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Ovzon

Ovzon

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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.

Sustainability information

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 2024 2025e 2026e
Sales 334 543 635
Sales growth (%) 15,2 62,5 16,9
EBITDA 0 233 338
EBITDA margin (%) 0 42,9 53,3
EBIT adj. -83 78 167
EBIT adj. margin (%) -24,9 14,3 26,4
Pretax profit -162 3 107
EPS -1,46 0,03 0,96
EPS growth (%) N/A -101,8 N/A
EPS adj. -1,46 0,03 0,96
DPS 0 0 0
EV/EBITDA (x) N/A 12,1 7,6
EV/EBIT adj. (x) -34,3 36,3 15,4
P/E (x) N/A N/A 20,5
P/E adj. (x) N/A N/A 20,5
EV/sales (x) 8,52 5,19 4,06
FCF yield (%) -4,9 1,6 11,2
Le. adj. FCF yld. (%) -5 1,4 11
Dividend yield (%) 0 0 0
Net IB debt/EBITDA (x) N/A 2,7 1,1
Le. adj. ND/EBITDA (x) -214 2,7 1,1
SEKm 2024 2025e 2026e
Sales 334 543 635
COGS -184 -157 -128
Gross profit 150 386 507
Other operating items -150 -152 -169
EBITDA 0 233 338
Depreciation and amortisation -83 -156 -171
of which leasing depreciation -3 -3 -3
EBITA -83 78 167
EO Items 0 0 0
Impairment and PPA amortisation 0 0 0
EBIT -83 78 167
Net financial items -79 -75 -60
Pretax profit -162 3 107
Tax -1 0 0
Net profit -163 3 107
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders -163 3 107
EPS -1,46 0,03 0,96
EPS adj. -1,46 0,03 0,96
Total extraordinary items after tax 0 0 0
Leasing payments -3 -4 -4
Tax rate (%) -0,6 0 0
Gross margin (%) 44,9 71 79,9
EBITDA margin (%) 0 42,9 53,3
EBITA margin (%) -24,9 14,3 26,4
EBIT margin (%) -24,9 14,3 26,4
Pre-tax margin (%) -48,5 0,5 16,9
Net margin (%) -48,8 0,5 16,9
Sales growth (%) 15,2 62,5 16,9
EBITDA growth (%) -100 N/A 45,1
EBITA growth (%) -11,7 -193,5 115,6
EBIT growth (%) -11,7 -193,5 N/A
Net profit growth (%) 181 -101,8 3643,8
EPS growth (%) N/A -101,8 N/A
Profitability N/A N/A N/A
ROE (%) -9,7 0,2 6,5
ROE adj. (%) -9,7 0,2 6,5
ROCE (%) -3,5 3,3 7,4
ROCE adj. (%) -3,5 3,3 7,4
ROIC (%) -3,8 3,5 7,8
ROIC adj. (%) -3,8 3,5 7,8
Adj. earnings numbers N/A N/A N/A
EBITDA adj. 0 233 338
EBITDA adj. margin (%) 0 42,9 53,3
EBITDA lease adj. -3 229 334
EBITDA lease adj. margin (%) -0,9 42,2 52,6
EBITA adj. -83 78 167
EBITA adj. margin (%) -24,9 14,3 26,4
EBIT adj. -83 78 167
EBIT adj. margin (%) -24,9 14,3 26,4
Pretax profit Adj. -162 3 107
Net profit Adj. -163 3 107
Net profit to shareholders adj. -163 3 107
Net adj. margin (%) -48,8 0,5 16,9
SEKm 2024 2025e 2026e
EBITDA 0 233 338
Goodwill N/A N/A N/A
Net financial items -79 -75 -60
Other intangible assets 103 101 91
Paid tax -2 0 0
Tangible fixed assets 2241 2158 2022
Non-cash items 31 0 0
Right-of-use asset 9 10 11
Cash flow before change in WC -50 158 278
Total other fixed assets 0 0 0
Change in working capital 101 -57 -10
Fixed assets 2353 2268 2124
Operating cash flow 51 102 268
Inventories 0 0 0
Capex tangible fixed assets -141 -53 -5
Receivables 290 174 222
Capex intangible fixed assets -17 -15 -17
Other current assets 0 0 0
Acquisitions and Disposals 0 0 0
Cash and liquid assets 126 105 98
Free cash flow -107 35 246
Total assets 2769 2547 2444
Dividend paid 0 0 0
Shareholders equity 1590 1593 1700
Share issues and buybacks 0 0 0
Minority N/A N/A N/A
Leasing liability amortisation -3 -4 -4
Total equity 1590 1593 1700
Other non-cash items -129 -3 0
Long-term debt 67 67 67
Pension debt N/A N/A N/A
Convertible debt N/A N/A N/A
Leasing liability 7 8 9
Total other long-term liabilities 0 0 0
Short-term debt 701 651 401
Accounts payable 401 228 267
Other current liabilities 2 0 0
Total liabilities and equity 2768 2547 2444
Net IB debt 649 621 379
Net IB debt excl. pension debt 649 621 379
Net IB debt excl. leasing 642 613 370
Capital employed 2365 2319 2177
Capital invested 2240 2214 2079
Working capital -113 -54 -44
Market cap. diluted (m) 2197 2197 2197
Net IB debt adj. 649 621 379
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 2846 2818 2576
Total assets turnover (%) 12,6 20,4 25,4
Working capital/sales (%) -17,1 -15,4 -7,8
Financial risk and debt service N/A N/A N/A
Net debt/equity (%) 40,8 39 22,3
Net debt / market cap (%) 29,5 28,3 17,2
Equity ratio (%) 57,4 62,5 69,6
Net IB debt adj. / equity (%) 40,8 39 22,3
Current ratio 0,38 0,32 0,48
EBITDA/net interest 0 3,1 5,6
Net IB debt/EBITDA (x) N/A 2,7 1,1
Net IB debt/EBITDA lease adj. (x) -214 2,7 1,1
Interest coverage 1,1 1 2,8
SEKm 2024 2025e 2026e
Shares outstanding adj. 112 112 112
Diluted shares adj. 112 112 112
EPS -1,46 0,03 0,96
Dividend per share 0 0 0
EPS adj. -1,46 0,03 0,96
BVPS 14,26 14,28 15,24
BVPS adj. 13,33 13,38 14,43
Net IB debt/share 5,82 5,57 3,4
Share price 19,7 19,7 19,7
Market cap. (m) 2197 2197 2197
P/E (x) N/A N/A 20,5
EV/sales (x) 8,52 5,19 4,06
EV/EBITDA (x) N/A 12,1 7,6
EV/EBITA (x) -34,3 36,3 15,4
EV/EBIT (x) -34,3 36,3 15,4
Dividend yield (%) 0 0 0
FCF yield (%) -4,9 1,6 11,2
Le. adj. FCF yld. (%) -5 1,4 11
P/BVPS (x) 1,38 1,38 1,29
P/BVPS adj. (x) 1,38 1,38 1,29
P/E adj. (x) N/A N/A 20,5
EV/EBITDA adj. (x) N/A 12,1 7,6
EV/EBITA adj. (x) -34,3 36,3 15,4
EV/EBIT adj. (x) -34,3 36,3 15,4
EV/CE (x) 1,2 1,2 1,2
Investment ratios N/A N/A N/A
Capex/sales (%) 47,3 12,3 3,5
Capex/depreciation 2 0,4 0,1
Capex tangibles / tangible fixed assets 6,3 2,4 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 2,85 5,98 6,62

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Media

Ovzon - Company presentation with CEO Per Norén
Ovzon - Fireside chat with CEO Per Norén

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Main shareholders - Ovzon

Main shareholders Share capital % Voting shares % Verified
Bure Equity 12.7 % 12.7 % 26 Feb 2025
Investment AB Öresund 12.1 % 12.1 % 26 Feb 2025
Grignolino AB 11.3 % 11.3 % 26 Feb 2025
Fjärde AP-fonden 9.0 % 9.0 % 26 Feb 2025
Handelsbanken Fonder 8.8 % 8.8 % 28 Feb 2025
Futur Pension 5.0 % 5.0 % 26 Feb 2025
Patrik Björn 2.8 % 2.8 % 26 Feb 2025
Avanza Pension 2.3 % 2.3 % 26 Feb 2025
Per Wahlberg 2.3 % 2.3 % 6 Dec 2023
Stena 2.0 % 2.0 % 26 Feb 2025
Source: Holdings by Modular Finance AB