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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.

The market for mobile satellite communication services is large and growing, and many governments and media organisations have already announced that they will continue to invest in the coming years. Ovzon offers a unique solution for customers in need of a mobile satellite terminal with high bandwidth. That combination has not existed historically, and the company might capture significant market share.

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 2021 2022e 2023e
Sales 191 321 433
Sales growth (%) 19,3 67,6 35
EBITDA -104 -79 35
EBITDA margin (%) -54,3 -24,7 8,2
EBIT adj margin (%) -54,7 -29,9 -21
Pretax profit -84 -87 -147
EPS rep -1,64 -1,4 -2,26
EPS growth (%) 27,3 14,5 -61,6
EPS adj -1,46 -1,3 -2,26
DPS 0 0 0
EV/EBITDA (x) -30,2 -34,8 77,4
EV/EBIT adj (x) -30 -28,7 -30,2
P/E (x) -38,4 -34,3 -21,2
P/E adj (x) -42,9 -36,9 -21,2
EV/sales (x) 16,4 8,6 6,3
FCF yield (%) -10,9 -15,1 0,3
Dividend yield (%) 0 0 0
Net IB debt/EBITDA 0,8 -3,7 8
EBIT adj -105 -96 -91
Lease adj. FCF yield (%) -10,9 -15,2 0,2
Lease adj. ND/EBITDA 0,9 -3,8 8,2
SEKm 2021 2022e 2023e
Gross profit 14 53 182
Other operating items -118 -132 -146
EBITDA -104 -79 35
Depreciation on tangibles -1 -2 -96
Depreciation on intangibles -4 -4 -15
EBITA -113 -101 -91
Goodwill impairment charges 0 0 0
Other impairment and amortisation 0 0 0
EBIT -113 -101 -91
Other financial items 0 0 0
Net financial items 30 13 -56
Associated income 0 0 0
Other EO items 0 0 0
Pretax profit -84 -87 -147
Tax 0 16 31
Net profit -84 -72 -116
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders -84 -72 -116
EPS -1,64 -1,4 -2,26
EPS Adj -1,46 -1,3 -2,26
Total extraordinary items after tax -8,8 -5 0
Tax rate (%) 0 -18,1 -21
Gross margin (%) 7,3 16,4 42
EBITDA margin (%) -54,3 -24,7 8,2
EBITA margin (%) -59,2 -31,4 -21
EBIT margin (%) -59,2 -31,4 -21
Pretax margin (%) -43,8 -27,3 -33,9
Net margin (%) -43,8 -22,4 -26,8
Growth rates Y/Y 2021 2022 2023
Sales growth (%) 19,3 67,6 35
EBITDA growth (%) -148,5 24 144,9
EBIT growth (%) -134,8 11,1 9,8
Net profit growth (%) 19,4 14,5 -61,6
EPS growth (%) 27,3 14,5 -61,6
Profitability 2021 2022 2023
ROE (%) -6,1 -5,1 -8,8
ROE Adj (%) -5,5 -4,7 -8,8
ROCE (%) -7,4 -5,4 -4,8
ROCE Adj(%) -6,8 -5,2 -4,8
ROIC (%) -9,1 -5,4 -4,5
ROIC Adj (%) -8,4 -5,2 -4,5
Adj earnings numbers 2021 2022 2023
EBITDA Adj -95 -74 35
EBITDA Adj margin (%) -49,7 -23,1 8,2
EBITA Adj -105 -96 -91
EBITA Adj margin (%) -54,7 -29,9 -21
EBIT Adj -105 -96 -91
EBIT Adj margin (%) -54,7 -29,9 -21
Pretax profit Adj -75 -82 -147
Net profit Adj -75 -67 -116
Net profit to shareholders Adj -75 -67 -116
Net Adj margin (%) -39,2 -20,8 -26,8
Sales 191 321 433
COGS -177 -268 -251
Depreciation and amortisation -9 -22 -126
Of which leasing depreciation -2 -2 -2
EO items -9 -5 0
Impairment and PPA amortisation 0 0 0
EBITDA lease Adj -97 -76 34
EBITDA lease Adj margin (%) -50,6 -23,6 7,8
Leasing payments -2 -2 -2
SEKm 2021 2022e 2023e
EBITDA -104 -79 35
Net financial items 30 13 -56
Paid tax 0 16 31
Non-cash items -21 1 1
Cash flow before change in WC -95 -49 11
Change in WC 18 -8 0
Operating cash flow -77 -57 11
CAPEX tangible fixed assets -258 -296 0
CAPEX intangible fixed assets -16 -18 -3
Acquisitions and disposals 0 0 0
Free cash flow -351 -371 8
Dividend paid 0 0 0
Share issues and buybacks 254 0 0
Other non cash items 1 0 0
Decrease in net IB debt -72 -494 356
Balance Sheet (SEKm) 2021 2022 2023
Goodwill 0 0 0
Indefinite intangible assets 21 53 52
Definite intangible assets 0 0 0
Tangible fixed assets 1345 1622 1505
Other fixed assets 0 0 0
Fixed assets 1376 1670 1548
Inventories 0 0 0
Receivables 71 96 130
Other current assets 0 0 0
Cash and liquid assets 406 273 279
Total assets 1853 2039 1957
Shareholders equity 1450 1379 1263
Minority 0 0 0
Total equity 1450 1379 1263
Long-term debt 317 557 557
Pension debt 0 0 0
Convertible debt 0 0 0
Deferred tax 0 0 0
Other long-term liabilities 0 0 0
Short-term debt 0 0 0
Accounts payable 79 96 130
Other current liabilities 0 0 0
Total liabilities and equity 1853 2039 1957
Net IB debt -83 291 285
Net IB debt excl. pension debt -83 291 285
Capital invested 1368 1670 1548
Working capital -8 0 0
EV breakdown 2021 2022 2023
Market cap. diluted (m) 3220 2461 2461
Net IB debt Adj -82 291 285
Market value of minority 0 0 0
Reversal of shares and participations 0 0 0
Reversal of conv. debt assumed equity 0 0 0
EV 3137 2752 2746
Capital efficiency (%) 2021 2022 2023
Total assets turnover (%) 12 16,5 21,7
Capital invested turnover (%) 19,4 15 48,2
Capital employed turnover (%) 15,3 12,7 36,7
Inventories / sales (%) 0 0 0
Customer advances / sales (%) 0 0 0
Payables / sales (%) 37,4 30,3 21,3
Working capital / sales (%) 24,8 -1,3 0
Financial risk and debt service 2021 2022 2023
Net debt / equity (%) -5,7 21,1 22,6
Net debt / market cap (%) -2,4 11,8 11,6
Equity ratio (%) 78,3 67,6 64,5
Net IB debt adj. / equity (%) -5,7 21,1 22,6
Current ratio (%) 601,4 383,9 314,6
EBITDA / net interest (%) -352,4 -593,2 63,7
Net IB debt / EBITDA (%) 79,4 -368,1 804,5
Interest cover (%) 384,3 756,5 -163,2
Lease liability amortisation -1 -2 -2
Other intangible assets 24 40 36
Right-of-use asset 7 7 7
Total other fixed assets 0 0 0
Leasing liability 7 7 7
Total other long-term liabilities 0 0 0
Net IB debt excl. leasing -90 284 278
Net IB debt / EBITDA lease Adj (%) 92,5 -375,3 821,7
SEKm 2021 2022e 2023e
Shares outstanding adj. 51 51 51
Fully diluted shares Adj 51 51 51
EPS -1,64 -1,4 -2,26
Dividend per share Adj 0 0 0
EPS Adj -1,46 -1,3 -2,26
BVPS 28,29 26,89 24,63
BVPS Adj 28,29 26,89 24,63
Net IB debt / share -1,6 5,7 5,6
Share price 67,42 48 48
Market cap. (m) 3457 2461 2461
Valuation 2021 2022 2023
P/E -38,4 -34,3 -21,2
EV/sales 16,39 8,58 6,34
EV/EBITDA -30,2 -34,8 77,4
EV/EBITA -27,7 -27,3 -30,2
EV/EBIT -27,7 -27,3 -30,2
Dividend yield (%) 0 0 0
FCF yield (%) -10,9 -15,1 0,3
P/BVPS 2,22 1,79 1,95
P/BVPS Adj 2,22 1,79 1,95
P/E Adj -42,9 -36,9 -21,2
EV/EBITDA Adj -33 -37,2 77,4
EV/EBITA Adj -30 -28,7 -30,2
EV/EBIT Adj -30 -28,7 -30,2
EV/cap. employed 1,8 1,4 1,5
Investment ratios 2021 2022 2023
Capex / sales 143,1 97,9 0,8
Capex / depreciation 3500,1 1556,3 2,7
Capex tangibles / tangible fixed assets 19,2 18,2 0
Capex intangibles / definite intangibles 0 0 0
Depreciation on intangibles / definite intangibles 0 0 0
Depreciation on tangibles / tangibles 0,5 1,1 7,5
Lease adj. FCF yield (%) -10,9 -15,2 0,2

Equity research

Read earlier research

Media

Ovzon - Company presentation with CEO Per Norén
Ovzon - Company presentation with CEO Magnus René & CFO Johan Brandt

Main shareholders - OVZON

Main shareholders Share capital % Voting shares % Verified
Investment AB Öresund 11.9 % 11.9 % 31 Mar 2022
Bure Equity 11.4 % 11.4 % 31 Mar 2022
Futur Pension 9.6 % 9.6 % 31 Mar 2022
Handelsbanken Fonder 9.4 % 9.4 % 30 Apr 2022
Fjärde AP-fonden 9.1 % 9.1 % 31 Mar 2022
AFA Försäkring 7.7 % 7.7 % 31 Mar 2022
Staffan Persson 6.1 % 6.1 % 31 Mar 2022
Stena 3.2 % 3.2 % 31 Mar 2022
Avanza Pension 1.9 % 1.9 % 31 Mar 2022
Per Wahlberg 1.4 % 1.4 % 15 Jun 2021
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

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