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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 2025 2026e 2027e
Sales 692 986 908
Sales growth (%) 107,2 42,5 -8
EBITDA 258 446 470
EBITDA margin (%) 37,2 45,2 51,8
EBIT adj. 106 287 310
EBIT adj. margin (%) 15,2 29,1 34,1
Pretax profit 79 260 295
EPS 0,7 2,33 2,38
EPS growth (%) N/A N/A 2,2
EPS adj. 0,7 2,33 2,38
DPS 0 0 0
EV/EBITDA (x) 25,1 13,7 12,2
EV/EBIT adj. (x) 61,3 21,4 18,5
P/E (x) 77,8 23,5 23
P/E adj. (x) 77,8 23,5 23
EV/sales (x) 9,35 6,21 6,33
FCF yield (%) 4,8 5,7 6,3
Le. adj. FCF yld. (%) 4,8 5,6 6,2
Dividend yield (%) 0 0 0
Net IB debt/EBITDA (x) 1,4 0 -0,8
Le. adj. ND/EBITDA (x) 1,4 0 -0,8
SEKm 2025 2026e 2027e
Sales 692 986 908
COGS -274 -368 -254
Gross profit 418 618 654
Other operating items -161 -172 -184
EBITDA 258 446 470
Depreciation and amortisation -152 -159 -160
of which leasing depreciation -3 -3 -4
EBITA 106 287 310
EO Items 0 0 0
Impairment and PPA amortisation 0 0 0
EBIT 106 287 310
Net financial items -27 -27 -15
Pretax profit 79 260 295
Tax 0 0 -29
Net profit 79 260 265
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 79 260 265
EPS 0,7 2,33 2,38
EPS adj. 0,7 2,33 2,38
Total extraordinary items after tax 0 0 0
Leasing payments -4 -4 -4
Tax rate (%) 0 0 10
Gross margin (%) 60,4 62,7 72
EBITDA margin (%) 37,2 45,2 51,8
EBITA margin (%) 15,2 29,1 34,1
EBIT margin (%) 15,2 29,1 34,1
Pre-tax margin (%) 11,3 26,3 32,5
Net margin (%) 11,3 26,3 29,2
Sales growth (%) 107,2 42,5 -8
EBITDA growth (%) N/A 73,2 5,4
EBITA growth (%) -227,1 171,7 8,1
EBIT growth (%) -227,1 N/A 8,1
Net profit growth (%) -148,2 230,8 2,2
EPS growth (%) N/A N/A 2,2
Profitability N/A N/A N/A
ROE (%) 4,8 14,4 12,9
ROE adj. (%) 4,8 14,4 12,9
ROCE (%) 4,4 11,6 12
ROCE adj. (%) 4,4 11,6 12
ROIC (%) 4,9 14,4 14,8
ROIC adj. (%) 4,9 14,4 14,8
Adj. earnings numbers N/A N/A N/A
EBITDA adj. 258 446 470
EBITDA adj. margin (%) 37,2 45,2 51,8
EBITDA lease adj. 254 442 466
EBITDA lease adj. margin (%) 36,6 44,8 51,4
EBITA adj. 106 287 310
EBITA adj. margin (%) 15,2 29,1 34,1
EBIT adj. 106 287 310
EBIT adj. margin (%) 15,2 29,1 34,1
Pretax profit Adj. 79 260 295
Net profit Adj. 79 260 265
Net profit to shareholders adj. 79 260 265
Net adj. margin (%) 11,3 26,3 29,2
SEKm 2025 2026e 2027e
EBITDA 258 446 470
Goodwill N/A N/A N/A
Net financial items -27 -27 -15
Other intangible assets 101 95 89
Paid tax 0 0 -29
Tangible fixed assets 2161 2035 1910
Non-cash items 0 0 0
Right-of-use asset 10 11 11
Cash flow before change in WC 231 419 426
Total other fixed assets 0 0 0
Change in working capital 132 -45 -16
Fixed assets 2272 2142 2010
Operating cash flow 363 374 410
Inventories 0 0 0
Capex tangible fixed assets -53 -5 -5
Receivables 152 247 227
Capex intangible fixed assets -15 -20 -20
Other current assets 0 0 0
Acquisitions and Disposals 0 0 0
Cash and liquid assets 365 611 792
Free cash flow 296 349 385
Total assets 2789 2999 3029
Dividend paid 0 0 0
Shareholders equity 1669 1928 2194
Share issues and buybacks 0 0 0
Minority N/A N/A N/A
Leasing liability amortisation -4 -4 -4
Total equity 1669 1928 2194
Other non-cash items -4 0 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 8 9 9
Total other long-term liabilities 0 0 0
Short-term debt 651 551 351
Accounts payable 395 444 409
Other current liabilities 0 0 0
Total liabilities and equity 2789 2999 3029
Net IB debt 361 16 -365
Net IB debt excl. pension debt 361 16 -365
Net IB debt excl. leasing 353 7 -374
Capital employed 2395 2555 2621
Capital invested 2030 1944 1829
Working capital -242 -197 -182
Market cap. diluted (m) 6112 6112 6112
Net IB debt adj. 361 16 -365
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 6473 6128 5747
Total assets turnover (%) 24,9 34,1 30,1
Working capital/sales (%) -25,7 -22,3 -20,9
Financial risk and debt service N/A N/A N/A
Net debt/equity (%) 21,6 0,8 -16,6
Net debt / market cap (%) 5,9 0,3 -6
Equity ratio (%) 59,8 64,3 72,4
Net IB debt adj. / equity (%) 21,6 0,8 -16,6
Current ratio 0,49 0,86 1,34
EBITDA/net interest 9,5 16,5 31,4
Net IB debt/EBITDA (x) 1,4 0 -0,8
Net IB debt/EBITDA lease adj. (x) 1,4 0 -0,8
Interest coverage 3,9 10,6 20,7
SEKm 2025 2026e 2027e
Shares outstanding adj. 112 112 112
Diluted shares adj. 112 112 112
EPS 0,7 2,33 2,38
Dividend per share 0 0 0
EPS adj. 0,7 2,33 2,38
BVPS 14,96 17,29 19,67
BVPS adj. 14,05 16,43 18,87
Net IB debt/share 3,24 0,14 -3,27
Share price 54,8 54,8 54,8
Market cap. (m) 6112 6112 6112
P/E (x) 77,8 23,5 23
EV/sales (x) 9,4 6,2 6,3
EV/EBITDA (x) 25,1 13,7 12,2
EV/EBITA (x) 61,3 21,4 18,5
EV/EBIT (x) 61,3 21,4 18,5
Dividend yield (%) 0 0 0
FCF yield (%) 4,8 5,7 6,3
Le. adj. FCF yld. (%) 4,8 5,6 6,2
P/BVPS (x) 3,66 3,17 2,79
P/BVPS adj. (x) 3,66 3,17 2,79
P/E adj. (x) 77,8 23,5 23
EV/EBITDA adj. (x) 25,1 13,7 12,2
EV/EBITA adj. (x) 61,3 21,4 18,5
EV/EBIT adj. (x) 61,3 21,4 18,5
EV/CE (x) 2,7 2,4 2,2
Investment ratios N/A N/A N/A
Capex/sales (%) 9,7 2,5 2,8
Capex/depreciation 0,4 0,2 0,2
Capex tangibles / tangible fixed assets 2,4 0,2 0,3
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 5,9 6,1 6,5

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Media

Ovzon - Company presentation with CEO Per Norén and CFO André Löfgren
Ovzon - Company presentation with Viktor Bremer, Director Group Finance

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Main shareholders - Ovzon

Main shareholders Share capital % Voting shares % Verified
Investment AB Öresund 12.0 % 12.1 % 23 Dec 2025
Fjärde AP-fonden 8.9 % 9.0 % 23 Dec 2025
Bure Equity 8.2 % 8.2 % 23 Dec 2025
Erik Åfors 5.6 % 5.6 % 23 Dec 2025
Handelsbanken Fonder 4.9 % 4.9 % 15 Jan 2026
Futur Pension 4.5 % 4.6 % 23 Dec 2025
Carnegie Fonder 3.7 % 3.7 % 31 Dec 2025
Patrik Björn 3.3 % 3.3 % 23 Dec 2025
Swedbank Robur Fonder 2.8 % 2.8 % 31 Dec 2025
Avanza Pension 2.7 % 2.7 % 23 Dec 2025
Source: Holdings by Modular Finance AB