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Ovzon

Ovzon

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Ovzon is supplier of mobile end-to-end satellite services. Through its self-developed terminal, the company’s patent-protected offering combines great mobility with high bandwidth. The company is looking to launch a proprietary satellite. Besides more than doubling Ovzon’s saleable capacity, having its own satellite would expand the total offering.

Sustainability information

Ovzon relies on satellite capacity from third parties to provide its communication services. Satellites are subject to operational risks while in orbit, many of which cannot be foreseen and may not be included in Ovzon's insurance policies. Almost all of the company’s sales are generated via IGC (a subsidiary to the operator Intelsat) and the sales agreement with IGC is subject to annual renewal. Furthermore, the company generates almost all of its revenues in USD, and reports in SEK.

Financials

SEKm 2024 2025e 2026e
Sales 334 786 900
Sales growth (%) 15,2 135,4 14,5
EBITDA 0 295 432
EBITDA margin (%) 0 37,5 48
EBIT adj. -83 153 280
EBIT adj. margin (%) -24,9 19,4 31,1
Pretax profit -162 113 235
EPS -1,46 1,01 2,11
EPS growth (%) N/A -169,2 N/A
EPS adj. -1,46 1,01 2,11
DPS 0 0 0
EV/EBITDA (x) N/A 18 11,4
EV/EBIT adj. (x) -65,4 34,7 17,7
P/E (x) N/A 42,4 20,4
P/E adj. (x) N/A 42,4 20,4
EV/sales (x) 16,25 6,72 5,49
FCF yield (%) -2,2 3,1 7,3
Le. adj. FCF yld. (%) -2,3 3 7,2
Dividend yield (%) 0 0 0
Net IB debt/EBITDA (x) N/A 1,7 0,4
Le. adj. ND/EBITDA (x) -214 1,7 0,4
SEKm 2024 2025e 2026e
Sales 334 786 900
COGS -184 -348 -305
Gross profit 150 438 595
Other operating items -150 -143 -163
EBITDA 0 295 432
Depreciation and amortisation -83 -142 -152
of which leasing depreciation -3 -3 -3
EBITA -83 153 280
EO Items 0 0 0
Impairment and PPA amortisation 0 0 0
EBIT -83 153 280
Net financial items -79 -40 -45
Pretax profit -162 113 235
Tax -1 0 0
Net profit -163 113 235
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders -163 113 235
EPS -1,46 1,01 2,11
EPS adj. -1,46 1,01 2,11
Total extraordinary items after tax 0 0 0
Leasing payments -3 -4 -4
Tax rate (%) -0,6 0 0
Gross margin (%) 44,9 55,7 66,2
EBITDA margin (%) 0 37,5 48
EBITA margin (%) -24,9 19,4 31,1
EBIT margin (%) -24,9 19,4 31,1
Pre-tax margin (%) -48,5 14,3 26,1
Net margin (%) -48,8 14,3 26,1
Sales growth (%) 15,2 135,4 14,5
EBITDA growth (%) -100 N/A 46,7
EBITA growth (%) -11,7 -283,7 83,5
EBIT growth (%) -11,7 -283,7 83,5
Net profit growth (%) 181 -169,2 108,1
EPS growth (%) N/A -169,2 N/A
Profitability N/A N/A N/A
ROE (%) -9,7 6,9 12,9
ROE adj. (%) -9,7 6,9 12,9
ROCE (%) -3,5 6,4 11,6
ROCE adj. (%) -3,5 6,4 11,6
ROIC (%) -3,8 6,9 13
ROIC adj. (%) -3,8 6,9 13
Adj. earnings numbers N/A N/A N/A
EBITDA adj. 0 295 432
EBITDA adj. margin (%) 0 37,5 48
EBITDA lease adj. -3 291 428
EBITDA lease adj. margin (%) -0,9 36,9 47,6
EBITA adj. -83 153 280
EBITA adj. margin (%) -24,9 19,4 31,1
EBIT adj. -83 153 280
EBIT adj. margin (%) -24,9 19,4 31,1
Pretax profit Adj. -162 113 235
Net profit Adj. -163 113 235
Net profit to shareholders adj. -163 113 235
Net adj. margin (%) -48,8 14,3 26,1
SEKm 2024 2025e 2026e
EBITDA 0 295 432
Goodwill N/A N/A N/A
Net financial items -79 -40 -45
Other intangible assets 103 101 92
Paid tax -2 0 0
Tangible fixed assets 2241 2171 2052
Non-cash items 31 0 0
Right-of-use asset 9 10 11
Cash flow before change in WC -50 255 387
Total other fixed assets 0 0 0
Change in working capital 101 -40 -17
Fixed assets 2353 2282 2156
Operating cash flow 51 215 370
Inventories 0 0 0
Capex tangible fixed assets -141 -53 -5
Receivables 290 252 315
Capex intangible fixed assets -17 -15 -17
Other current assets 0 0 0
Acquisitions and Disposals 0 0 0
Cash and liquid assets 126 218 313
Free cash flow -107 148 348
Total assets 2769 2751 2784
Dividend paid 0 0 0
Shareholders equity 1590 1703 1938
Share issues and buybacks 0 0 0
Minority N/A N/A N/A
Leasing liability amortisation -3 -4 -4
Total equity 1590 1703 1938
Other non-cash items -129 -3 0
Long-term debt 67 67 67
Pension debt N/A N/A N/A
Convertible debt N/A N/A N/A
Leasing liability 7 8 9
Total other long-term liabilities 0 0 0
Short-term debt 701 651 401
Accounts payable 401 322 369
Other current liabilities 2 0 0
Total liabilities and equity 2768 2751 2784
Net IB debt 649 508 164
Net IB debt excl. pension debt 649 508 164
Net IB debt excl. leasing 642 500 155
Capital employed 2365 2429 2415
Capital invested 2240 2211 2102
Working capital -113 -71 -54
Market cap. diluted (m) 4779 4779 4779
Net IB debt adj. 649 508 164
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 5428 5288 4943
Total assets turnover (%) 12,6 28,5 32,5
Working capital/sales (%) -17,1 -11,7 -6,9
Financial risk and debt service N/A N/A N/A
Net debt/equity (%) 40,8 29,9 8,5
Net debt / market cap (%) 13,6 10,6 3,4
Equity ratio (%) 57,4 61,9 69,6
Net IB debt adj. / equity (%) 40,8 29,9 8,5
Current ratio 0,38 0,48 0,82
EBITDA/net interest 0 7,4 9,6
Net IB debt/EBITDA (x) N/A 1,7 0,4
Net IB debt/EBITDA lease adj. (x) -214 1,7 0,4
Interest coverage 1,1 3,8 6,2
SEKm 2024 2025e 2026e
Shares outstanding adj. 112 112 112
Diluted shares adj. 112 112 112
EPS -1,46 1,01 2,11
Dividend per share 0 0 0
EPS adj. -1,46 1,01 2,11
BVPS 14,26 15,27 17,37
BVPS adj. 13,33 14,36 16,54
Net IB debt/share 5,82 4,56 1,47
Share price 42,85 42,85 42,85
Market cap. (m) 4779 4779 4779
P/E (x) N/A 42,4 20,4
EV/sales (x) 16,25 6,72 5,49
EV/EBITDA (x) N/A 18 11,4
EV/EBITA (x) -65,4 34,7 17,7
EV/EBIT (x) -65,4 34,7 17,7
Dividend yield (%) 0 0 0
FCF yield (%) -2,2 3,1 7,3
Le. adj. FCF yld. (%) -2,3 3 7,2
P/BVPS (x) 3,01 2,81 2,47
P/BVPS adj. (x) 3,01 2,81 2,47
P/E adj. (x) N/A 42,4 20,4
EV/EBITDA adj. (x) N/A 18 11,4
EV/EBITA adj. (x) -65,4 34,7 17,7
EV/EBIT adj. (x) -65,4 34,7 17,7
EV/CE (x) 2,3 2,2 2
Investment ratios N/A N/A N/A
Capex/sales (%) 47,3 8,5 2,4
Capex/depreciation 2 0,5 0,1
Capex tangibles / tangible fixed assets 6,3 2,4 0,2
Capex intangibles / definite intangibles N/A N/A N/A
Depreciation on intang / def. intang N/A N/A N/A
Depreciation on tangibles / tangibles 2,85 5,38 5,71

Equity research

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Media

Ovzon - Company presentation with Viktor Bremer, Director Group Finance
Ovzon - Company presentation with CEO Per Norén

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Main shareholders - Ovzon

Main shareholders Share capital % Voting shares % Verified
Investment AB Öresund 12.1 % 12.1 % 26 Jun 2025
Grignolino AB 11.3 % 11.3 % 26 Jun 2025
Fjärde AP-fonden 9.0 % 9.0 % 26 Jun 2025
Bure Equity 8.8 % 8.8 % 11 Jul 2025
Handelsbanken Fonder 4.9 % 4.9 % 26 Jun 2025
Futur Pension 4.6 % 4.6 % 26 Jun 2025
Carnegie Fonder 3.7 % 3.7 % 30 Jun 2025
Patrik Björn 2.7 % 2.7 % 26 Jun 2025
Avanza Pension 2.6 % 2.6 % 26 Jun 2025
Per Wahlberg 2.3 % 2.3 % 28 Mar 2025
Source: Holdings by Modular Finance AB