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Ovzon

Ovzon

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Ovzon is a supplier of end-to-end mobile satellite services for mission-critical applications. Through its self-developed terminal, the company offers a solution that combines high mobility with high bandwidth and is protected by patents. In 2024, Ovzon launched its own satellite, Ovzon-3. Currently, Ovzon's revenue stems from the sale of terminals, third-party SATCOM capacity and Ovzon-3 SATCOM capacity.

Sustainability information

Ovzon relies on satellite capacity from third parties, as well as from its own satellite, Ovzon-3, to provide its communication services. Satellites are subject to operational risks while in orbit, many of which are unforeseeable and may not be covered by insurance policies. Other risks relate to pricing, competition, FX, and comparatively high customer concentration.

Financials

SEKm 2025 2026e 2027e
Sales 735 1068 962
Sales growth (%) 120,1 45,3 -9,9
EBITDA 291 494 494
EBITDA margin (%) 39,6 46,2 51,4
EBIT adj. 139 335 330
EBIT adj. margin (%) 18,9 31,4 34,3
Pretax profit 104 307 325
EPS 1,21 2,76 2,62
EPS growth (%) N/A N/A -4,9
EPS adj. 1,21 2,76 2,62
DPS 0 0 0
EV/EBITDA (x) 22,8 12,6 11,8
EV/EBIT adj. (x) 47,7 18,6 17,7
P/E (x) 47,4 20,8 21,9
P/E adj. (x) 47,4 20,8 21,9
EV/sales (x) 9,02 5,83 6,06
FCF yield (%) 4,5 6,6 6,3
Le. adj. FCF yld. (%) 4,5 6,5 6,2
Dividend yield (%) 0 0 0
Net IB debt/EBITDA (x) 0,8 -0,4 -1,2
Le. adj. ND/EBITDA (x) 0,8 -0,4 -1,2
SEKm 2025 2026e 2027e
Sales 735 1068 962
COGS -281 -381 -269
Gross profit 454 687 693
Other operating items -163 -194 -199
EBITDA 291 494 494
Depreciation and amortisation -152 -158 -164
of which leasing depreciation -3 -3 -9
EBITA 139 335 330
EO Items 0 0 0
Impairment and PPA amortisation 0 0 0
EBIT 139 335 330
Net financial items -35 -28 -5
Pretax profit 104 307 325
Tax 31 0 -32
Net profit 135 307 292
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 135 307 292
EPS 1,21 2,76 2,62
EPS adj. 1,21 2,76 2,62
Total extraordinary items after tax 0 0 0
Leasing payments -3 -9 -9
Tax rate (%) -29,8 0 10
Gross margin (%) 61,8 64,4 72
EBITDA margin (%) 39,6 46,2 51,4
EBITA margin (%) 18,9 31,4 34,3
EBIT margin (%) 18,9 31,4 34,3
Pre-tax margin (%) 14,1 28,8 33,8
Net margin (%) 18,4 28,8 30,4
Sales growth (%) 120,1 45,3 -9,9
EBITDA growth (%) N/A 69,7 0,1
EBITA growth (%) -267,5 141,2 -1,7
EBIT growth (%) -267,5 N/A -1,7
Net profit growth (%) -182,8 127,6 -4,9
EPS growth (%) N/A N/A -4,9
Profitability N/A N/A N/A
ROE (%) 8 15,8 13
ROE adj. (%) 8 15,8 13
ROCE (%) 6,1 14,4 13
ROCE adj. (%) 6,1 14,4 13
ROIC (%) 8,5 17,1 15,9
ROIC adj. (%) 8,5 17,1 15,9
Adj. earnings numbers N/A N/A N/A
EBITDA adj. 291 494 494
EBITDA adj. margin (%) 39,6 46,2 51,4
EBITDA lease adj. 288 485 485
EBITDA lease adj. margin (%) 39,2 45,4 50,4
EBITA adj. 139 335 330
EBITA adj. margin (%) 18,9 31,4 34,3
EBIT adj. 139 335 330
EBIT adj. margin (%) 18,9 31,4 34,3
Pretax profit Adj. 104 307 325
Net profit Adj. 135 307 292
Net profit to shareholders adj. 135 307 292
Net adj. margin (%) 18,4 28,8 30,4
SEKm 2025 2026e 2027e
EBITDA 291 494 494
Goodwill N/A N/A N/A
Net financial items -35 -28 -5
Other intangible assets 97 91 85
Paid tax 0 0 -32
Tangible fixed assets 2144 2025 1905
Non-cash items -35 0 0
Right-of-use asset 8 14 14
Cash flow before change in WC 221 466 457
Total other fixed assets 31 31 31
Change in working capital 116 -12 -21
Fixed assets 2280 2161 2035
Operating cash flow 337 454 435
Inventories 0 0 0
Capex tangible fixed assets -35 -10 -10
Receivables 368 320 289
Capex intangible fixed assets -14 -20 -20
Other current assets 0 0 0
Acquisitions and Disposals 0 0 0
Cash and liquid assets 171 483 780
Free cash flow 288 424 405
Total assets 2819 2964 3103
Dividend paid 0 0 0
Shareholders equity 1789 2096 2389
Share issues and buybacks 0 0 0
Minority N/A N/A N/A
Leasing liability amortisation -3 -9 -9
Total equity 1789 2096 2389
Other non-cash items 138 -9 0
Long-term debt 243 243 143
Pension debt N/A N/A N/A
Convertible debt N/A N/A N/A
Leasing liability 5 11 11
Total other long-term liabilities 0 0 0
Short-term debt 180 80 80
Accounts payable 599 534 481
Other current liabilities 4 0 0
Total liabilities and equity 2820 2964 3103
Net IB debt 226 -180 -577
Net IB debt excl. pension debt 226 -180 -577
Net IB debt excl. leasing 221 -191 -588
Capital employed 2217 2430 2623
Capital invested 2014 1916 1812
Working capital -235 -214 -192
Market cap. diluted (m) 6402 6402 6402
Net IB debt adj. 226 -180 -577
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 6628 6222 5825
Total assets turnover (%) 26,3 36,9 31,7
Working capital/sales (%) -23,7 -21 -21,1
Financial risk and debt service N/A N/A N/A
Net debt/equity (%) 12,6 -8,6 -24,1
Net debt / market cap (%) 3,5 -2,8 -9
Equity ratio (%) 63,5 70,7 77
Net IB debt adj. / equity (%) 12,6 -8,6 -24,1
Current ratio 0,69 1,31 1,9
EBITDA/net interest 8,3 17,6 98,8
Net IB debt/EBITDA (x) 0,8 -0,4 -1,2
Net IB debt/EBITDA lease adj. (x) 0,8 -0,4 -1,2
Interest coverage 4 12 65,9
SEKm 2025 2026e 2027e
Shares outstanding adj. 112 112 112
Diluted shares adj. 112 112 112
EPS 1,21 2,76 2,62
Dividend per share 0 0 0
EPS adj. 1,21 2,76 2,62
BVPS 16,04 18,8 21,42
BVPS adj. 15,17 17,98 20,65
Net IB debt/share 2,03 -1,62 -5,17
Share price 57,4 57,4 57,4
Market cap. (m) 6402 6402 6402
P/E (x) 47,4 20,8 21,9
EV/sales (x) 9 5,8 6,1
EV/EBITDA (x) 22,8 12,6 11,8
EV/EBITA (x) 47,7 18,6 17,7
EV/EBIT (x) 47,7 18,6 17,7
Dividend yield (%) 0 0 0
FCF yield (%) 4,5 6,6 6,3
Le. adj. FCF yld. (%) 4,5 6,5 6,2
P/BVPS (x) 3,58 3,05 2,68
P/BVPS adj. (x) 3,58 3,05 2,68
P/E adj. (x) 47,4 20,8 21,9
EV/EBITDA adj. (x) 22,8 12,6 11,8
EV/EBITA adj. (x) 47,7 18,6 17,7
EV/EBIT adj. (x) 47,7 18,6 17,7
EV/CE (x) 3 2,6 2,2
Investment ratios N/A N/A N/A
Capex/sales (%) 6,7 2,8 3,1
Capex/depreciation 0,3 0,2 0,2
Capex tangibles / tangible fixed assets 1,7 0,5 0,5
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

Equity research

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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 % 28 Jan 2026
Fjärde AP-fonden 8.8 % 8.8 % 28 Jan 2026
Bure Equity 6.0 % 6.0 % 28 Jan 2026
Erik Åfors 5.6 % 5.6 % 28 Jan 2026
Futur Pension 4.5 % 4.5 % 28 Jan 2026
Handelsbanken Fonder 4.4 % 4.4 % 31 Jan 2026
Carnegie Fonder 3.7 % 3.7 % 31 Jan 2026
Patrik Björn 3.3 % 3.3 % 28 Jan 2026
Swedbank Robur Fonder 2.5 % 2.5 % 28 Jan 2026
Avanza Pension 2.4 % 2.4 % 28 Jan 2026
Source: Holdings by Modular Finance AB