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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 1020,51 990,07
Sales growth (%) 120,1 38,8 -3
EBITDA 291 416 453
EBITDA margin (%) 39,6 40,8 45,8
EBIT adj. 139 257 294
EBIT adj. margin (%) 18,9 25,1 29,7
Pretax profit 104 271 292
EPS 1,21 1,93 2,14
EPS growth (%) N/A 59,6 11
EPS adj. 1,21 1,93 2,14
DPS N/A N/A N/A
Dividend per share 0 0 0
EV/EBITDA (x) 13,8 9,1 7,6
EV/EBIT adj. (x) 28,9 14,7 11,8
P/E (x) 28,04 17,57 15,83
P/E adj. (x) 28 17,6 15,8
EV/sales (x) 5,46 3,7 3,5
FCF yield (%) 7,6 7,1 8,3
Le. adj. FCF yld. (%) 7,5 7 8,2
Dividend yield (%) 0 0 0
Net IB debt/EBITDA (x) 0,8 0 -0,7
Le. adj. ND/EBITDA (x) 0,8 0 -0,7
SEKm 2025 2026e 2027e
Sales 735 1020,51 990,07
COGS -281 -385 -301
Gross profit 454 635 690
Other operating items -163 -219 -236
EBITDA 291 416 453
Depreciation and amortisation -152 -160 -159
of which leasing depreciation N/A N/A N/A
Depreciation on leased assets -3 -4 -4
EBITA 139 256,53 293,65
EO Items N/A N/A N/A
Operating EO items 0 0 0
Impairment and PPA amortisation N/A N/A N/A
Impairment and amortisation charges 0 0 0
EBIT 139 256,53 293,65
Net financial items -35 14 -2
Pretax profit 104 271 292
Tax 31 -55 -52
Net profit 135 215 239
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 135 215 239
EPS 1,21 1,93 2,14
EPS adj. 1,21 1,93 2,14
Total extraordinary items after tax 0 0 0
Leasing payments -3 -4 -4
Tax rate (%) -29,8 20,4 18
Gross margin (%) 61,8 62,2 69,6
EBITDA margin (%) 39,6 40,8 45,8
EBITA margin (%) 18,9 25,1 29,7
EBIT margin (%) 18,9 25,1 29,7
Pre-tax margin (%) 14,1 26,5 29,5
Net margin (%) 18,4 21,1 24,2
Sales growth (%) 120,1 38,8 -3
EBITDA growth (%) N/A 43 8,8
EBITA growth (%) -267,5 84,6 14,5
EBIT growth (%) -267,5 84,6 14,5
Net profit growth (%) -182,8 59,6 11
EPS growth (%) N/A 59,6 11
Profitability N/A N/A N/A
Year N/A N/A N/A
ROE (%) 8 11,4 11,4
ROE adj. (%) 8 11,4 11,4
ROCE (%) 6,1 12,9 12,8
ROCE adj. (%) 6,1 11,6 12,8
ROIC (%) 8,5 10,2 12,4
ROIC adj. (%) 8,5 10,2 12,4
Adj. earnings numbers N/A N/A N/A
EBITDA adj. 291 416 453
EBITDA adj. margin (%) 39,6 40,8 45,8
EBITDA lease adj. 288 412 449
EBITDA lease adj. margin (%) 39,2 40,4 45,4
EBITA adj. 139 257 294
EBITA adj. margin (%) 18,9 25,1 29,7
EBIT adj. 139 257 294
EBIT adj. margin (%) 18,9 25,1 29,7
Pretax profit Adj. 104 271 292
Net profit Adj. 135 215 239
Net profit to shareholders adj. 135 215 239
Net adj. margin (%) 18,4 21,1 24,2
SEKm 2025 2026e 2027e
EBITDA 291 416 453
Goodwill N/A N/A N/A
Net financial items -35 14 -2
Other intangible assets 97 103 97
Paid tax 0 -27 -52
Tangible fixed assets 2144 2023 1904
Non-cash items -35 6 0
Right-of-use asset 8 7 7
Cash flow before change in WC 221 409 399
Total other fixed assets N/A N/A N/A
Other Fixed Assets All 31 3 3
Change in working capital 116 -99 -54
Fixed assets 2280 2136 2011
Operating cash flow 337 310 345
Inventories 0 0 0
Capex tangible fixed assets -35 -22 -10
Receivables 368 153 198
Capex intangible fixed assets -14 -20 -20
Other current assets 0 0 0
Acquisitions and Disposals 0 0 0
Cash and liquid assets 171 228 489
Free cash flow 288 268 315
Total assets 2819 2518 2698
Dividend paid 0 0 0
Shareholders equity 1789 1987 2227
Share issues and buybacks 0 0 0
Minority N/A N/A N/A
Leasing liability amortisation -3 -4 -4
Total equity 1789 1987 2227
Other non-cash items N/A N/A N/A
Other changes in net debt 138 -28 0
Long-term debt 243 174 124
Pension debt N/A N/A N/A
Convertible debt N/A N/A N/A
Leasing liability 5 7 7
Total other long-term liabilities 0 0 0
Short-term debt 180 40 40
Accounts payable 599 306 297
Other current liabilities 4 3 3
Total liabilities and equity 2820 2518 2698
Net IB debt 226 -10 -321
Net IB debt excl. pension debt 226 -10 -321
Net IB debt excl. leasing 221 -17 -328
Capital employed 2217 2208 2398
Capital invested 2014 1977 1906
Working capital -235 -156 -102
Market cap. diluted (m) 3785 3785 3785
Net IB debt adj. 226 -10 -321
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 4011 3775 3465
Total assets turnover (%) 26,3 38,2 38
Working capital/sales (%) -23,7 -19,2 -13
Financial risk and debt service N/A N/A N/A
Year N/A N/A N/A
Net debt/equity (%) 12,6 -0,5 -14,4
Net debt / market cap (%) 6 -0,3 -8,5
Equity ratio (%) 63,5 78,9 82,5
Net IB debt adj. / equity (%) 12,6 -0,5 -14,4
Current ratio 0,69 1,09 2,02
EBITDA/net interest 8,3 29,7 226,5
Net IB debt/EBITDA (x) 0,8 0 -0,7
Net IB debt/EBITDA lease adj. (x) 0,8 0 -0,7
Interest coverage 4 18,3 146,8
SEKm 2025 2026e 2027e
Shares outstanding adj. 112 112 112
Diluted shares adj. 112 112 112
EPS 1,21 1,93 2,14
Dividend per share 0 0 0
EPS adj. 1,21 1,93 2,14
BVPS 16,04 17,82 19,96
BVPS adj. 15,17 16,9 19,09
Net IB debt/share 2,03 -0,09 -2,88
Share price 33,94 33,94 33,94
Market cap. (m) 3785 3785 3785
P/E (x) 28,04 17,57 15,83
EV/sales (x) 5,46 3,7 3,5
EV/EBITDA (x) 13,8 9,1 7,6
EV/EBITA (x) 28,9 14,7 11,8
EV/EBIT (x) 28,9 14,7 11,8
Dividend yield (%) 0 0 0
FCF yield (%) 7,6 7,1 8,3
Le. adj. FCF yld. (%) 7,5 7 8,2
P/BVPS (x) 2,12 1,9 1,7
P/BVPS adj. (x) 2,12 1,9 1,7
P/E adj. (x) 28 17,6 15,8
EV/EBITDA adj. (x) 13,8 9,1 7,6
EV/EBITA adj. (x) 28,9 14,7 11,8
EV/EBIT adj. (x) 28,9 14,7 11,8
EV/CE (x) 1,8 1,7 1,4
Investment ratios N/A N/A N/A
Year N/A N/A N/A
Capex/sales (%) -6,7 -4,1 -3
Capex/depreciation 0,3 0,3 0,2
Capex tangibles / tangible fixed assets 1,7 1,1 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 5,92 6,1 6,48

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 % 27 Aug 2026
Fjärde AP-fonden 8.5 % 8.5 % 27 Aug 2026
Handelsbanken Fonder 5.6 % 5.7 % 31 Aug 2026
Erik Åfors 5.6 % 5.6 % 27 Aug 2026
Carnegie Fonder 4.5 % 4.5 % 31 Aug 2026
Futur Pension 3.4 % 3.4 % 27 Aug 2026
Avanza Pension 2.6 % 2.7 % 27 Aug 2026
Swedbank Robur Fonder 2.5 % 2.5 % 31 Aug 2026
Capital Group 2.4 % 2.4 % 30 Jun 2026
Patrik Björn 2.3 % 2.3 % 27 Aug 2026
Source: Holdings by Modular Finance AB