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GOMspace

GOMspace

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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.

Financials

SEKm 2022 2023e 2024e
Sales 198 251 321
Sales growth (%) -7,1 26,5 28
EBITDA -232 -21 34
EBITDA margin (%) -116,9 -8,4 10,7
EBIT adj. -232 -56 -1
EBIT adj. margin (%) -116,9 -22,3 -0,2
Pretax profit -233 -58 -2
EPS -3,76 -0,73 -0,03
EPS growth (%) 619,8 -80,5 -96
EPS adj. -3,76 -0,73 -0,03
DPS 0 0 0
EV/EBITDA (x) -0,9 -11,1 8,5
EV/EBIT adj. (x) -0,9 -4,2 -400,5
P/E (x) -0,8 -4,3 -105,2
P/E adj. (x) -0,8 -4,3 -105,2
EV/sales (x) 1 0,93 0,91
FCF yield (%) -1,3 -5,3 -10,5
Le. adj. FCF yld. (%) -1,3 -5,3 -10,5
Dividend yield (%) 0 0 0
Net IB debt/EBITDA (x) 0 -2,1 3
Le. adj. ND/EBITDA (x) 0,1 0,6 2,1
SEKm 2022 2023e 2024e
Sales 198 251 321
COGS -249 -213 -228
Gross profit -51 38 93
Other operating items -181 -59 -59
EBITDA -232 -21 34
Depreciation and amortisation 0 -21 -21
of which leasing depreciation 0 0 0
EBITA -232 -42 13
EO Items 0 0 0
Impairment and PPA amortisation 0 -14 -14
EBIT -232 -56 -1
Net financial items -1 -2 -2
Pretax profit -233 -58 -2
Tax 5 13 1
Net profit -228 -44 -2
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders -228 -44 -2
EPS -3,76 -0,73 -0,03
EPS adj. -3,76 -0,73 -0,03
Total extraordinary items after tax 0 0 0
Leasing payments 0 0 0
Tax rate (%) 2,2 23 23
Gross margin (%) -25,8 15 29
EBITDA margin (%) -116,9 -8,4 10,7
EBITA margin (%) -116,9 -16,7 4,1
EBIT margin (%) -116,9 -22,3 -0,2
Pre-tax margin (%) -117,4 -22,9 -0,7
Net margin (%) -114,8 -17,7 -0,6
Sales growth (%) -7,1 26,5 28
EBITDA growth (%) 685,8 -91 -263,4
EBITA growth (%) 685,8 -81,9 -131,6
EBIT growth (%) N/A -75,9 -98,7
Net profit growth (%) 733,7 -80,5 -96
EPS growth (%) 619,8 -80,5 -96
Profitability N/A N/A N/A
ROE (%) -137,8 -53 -5,9
ROE adj. (%) -137,8 -36,3 40,3
ROCE (%) -112,8 -45,8 -1,1
ROCE adj. (%) -112,8 -34,3 19,2
ROIC (%) -165,3 -29,2 9,8
ROIC adj. (%) -165,3 -29,2 9,8
Adj. earnings numbers N/A N/A N/A
EBITDA adj. -232 -21 34
EBITDA adj. margin (%) -116,9 -8,4 10,7
EBITDA lease adj. -232 -21 34
EBITDA lease adj. margin (%) -116,9 -8,4 10,7
EBITA adj. -232 -42 13
EBITA adj. margin (%) -116,9 -16,7 4,1
EBIT adj. -232 -56 -1
EBIT adj. margin (%) -116,9 -22,3 -0,2
Pretax profit Adj. -233 -44 12
Net profit Adj. -228 -30 12
Net profit to shareholders adj. -228 -30 12
Net adj. margin (%) -114,8 -12,1 3,8
SEKm 2022 2023e 2024e
EBITDA -232 -21 34
Goodwill 4 4 4
Net financial items -1 -2 -2
Other intangible assets 122 108 94
Paid tax 5 13 1
Tangible fixed assets 19 8 7
Non-cash items 175 24 -21
Right-of-use asset 44 44 44
Cash flow before change in WC -53 15 13
Total other fixed assets 6 6 6
Change in working capital 53 -15 -13
Fixed assets 194 169 154
Operating cash flow N/A N/A N/A
Inventories 46 38 48
Capex tangible fixed assets -3 -10 -20
Receivables 29 60 77
Capex intangible fixed assets 0 N/A N/A
Other current assets 33 0 0
Acquisitions and Disposals 0 0 0
Cash and liquid assets 29 -5 -65
Free cash flow -3 -10 -20
Total assets 332 261 214
Dividend paid N/A N/A N/A
Shareholders equity 106 61 -1
Share issues and buybacks 103 0 0
Minority 0 0 0
Leasing liability amortisation 0 0 0
Total equity 106 61 -1
Other non-cash items -173 -24 -40
Long-term debt 7 7 7
Pension debt 0 0 0
Convertible debt 0 0 0
Leasing liability 32 32 32
Total other long-term liabilities 9 9 9
Short-term debt 0 0 0
Accounts payable 79 53 67
Other current liabilities 100 100 100
Total liabilities and equity 332 261 214
Net IB debt 10 44 104
Net IB debt excl. pension debt 10 44 104
Net IB debt excl. leasing -22 12 72
Capital employed 144 100 38
Capital invested 115 106 103
Working capital -70 -55 -42
Market cap. diluted (m) 189 189 189
Net IB debt adj. 10 44 104
Market value of minority 0 0 0
Reversal of shares and participations 0 0 0
Reversal of conv. debt assumed equity N/A N/A N/A
EV 199 233 293
Total assets turnover (%) 53,2 84,6 135,2
Working capital/sales (%) -21,9 -24,9 -15,1
Financial risk and debt service N/A N/A N/A
Net debt/equity (%) 9,2 71,8 -11926,2
Net debt / market cap (%) 5,1 23,4 55,1
Equity ratio (%) 31,9 23,5 -0,4
Net IB debt adj. / equity (%) 9,2 71,8 -11926,2
Current ratio 0,77 0,6 0,36
EBITDA/net interest 245,8 13,1 21,4
Net IB debt/EBITDA (x) 0 -2,1 3
Net IB debt/EBITDA lease adj. (x) 0,1 -0,6 2,1
Interest coverage 245,8 26,2 8,3
SEKm 2022 2023e 2024e
Shares outstanding adj. 61 61 61
Diluted shares adj. 61 61 61
EPS -3,76 -0,73 -0,03
Dividend per share 0 0 0
EPS adj. -3,76 -0,73 -0,03
BVPS 1,75 1,02 -0,01
BVPS adj. -0,33 -0,83 -1,63
Net IB debt/share 0,16 0,73 1,72
Share price 3,12 3,12 3,12
Market cap. (m) 189 189 189
P/E (x) -0,8 -4,3 -105,2
EV/sales (x) 1 0,93 0,91
EV/EBITDA (x) -0,9 -11,1 8,5
EV/EBITA (x) -0,9 -5,6 22,1
EV/EBIT (x) -0,9 -4,2 -400,5
Dividend yield (%) 0 0 0
FCF yield (%) -1,3 -5,3 -10,5
Le. adj. FCF yld. (%) -1,3 -5,3 -10,5
P/BVPS (x) 1,79 3,07 -216,55
P/BVPS adj. (x) -9,34 -3,74 -1,91
P/E adj. (x) -0,8 -4,3 -105,2
EV/EBITDA adj. (x) -0,9 -11,1 8,5
EV/EBITA adj. (x) -0,9 -5,6 22,1
EV/EBIT adj. (x) -0,9 -4,2 -400,5
EV/CE (x) 1,4 2,3 7,8
Investment ratios N/A N/A N/A
Capex/sales (%) 1,3 4 6,2
Capex/depreciation N/A 0,5 0,9
Capex tangibles / tangible fixed assets 13,6 128,2 294,9
Capex intangibles / definite intangibles 0 0 0
Depreciation on intang / def. intang 0 0 0
Depreciation on tangibles / tangibles 0 268,05 310,9

Equity research

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Media

GOMspace - Company presentation with CFO Troels Dalsgaard
GOMspace - Company presentation with CEO Niels Buus

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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 % 28 Dec 2022
Longbus Holding ApS 1.9 % 1.9 % 28 Dec 2022
La Financière de l'Echiquier 1.2 % 1.2 % 31 Jan 2023
Lars Krogh Alminde 0.8 % 0.8 % 6 May 2022
Niels Henrik Balle 0.6 % 0.6 % 28 Dec 2022
Troels Nørmølle 0.5 % 0.5 % 28 Dec 2022
Avanza Pension 0.4 % 0.4 % 28 Dec 2022
Deka Investments 0.4 % 0.4 % 30 Sep 2022
Ituri Management ApS 0.4 % 0.4 % 28 Dec 2022
Source: Holdings by Modular Finance AB