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Ovzon

Ovzon

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.

SEKm 2023 2024e 2025e
Sales 323 411 829
Sales growth (%) -9,6 27,4 101,7
EBITDA -57 18 380
EBITDA margin (%) -17,8 4,5 45,8
EBIT adj. -94 -128 230
EBIT adj. margin (%) -29,3 -31,1 27,7
Pretax profit -81 -235 136
EPS -1,21 -3,33 1,93
EPS growth (%) 72 174,3 -157,8
EPS adj. -1,33 -3,3 1,93
Dividend per share 0 0 0
DPS N/A N/A N/A
EV/EBITDA (x) -20,1 66,2 2,7
EV/EBIT adj. (x) -12,2 -9,6 4,5
P/E (x) -8,2 -3 5,2
P/E adj. (x) -7,5 -3 5,2
EV/sales (x) 3,59 2,98 1,25
FCF yield (%) -105,9 -11,2 34,4
Le. adj. FCF yld. (%) -106,7 -11,9 33,7
Dividend yield (%) 0 0 0
Net IB debt/EBITDA (x) -10,5 36,2 1,3
Le. adj. ND/EBITDA (x) -8,5 39,9 1,3
SEKm 2023 2024e 2025e
Sales 323 411 829
COGS -244 -195 -236
Gross profit 79 216 593
Other operating items -136 -198 -214
EBITDA -57 18 380
Depreciation and amortisation -29 -149 -150
Depreciation on leased assets -2 -4 -4
of which leasing depreciation N/A N/A N/A
EBITA -86 -130 230
Operating EO items 8 -2 0
EO Items N/A N/A N/A
Impairment and amortisation charges 0 0 0
Impairment and PPA amortisation N/A N/A N/A
EBIT -86,5 -130,03 229,59
Net financial items 5 -105 -94
Pretax profit -81 -235 136
Tax 14 49 -29
Net profit -68 -186 107
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders -68 -186 107
EPS -1,21 -3,33 1,93
EPS adj. -1,33 -3,3 1,93
Total extraordinary items after tax 7 -2 0
Leasing payments -4 -4 -4
Tax rate (%) 17 21 21
Gross margin (%) 24,4 52,6 71,5
EBITDA margin (%) -17,8 4,5 45,8
EBITA margin (%) -26,8 -31,6 27,7
EBIT margin (%) -26,8 -31,6 27,7
Pre-tax margin (%) -25,3 -57,2 16,4
Net margin (%) -21 -45,2 12,9
Sales growth (%) -9,6 27,4 101,7
EBITDA growth (%) -0,4 -132,2 1955
EBITA growth (%) 6,7 50,3 -276,6
EBIT growth (%) 6,7 50,3 -276,6
Net profit growth (%) 87 174,3 -157,8
EPS growth (%) 72 174,3 -157,8
Profitability N/A N/A N/A
ROE (%) -4,6 -13 7,7
ROE adj. (%) -5,1 -12,9 7,7
ROCE (%) -3,7 -6,1 11,3
ROCE adj. (%) -4,6 -6 11,3
ROIC (%) -3,9 -5 9,2
ROIC adj. (%) -4,2 -4,9 9,2
Year N/A N/A N/A
Adj. earnings numbers N/A N/A N/A
EBITDA adj. -65 20 380
EBITDA adj. margin (%) -20,3 5 45,8
EBITDA lease adj. -69 16 376
EBITDA lease adj. margin (%) -21,5 4 45,3
EBITA adj. -94 -128 230
EBITA adj. margin (%) -29,3 -31,1 27,7
EBIT adj. -94 -128 230
EBIT adj. margin (%) -29,3 -31,1 27,7
Pretax profit Adj. -89 -233 136
Net profit Adj. -74 -184 107
Net profit to shareholders adj. -74 -184 107
Net adj. margin (%) -23 -44,8 12,9
SEKm 2023 2024e 2025e
EBITDA -57 18 380
Goodwill N/A N/A N/A
Net financial items 5 -105 -94
Other intangible assets 89 83 76
Paid tax 14 49 -29
Tangible fixed assets 1984 1860 1737
Non-cash items 2 0 0
Right-of-use asset 10 10 10
Cash flow before change in WC -37 -37 257
Other Fixed Assets All 0 0 0
Total other fixed assets N/A N/A N/A
Change in working capital 12 -11 -50
Fixed assets 2083 1953 1823
Operating cash flow -25 -48 207
Inventories 0 0 0
Capex tangible fixed assets -526 -4 -4
Receivables 103 132 265
Capex intangible fixed assets -38 -11 -12
Other current assets 0 0 0
Acquisitions and Disposals 0 0 0
Cash and liquid assets 108 42 79
Free cash flow -588 -62 191
Total assets 2295 2127 2168
Dividend paid 0 0 0
Shareholders equity 1520 1335 1442
Share issues and buybacks 195 0 0
Minority N/A N/A N/A
Leasing liability amortisation -4 -4 -4
Total equity 1520 1335 1442
Other changes in net debt -2 0 0
Long-term debt 700 700 550
Other non-cash items N/A N/A N/A
Pension debt N/A N/A N/A
Convertible debt N/A N/A N/A
Leasing liability 10 10 10
Total other long-term liabilities 0 0 0
Short-term debt 0 0 0
Accounts payable 65 82 166
Other current liabilities 0 0 0
Total liabilities and equity 2295 2127 2168
Net IB debt 602 668 481
Net IB debt excl. pension debt 602 668 481
Net IB debt excl. leasing 591 658 470
Capital employed 2230 2045 2002
Capital invested 2122 2003 1923
Working capital 39 49 100
Market cap. diluted (m) 555 555 555
Net IB debt adj. 602 668 481
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 1157 1223 1036
Total assets turnover (%) 15,3 18,6 38,6
Working capital/sales (%) 13,8 10,7 9
Year N/A N/A N/A
Financial risk and debt service N/A N/A N/A
Net debt/equity (%) 39,6 50,1 33,3
Net debt / market cap (%) 108,3 120,3 86,6
Equity ratio (%) 66,2 62,7 66,5
Net IB debt adj. / equity (%) 39,6 50,1 33,3
Current ratio 3,28 2,11 2,08
EBITDA/net interest 11,5 0,2 4,1
Net IB debt/EBITDA (x) -10,5 36,2 1,3
Net IB debt/EBITDA lease adj. (x) -8,5 39,9 1,3
Interest coverage 17,3 1,2 2,5
SEKm 2023 2024e 2025e
Shares outstanding adj. 56 56 56
Diluted shares adj. 56 56 56
EPS -1,21 -3,33 1,93
Dividend per share 0 0 0
EPS adj. -1,33 -3,3 1,93
BVPS 27,26 23,93 25,86
BVPS adj. 25,65 22,44 24,48
Net IB debt/share 10,79 11,98 8,62
Share price 9,96 9,96 9,96
Market cap. (m) 555 555 555
P/E (x) -8,2 -3 5,2
EV/sales (x) 3,59 2,98 1,25
EV/EBITDA (x) -20,1 66,2 2,7
EV/EBITA (x) -13,4 -9,4 4,5
EV/EBIT (x) -13,4 -9,4 4,5
Dividend yield (%) 0 0 0
FCF yield (%) -105,9 -11,2 34,4
Le. adj. FCF yld. (%) -106,7 -11,9 33,7
P/BVPS (x) 0,37 0,42 0,39
P/BVPS adj. (x) 0,37 0,42 0,39
P/E adj. (x) -7,5 -3 5,2
EV/EBITDA adj. (x) -17,7 59,8 2,7
EV/EBITA adj. (x) -12,2 -9,6 4,5
EV/EBIT adj. (x) -12,2 -9,6 4,5
EV/CE (x) 0,5 0,6 0,5
Year N/A N/A N/A
Investment ratios N/A N/A N/A
Capex/sales (%) -174,6 -3,5 -1,9
Capex/depreciation 20,8 0,1 0,1
Capex tangibles / tangible fixed assets 26,5 0,2 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 0,99 6,48 6,97

Equity research

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Media

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

Main shareholders - OVZON

Main shareholders Share capital % Voting shares % Verified
Bure Equity 12.7 % 12.7 % 29 Jan 2024
Investment AB Öresund 12.1 % 12.1 % 29 Jan 2024
Grignolino AB 11.3 % 11.3 % 29 Jan 2024
Handelsbanken Fonder 9.8 % 9.8 % 31 Jan 2024
Fjärde AP-fonden 9.2 % 9.2 % 29 Jan 2024
Futur Pension 5.1 % 5.1 % 29 Jan 2024
Stena 3.2 % 3.2 % 29 Jan 2024
Avanza Pension 2.7 % 2.7 % 29 Jan 2024
Per Wahlberg 2.3 % 2.3 % 6 Dec 2023
Patrik Björn 1.6 % 1.6 % 29 Jan 2024
Source: Holdings by Modular Finance AB