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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 334 692 911
Sales growth (%) 15,2 107,1 31,8
EBITDA 0 265 428
EBITDA margin (%) 0 38,4 47
EBIT adj. -83 113 269
EBIT adj. margin (%) -24,9 16,4 29,5
Pretax profit -162 86 242
EPS -1,46 0,77 2,17
EPS growth (%) N/A N/A N/A
EPS adj. -1,46 0,77 2,17
DPS 0 0 0
EV/EBITDA (x) N/A 15,1 8,6
EV/EBIT adj. (x) -51,6 35,4 13,6
P/E (x) N/A 42,1 15
P/E adj. (x) N/A 42,1 15
EV/sales (x) 12,81 5,8 4,03
FCF yield (%) -2,9 7,6 9,5
Le. adj. FCF yld. (%) -3 7,5 9,4
Dividend yield (%) 0 0 0
Net IB debt/EBITDA (x) N/A 1,4 0,1
Le. adj. ND/EBITDA (x) -214 1,4 0,1
SEKm 2024 2025e 2026e
Sales 334 692 911
COGS -184 -265 -308
Gross profit 150 427 603
Other operating items -150 -162 -175
EBITDA 0 265 428
Depreciation and amortisation -83 -152 -159
of which leasing depreciation -3 -3 -3
EBITA -83 113 269
EO Items 0 0 0
Impairment and PPA amortisation 0 0 0
EBIT -83 113 269
Net financial items -79 -27 -27
Pretax profit -162 86 242
Tax -1 0 0
Net profit -163 86 242
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders -163 86 242
EPS -1,46 0,77 2,17
EPS adj. -1,46 0,77 2,17
Total extraordinary items after tax 0 0 0
Leasing payments -3 -4 -4
Tax rate (%) -0,6 0 0
Gross margin (%) 44,9 61,8 66,2
EBITDA margin (%) 0 38,4 47
EBITA margin (%) -24,9 16,4 29,5
EBIT margin (%) -24,9 16,4 29,5
Pre-tax margin (%) -48,5 12,5 26,6
Net margin (%) -48,8 12,5 26,6
Sales growth (%) 15,2 107,1 31,8
EBITDA growth (%) -100 N/A 61,5
EBITA growth (%) -11,7 -236,5 137,5
EBIT growth (%) -11,7 -236,5 N/A
Net profit growth (%) 181 -152,9 180,6
EPS growth (%) N/A N/A N/A
Profitability N/A N/A N/A
ROE (%) -9,7 5,3 13,5
ROE adj. (%) -9,7 5,3 13,5
ROCE (%) -3,5 4,8 10,9
ROCE adj. (%) -3,5 4,8 10,9
ROIC (%) -3,8 5,3 13,4
ROIC adj. (%) -3,8 5,3 13,4
Adj. earnings numbers N/A N/A N/A
EBITDA adj. 0 265 428
EBITDA adj. margin (%) 0 38,4 47
EBITDA lease adj. -3 261 424
EBITDA lease adj. margin (%) -0,9 37,8 46,6
EBITA adj. -83 113 269
EBITA adj. margin (%) -24,9 16,4 29,5
EBIT adj. -83 113 269
EBIT adj. margin (%) -24,9 16,4 29,5
Pretax profit Adj. -162 86 242
Net profit Adj. -163 86 242
Net profit to shareholders adj. -163 86 242
Net adj. margin (%) -48,8 12,5 26,6
SEKm 2024 2025e 2026e
EBITDA 0 265 428
Goodwill N/A N/A N/A
Net financial items -79 -27 -27
Other intangible assets 103 101 95
Paid tax -2 0 0
Tangible fixed assets 2241 2161 2035
Non-cash items 31 0 0
Right-of-use asset 9 10 11
Cash flow before change in WC -50 238 401
Total other fixed assets 0 0 0
Change in working capital 101 104 -32
Fixed assets 2353 2272 2142
Operating cash flow 51 343 369
Inventories 0 0 0
Capex tangible fixed assets -141 -53 -5
Receivables 290 152 228
Capex intangible fixed assets -17 -15 -20
Other current assets 0 0 0
Acquisitions and Disposals 0 0 0
Cash and liquid assets 126 345 586
Free cash flow -107 276 344
Total assets 2769 2769 2956
Dividend paid 0 0 0
Shareholders equity 1590 1676 1918
Share issues and buybacks 0 0 0
Minority N/A N/A N/A
Leasing liability amortisation -3 -4 -4
Total equity 1590 1676 1918
Other non-cash items -129 -4 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 701 651 551
Accounts payable 401 367 410
Other current liabilities 2 0 0
Total liabilities and equity 2768 2769 2956
Net IB debt 649 381 41
Net IB debt excl. pension debt 649 381 41
Net IB debt excl. leasing 642 373 32
Capital employed 2365 2402 2545
Capital invested 2240 2058 1959
Working capital -113 -214 -182
Market cap. diluted (m) 3630 3630 3630
Net IB debt adj. 649 381 41
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 4279 4012 3671
Total assets turnover (%) 12,6 25 31,8
Working capital/sales (%) -17,1 -23,7 -21,8
Financial risk and debt service N/A N/A N/A
Net debt/equity (%) 40,8 22,7 2,1
Net debt / market cap (%) 17,9 10,5 1,1
Equity ratio (%) 57,4 60,5 64,9
Net IB debt adj. / equity (%) 40,8 22,7 2,1
Current ratio 0,38 0,49 0,85
EBITDA/net interest 0 9,8 15,9
Net IB debt/EBITDA (x) N/A 1,4 0,1
Net IB debt/EBITDA lease adj. (x) -214 1,4 0,1
Interest coverage 1,1 4,2 10
SEKm 2024 2025e 2026e
Shares outstanding adj. 112 112 112
Diluted shares adj. 112 112 112
EPS -1,46 0,77 2,17
Dividend per share 0 0 0
EPS adj. -1,46 0,77 2,17
BVPS 14,26 15,03 17,2
BVPS adj. 13,33 14,12 16,35
Net IB debt/share 5,82 3,42 0,37
Share price 32,55 32,55 32,55
Market cap. (m) 3630 3630 3630
P/E (x) N/A 42,1 15
EV/sales (x) 12,8 5,8 4
EV/EBITDA (x) N/A 15,1 8,6
EV/EBITA (x) -51,6 35,4 13,6
EV/EBIT (x) -51,6 35,4 13,6
Dividend yield (%) 0 0 0
FCF yield (%) -2,9 7,6 9,5
Le. adj. FCF yld. (%) -3 7,5 9,4
P/BVPS (x) 2,28 2,17 1,89
P/BVPS adj. (x) 2,28 2,17 1,89
P/E adj. (x) N/A 42,1 15
EV/EBITDA adj. (x) N/A 15,1 8,6
EV/EBITA adj. (x) -51,6 35,4 13,6
EV/EBIT adj. (x) -51,6 35,4 13,6
EV/CE (x) 1,8 1,7 1,4
Investment ratios N/A N/A N/A
Capex/sales (%) 47,3 9,7 2,7
Capex/depreciation 2 0,4 0,2
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 2,9 5,9 6,1

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 % 29 Oct 2025
Fjärde AP-fonden 9.0 % 9.0 % 29 Oct 2025
Bure Equity 8.2 % 8.2 % 29 Oct 2025
Erik Åfors 5.7 % 5.7 % 29 Sep 2025
Futur Pension 4.6 % 4.6 % 29 Oct 2025
Handelsbanken Fonder 4.4 % 4.4 % 31 Oct 2025
Staffan Persson 4.2 % 4.2 % 29 Oct 2025
Carnegie Fonder 3.7 % 3.7 % 29 Oct 2025
Patrik Björn 3.2 % 3.2 % 29 Oct 2025
Swedbank Robur Fonder 2.8 % 2.8 % 29 Oct 2025
Source: Holdings by Modular Finance AB