EBITDA Adj -15,7 732 10,6
EV/EBITA Adj -15,7 -28,2 17,7
EV/EBIT Adj -15,7 -16,6 31,8
EV/cap. employed 1,7 2,4 2,2
Investment ratios 2021 2022 2023
Capex / sales -2,9 6,2 6,2
Capex / depreciation 0 83 112,6
Capex tangibles / tangible fixed assets -37,8 137,5 154,4
Capex intangibles / definite intangibles 0 0 0
Depreciation on intangibles / definite intangibles 0 0 0
Depreciation on tangibles / tangibles 0 165,8 137,1

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Media

GOMspace - Company presentation with CEO Niels Buus
GOMspace - Company presentation with CEO Niels Buus

Main shareholders - GOMspace

Main shareholders Share capital % Voting shares % Verified
The Hargreaves Family No. 14 19.2 % 19.2 % 6 May 2022
Hansen & Langeland ApS 8.4 % 8.4 % 31 Mar 2022
La Financière de l'Echiquier 5.3 % 5.3 % 30 Apr 2022
Longbus Holding ApS 1.9 % 1.9 % 31 Mar 2022
Lars Krogh Alminde 0.8 % 0.8 % 6 May 2022
Deka Investments 0.5 % 0.5 % 31 Dec 2021
Troels Nørmølle 0.5 % 0.5 % 31 Mar 2022
Avanza Pension 0.4 % 0.4 % 31 Mar 2022
Henrik Kølle 0.4 % 0.4 % 31 Mar 2022
Anders Torbjörn Jensen 0.3 % 0.3 % 31 Mar 2022
Source: Holdings by Modular Finance AB