Press the button and be introduced to a new random company!

Introduce me >

Social media

facebook   Follow us on Twitter

Coverage

Ovzon

Ovzon

Send subscription Close

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 334 501 576
Sales growth (%) 15,2 50,1 14,8
EBITDA 0 219 308
EBITDA margin (%) 0 43,7 53,5
EBIT adj. -83 77 156
EBIT adj. margin (%) -24,9 15,3 27,1
Pretax profit -162 43 98
EPS -1,46 0,38 0,88
EPS growth (%) N/A -126,3 N/A
EPS adj. -1,46 0,38 0,88
DPS 0 0 0
EV/EBITDA (x) N/A 16,6 11,1
EV/EBIT adj. (x) -44,3 47,2 21,9
P/E (x) N/A 70,7 31
P/E adj. (x) N/A 70,7 31
EV/sales (x) 11,01 7,25 5,94
FCF yield (%) -3,5 1,7 7,2
Le. adj. FCF yld. (%) -3,6 1,6 7,1
Dividend yield (%) 0 0 0
Net IB debt/EBITDA (x) N/A 2,8 1,3
Le. adj. ND/EBITDA (x) -214 2,8 1,3
SEKm 2024 2025e 2026e
Sales 334 501 576
COGS -184 -147 -116
Gross profit 150 355 459
Other operating items -150 -136 -151
EBITDA 0 219 308
Depreciation and amortisation -83 -142 -152
of which leasing depreciation -3 -3 -3
EBITA -83 77 156
EO Items 0 0 0
Impairment and PPA amortisation 0 0 0
EBIT -83 77 156
Net financial items -79 -34 -58
Pretax profit -162 43 98
Tax -1 0 0
Net profit -163 43 98
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders -163 43 98
EPS -1,46 0,38 0,88
EPS adj. -1,46 0,38 0,88
Total extraordinary items after tax 0 0 0
Leasing payments -3 -4 -4
Tax rate (%) -0,6 0 0
Gross margin (%) 44,9 70,8 79,8
EBITDA margin (%) 0 43,7 53,5
EBITA margin (%) -24,9 15,3 27,1
EBIT margin (%) -24,9 15,3 27,1
Pre-tax margin (%) -48,5 8,5 17
Net margin (%) -48,8 8,5 17
Growth Rates y-o-y N/A N/A N/A
Sales growth (%) 15,2 50,1 14,8
EBITDA growth (%) -100 N/A 40,8
EBITA growth (%) -11,7 -192,7 102,6
EBIT growth (%) -11,7 -192,7 N/A
Net profit growth (%) 181 -126,3 128,2
EPS growth (%) N/A -126,3 N/A
Profitability N/A N/A N/A
ROE (%) -9,7 2,7 5,8
ROE adj. (%) -9,7 2,7 5,8
ROCE (%) -3,5 3,3 6,8
ROCE adj. (%) -3,5 3,3 6,8
ROIC (%) -3,8 3,4 7,1
ROIC adj. (%) -3,8 3,4 7,1
Adj. earnings numbers N/A N/A N/A
EBITDA adj. 0 219 308
EBITDA adj. margin (%) 0 43,7 53,5
EBITDA lease adj. -3 215 304
EBITDA lease adj. margin (%) -0,9 42,9 52,8
EBITA adj. -83 77 156
EBITA adj. margin (%) -24,9 15,3 27,1
EBIT adj. -83 77 156
EBIT adj. margin (%) -24,9 15,3 27,1
Pretax profit Adj. -162 43 98
Net profit Adj. -163 43 98
Net profit to shareholders adj. -163 43 98
Net adj. margin (%) -48,8 8,5 17
SEKm 2024 2025e 2026e
Goodwill N/A N/A N/A
EBITDA 0 219 308
Other intangible assets 103 101 92
Net financial items -79 -34 -58
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 -50 185 250
Total other fixed assets 0 0 0
Change in working capital 101 -66 -11
Fixed assets 2353 2282 2156
Operating cash flow 51 119 240
Inventories 0 0 0
Capex tangible fixed assets -141 -53 -5
Receivables 290 160 201
Capex intangible fixed assets -17 -15 -17
Other current assets 0 0 0
Acquisitions and Disposals 0 0 0
Cash and liquid assets 126 122 87
Free cash flow -107 52 218
Total assets 2769 2564 2444
Dividend paid 0 0 0
Shareholders equity 1590 1633 1731
Share issues and buybacks 0 0 0
Minority N/A N/A N/A
Leasing liability amortisation -3 -4 -4
Total equity 1590 1633 1731
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 401 206 236
Other current liabilities 2 0 0
Total liabilities and equity 2768 2564 2444
Net IB debt 649 604 390
Net IB debt excl. pension debt 649 604 390
Net IB debt excl. leasing 642 596 381
Capital employed 2365 2359 2208
Capital invested 2240 2237 2121
Working capital -113 -45 -35
EV breakdown N/A N/A N/A
Market cap. diluted (m) 3028 3028 3028
Net IB debt adj. 649 604 390
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 3677 3632 3419
Total assets turnover (%) 12,6 18,8 23
Working capital/sales (%) -17,1 -15,8 -6,9
Financial risk and debt service N/A N/A N/A
Net debt/equity (%) 40,8 37 22,6
Net debt / market cap (%) 21,4 19,9 12,9
Equity ratio (%) 57,4 63,7 70,8
Net IB debt adj. / equity (%) 40,8 37 22,6
Current ratio 0,38 0,33 0,45
EBITDA/net interest 0 6,4 5,3
Net IB debt/EBITDA (x) N/A 2,8 1,3
Net IB debt/EBITDA lease adj. (x) -214 2,8 1,3
Interest coverage 1,1 2,3 2,7
SEKm 2024 2025e 2026e
Shares outstanding adj. 112 112 112
Diluted shares adj. 112 112 112
EPS -1,46 0,38 0,88
Dividend per share 0 0 0
EPS adj. -1,46 0,38 0,88
BVPS 14,26 14,64 15,52
BVPS adj. 13,33 13,73 14,69
Net IB debt/share 5,82 5,42 3,5
Share price 27,15 27,15 27,15
Market cap. (m) 3028 3028 3028
Valuation N/A N/A N/A
P/E (x) N/A 70,7 31
EV/sales (x) 11,01 7,25 5,94
EV/EBITDA (x) N/A 16,6 11,1
EV/EBITA (x) -44,3 47,2 21,9
EV/EBIT (x) -44,3 47,2 21,9
Dividend yield (%) 0 0 0
FCF yield (%) -3,5 1,7 7,2
Le. adj. FCF yld. (%) -3,6 1,6 7,1
P/BVPS (x) 1,9 1,85 1,75
P/BVPS adj. (x) 1,9 1,85 1,75
P/E adj. (x) N/A 70,7 31
EV/EBITDA adj. (x) N/A 16,6 11,1
EV/EBITA adj. (x) -44,3 47,2 21,9
EV/EBIT adj. (x) -44,3 47,2 21,9
EV/CE (x) 1,6 1,5 1,5
Investment ratios N/A N/A N/A
Capex/sales (%) 47,3 13,4 3,8
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

Read earlier research

Media

Ovzon - Company presentation with CEO Per Norén
Ovzon - Fireside chat with CEO Per Norén

View more media

Main shareholders - Ovzon

Main shareholders Share capital % Voting shares % Verified
Bure Equity 12.7 % 12.7 % 27 Mar 2025
Investment AB Öresund 12.1 % 12.1 % 27 Mar 2025
Grignolino AB 11.3 % 11.3 % 27 Mar 2025
Fjärde AP-fonden 9.0 % 9.0 % 27 Mar 2025
Handelsbanken Fonder 6.7 % 6.7 % 31 Mar 2025
Futur Pension 5.0 % 5.0 % 27 Mar 2025
Patrik Björn 2.8 % 2.8 % 27 Mar 2025
Carnegie Fonder 2.8 % 2.8 % 31 Mar 2025
Per Wahlberg 2.3 % 2.3 % 28 Mar 2025
Avanza Pension 2.2 % 2.2 % 27 Mar 2025
Source: Holdings by Modular Finance AB