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

Rare combination of speed and mobility

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.

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 2022 2023e 2024e
Sales 357 364 604
Sales growth (%) 86,5 2 65,8
EBITDA -24 -33 198
EBITDA margin (%) -6,6 -9,1 32,7
EBIT adj. -47 -116 51
EBIT adj. margin (%) -13,2 -31,8 8,4
Pretax profit -2 -164 -5
EPS -0,04 -2,31 -0,07
EPS growth (%) -97,5 5559,2 -97
EPS adj. -0,04 -2,24 -0,07
DPS 0 0 0
EV/EBITDA (x) -96,3 -78,7 12,7
EV/EBIT adj. (x) -48,4 -22,6 49,7
P/E (x) -987,5 -17,4 -584,2
P/E adj. (x) -987,5 -18 -584,2
EV/sales (x) 6,36 7,19 4,16
FCF yield (%) -12,7 -15,8 4,8
Le. adj. FCF yld. (%) -12,8 -15,9 4,6
Dividend yield (%) 0 0 0
Net IB debt/EBITDA (x) -8,6 -11 1,3
Le. adj. ND/EBITDA (x) 7,6 11,4 1,3
SEKm 2022 2023e 2024e
Sales 357 364 604
COGS -245 -220 -213
Gross profit 112 144 391
Other operating items -135 -178 -193
EBITDA -24 -33 198
Depreciation and amortisation -23 -88 -147
of which leasing depreciation -2 -2 -3
EBITA -47 -121 51
EO Items 0 -5 0
Impairment and PPA amortisation 0 0 0
EBIT -47 -121 51
Net financial items 45 -43 -55
Pretax profit -2 -164 -5
Tax 0 35 1
Net profit -2 -129 -4
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders -2 -129 -4
EPS -0,04 -2,31 -0,07
EPS adj. -0,04 -2,24 -0,07
Total extraordinary items after tax 0 -4 0
Leasing payments -2 -3 -3
Tax rate (%) -25,2 21,3 21
Gross margin (%) 31,2 39,6 64,7
EBITDA margin (%) -6,6 -9,1 32,7
EBITA margin (%) -13,2 -33,2 8,4
EBIT margin (%) -13,2 -33,2 8,4
Pre-tax margin (%) -0,5 -45 -0,8
Net margin (%) -0,6 -35,4 -0,6
Sales growth (%) 86,5 2 65,8
EBITDA growth (%) -77,2 41,1 -694
EBITA growth (%) -58,6 157,2 -141,9
EBIT growth (%) -58,6 N/A -141,9
Net profit growth (%) -97,5 6055,3 -97
EPS growth (%) -97,5 5559,2 -97
Profitability N/A N/A N/A
ROE (%) -0,1 -8,8 -0,3
ROE adj. (%) -0,1 -8,6 -0,3
ROCE (%) 2,4 -6,2 2,6
ROCE adj. (%) -2,6 -6 2,6
ROIC (%) -3,9 -5,4 2,2
ROIC adj. (%) -3,9 -5,2 2,2
Adj. earnings numbers N/A N/A N/A
EBITDA adj. -24 -28 198
EBITDA adj. margin (%) -6,6 -7,8 32,7
EBITDA lease adj. -26 -31 195
EBITDA lease adj. margin (%) -7,2 -8,6 32,2
EBITA adj. -47 -116 51
EBITA adj. margin (%) -13,2 -31,8 8,4
EBIT adj. -47 -116 51
EBIT adj. margin (%) -13,2 -31,8 8,4
Pretax profit Adj. -2 -159 -5
Net profit Adj. -2 -125 -4
Net profit to shareholders adj. -2 -125 -4
Net adj. margin (%) -0,6 -34,3 -0,6
SEKm 2022 2023e 2024e
EBITDA -24 -33 198
Goodwill N/A N/A N/A
Net financial items 45 -43 -55
Other intangible assets 59 79 82
Paid tax 0 35 1
Tangible fixed assets 1478 1736 1602
Non-cash items -44 0 0
Right-of-use asset 8 9 9
Cash flow before change in WC -23 -41 143
Total other fixed assets 0 0 0
Change in working capital -94 49 -24
Fixed assets 1545 1824 1692
Operating cash flow -116 8 119
Inventories 0 0 0
Capex tangible fixed assets -127 -339 -2
Receivables 135 109 181
Capex intangible fixed assets -19 -25 -10
Other current assets 0 0 0
Acquisitions and Disposals 0 0 0
Cash and liquid assets 276 111 115
Free cash flow -263 -356 107
Total assets 1956 2045 1989
Dividend paid 0 0 0
Shareholders equity 1427 1493 1489
Share issues and buybacks 0 195 0
Minority N/A N/A N/A
Leasing liability amortisation -2 -3 -3
Total equity 1427 1493 1489
Other non-cash items -20 -1 0
Long-term debt 470 470 370
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 0 0 0
Accounts payable 49 73 121
Other current liabilities 0 0 0
Total liabilities and equity 1954 2045 1989
Net IB debt 202 367 263
Net IB debt excl. pension debt 202 367 263
Net IB debt excl. leasing 194 358 254
Capital employed 1905 1972 1868
Capital invested 1631 1860 1753
Working capital 86 36 60
Market cap. diluted (m) 2069 2250 2250
Net IB debt adj. 202 367 263
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 2271 2618 2514
Total assets turnover (%) 18,7 18,2 30
Working capital/sales (%) 10,9 16,8 8
Financial risk and debt service N/A N/A N/A
Net debt/equity (%) 14,2 24,6 17,7
Net debt / market cap (%) 9,8 16,3 11,7
Equity ratio (%) 73 73 74,9
Net IB debt adj. / equity (%) 14,2 24,6 17,7
Current ratio 8,31 3,03 2,46
EBITDA/net interest 0,5 0,8 3,6
Net IB debt/EBITDA (x) -8,6 -11 1,3
Net IB debt/EBITDA lease adj. (x) -7,6 -11,4 1,3
Interest coverage 1 2,8 0,9
SEKm 2022 2023e 2024e
Shares outstanding adj. 51 56 56
Diluted shares adj. 51 56 56
EPS -0,04 -2,31 -0,07
Dividend per share 0 0 0
EPS adj. -0,04 -2,24 -0,07
BVPS 27,83 26,77 26,7
BVPS adj. 26,67 25,35 25,24
Net IB debt/share 3,95 6,59 4,72
Share price 40,35 40,35 40,35
Market cap. (m) 2069 2250 2250
P/E (x) -987,5 -17,4 -584,2
EV/sales (x) 6,36 7,19 4,16
EV/EBITDA (x) -96,3 -78,7 12,7
EV/EBITA (x) -48,4 -21,7 49,7
EV/EBIT (x) -48,4 -21,7 49,7
Dividend yield (%) 0 0 0
FCF yield (%) -12,7 -15,8 4,8
Le. adj. FCF yld. (%) -12,8 -15,9 4,6
P/BVPS (x) 1,45 1,51 1,51
P/BVPS adj. (x) 1,45 1,51 1,51
P/E adj. (x) -987,5 -18 -584,2
EV/EBITDA adj. (x) -96,3 -92,6 12,7
EV/EBITA adj. (x) -48,4 -22,6 49,7
EV/EBIT adj. (x) -48,4 -22,6 49,7
EV/CE (x) 1,2 1,3 1,3
Investment ratios N/A N/A N/A
Capex/sales (%) 41 99,8 2
Capex/depreciation 6,9 4,3 0,1
Capex tangibles / tangible fixed assets 8,6 19,5 0,1
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 1,32 4,48 8,14

Equity research

Read earlier research

Media

Ovzon - Company presentation with CFO Noora Jayasekara
Ovzon - Company presentation with CEO Per Norén

View more media

Main shareholders - OVZON

Main shareholders Share capital % Voting shares % Verified
Investment AB Öresund 12.1 % 12.1 % 6 Mar 2023
Bure Equity 11.4 % 11.4 % 24 Feb 2023
Futur Pension 9.6 % 9.6 % 24 Feb 2023
Handelsbanken Fonder 9.4 % 9.4 % 28 Feb 2023
Fjärde AP-fonden 9.1 % 9.1 % 24 Feb 2023
AFA Försäkring 7.6 % 7.6 % 24 Feb 2023
Staffan Persson 6.1 % 6.1 % 24 Feb 2023
Stena 3.2 % 3.2 % 24 Feb 2023
Avanza Pension 1.8 % 1.8 % 24 Feb 2023
Per Wahlberg 1.3 % 1.3 % 28 Dec 2022
Source: Holdings by Modular Finance AB

Insider list - Ovzon

Name Quantity Code Date
Per Noren + 20 000 BUY 18 Aug 2021
Johan Brandt + 50 000 BUY 29 Jun 2021
Thomas Hopkins + 50 000 BUY 29 Jun 2021
Per Noren + 100 000 SUBS 29 Jun 2021
Daniel Gager + 10 000 SUBS 29 Jun 2021
Pål Ekberg - 10 000 SELL 18 Jun 2021
Kennet Lejnell - 7 000 SELL 15 Jun 2021
Etheron AB + 80 340 SUBS 15 Jun 2021
Per Wahlberg - 39 000 SELL 15 Jun 2021
Equi Performance Sweden AB + 7 000 BUY 15 Jun 2021

Show More