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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 290 392 647
Sales growth (%) -18,8 35,2 65,1
EBITDA -65 43 280
EBITDA margin (%) -22,4 11 43,2
EBIT adj. -105 -59 103
EBIT adj. margin (%) -36,2 -15,2 15,9
Pretax profit -65 -109 33
EPS -0,52 -0,86 0,29
EPS growth (%) -26,3 64,6 -134,2
EPS adj. -0,61 -0,86 0,29
DPS 0 0 0
EV/EBITDA (x) -29,4 48 6,8
EV/EBIT adj. (x) -18,2 -34,8 18,7
P/E (x) -26,2 -15,9 46,5
P/E adj. (x) -22,4 -15,9 46,5
EV/sales (x) 6,6 5,28 2,96
FCF yield (%) -45 -10 10,4
Le. adj. FCF yld. (%) -45,2 -10,2 10,1
Dividend yield (%) 0 0 0
Net IB debt/EBITDA (x) -6,1 12,8 1,4
Le. adj. ND/EBITDA (x) -4,9 14 1,4
SEKm 2023 2024e 2025e
Sales 290 392 647
COGS -220 -168 -168
Gross profit 70 224 479
Other operating items -135 -181 -199
EBITDA -65 43 280
Depreciation and amortisation -29 -103 -177
of which leasing depreciation -2 -4 -4
EBITA -94 -59 103
EO Items 11 0 0
Impairment and PPA amortisation 0 0 0
EBIT -94 -59 103
Net financial items 29 -50 -70
Pretax profit -65 -109 33
Tax 7 14 0
Net profit -58 -95 33
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders -58 -95 33
EPS -0,52 -0,86 0,29
EPS adj. -0,61 -0,86 0,29
Total extraordinary items after tax 10 0 0
Leasing payments -4 -4 -4
Tax rate (%) 10,8 12,4 0
Gross margin (%) 24,1 57,1 74
EBITDA margin (%) -22,4 11 43,2
EBITA margin (%) -32,4 -15,2 15,9
EBIT margin (%) -32,4 -15,2 15,9
Pre-tax margin (%) -22,4 -27,8 5
Net margin (%) -20 -24,4 5
Sales growth (%) -18,8 35,2 65,1
EBITDA growth (%) 12,7 -166,4 548,6
EBITA growth (%) 16 -36,7 -272,5
EBIT growth (%) 16 -36,7 -272,5
Net profit growth (%) 60,3 64,6 -134,2
EPS growth (%) -26,3 64,6 -134,2
Profitability N/A N/A N/A
ROE (%) -3,7 -5,5 1,9
ROE adj. (%) -4,3 -5,5 1,9
ROCE (%) -1,7 -2,5 4,5
ROCE adj. (%) -4,9 -2,5 4,5
ROIC (%) -4,4 -2,4 4,7
ROIC adj. (%) -5 -2,4 4,7
Adj. earnings numbers N/A N/A N/A
EBITDA adj. -76 43 280
EBITDA adj. margin (%) -26,2 11 43,2
EBITDA lease adj. -80 39 276
EBITDA lease adj. margin (%) -27,6 10 42,6
EBITA adj. -105 -59 103
EBITA adj. margin (%) -36,2 -15,2 15,9
EBIT adj. -105 -59 103
EBIT adj. margin (%) -36,2 -15,2 15,9
Pretax profit Adj. -76 -109 33
Net profit Adj. -68 -95 33
Net profit to shareholders adj. -68 -95 33
Net adj. margin (%) -23,4 -24,4 5
SEKm 2023 2024e 2025e
EBITDA -65 43 280
Goodwill N/A N/A N/A
Net financial items 29 -50 -70
Other intangible assets 84 90 93
Paid tax 7 14 0
Tangible fixed assets 2102 2123 1987
Non-cash items -25 -1 0
Right-of-use asset 4 4 4
Cash flow before change in WC -54 6 210
Total other fixed assets 0 0 0
Change in working capital 40 -32 -13
Fixed assets 2190 2217 2084
Operating cash flow -14 -25 197
Inventories 0 0 0
Capex tangible fixed assets -621 -101 -10
Receivables 107 137 227
Capex intangible fixed assets -47 -25 -30
Other current assets 0 0 0
Acquisitions and Disposals 0 0 0
Cash and liquid assets 247 92 95
Free cash flow -682 -151 157
Total assets 2544 2446 2405
Dividend paid 0 0 0
Shareholders equity 1780 1685 1717
Share issues and buybacks 436 0 0
Minority N/A N/A N/A
Leasing liability amortisation -4 -4 -4
Total equity 1780 1685 1717
Other non-cash items 55 0 0
Long-term debt 640 640 490
Pension debt N/A N/A N/A
Convertible debt N/A N/A N/A
Leasing liability 4 4 4
Total other long-term liabilities 0 0 0
Short-term debt 0 0 0
Accounts payable 120 118 194
Other current liabilities 1 0 0
Total liabilities and equity 2545 2446 2405
Net IB debt 397 552 399
Net IB debt excl. pension debt 397 552 399
Net IB debt excl. leasing 393 548 395
Capital employed 2424 2329 2211
Capital invested 2176 2237 2116
Working capital -14 20 32
Market cap. diluted (m) 1517 1517 1517
Net IB debt adj. 397 552 399
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 1914 2069 1916
Total assets turnover (%) 13 15,7 26,7
Working capital/sales (%) 6,2 0,7 4
Financial risk and debt service N/A N/A N/A
Net debt/equity (%) 22,3 32,8 23,3
Net debt / market cap (%) 26,2 36,4 26,3
Equity ratio (%) 70 68,9 71,4
Net IB debt adj. / equity (%) 22,3 32,8 23,3
Current ratio 2,93 1,95 1,65
EBITDA/net interest 2,2 0,9 4
Net IB debt/EBITDA (x) -6,1 12,8 1,4
Net IB debt/EBITDA lease adj. (x) -4,9 14 1,4
Interest coverage 3,2 1,2 1,5
SEKm 2023 2024e 2025e
Shares outstanding adj. 112 112 112
Diluted shares adj. 112 112 112
EPS -0,52 -0,86 0,29
Dividend per share 0 0 0
EPS adj. -0,61 -0,86 0,29
BVPS 15,96 15,1 15,4
BVPS adj. 15,21 14,29 14,56
Net IB debt/share 3,56 4,95 3,58
Share price 13,6 13,6 13,6
Market cap. (m) 1517 1517 1517
P/E (x) -26,2 -15,9 46,5
EV/sales (x) 6,6 5,28 2,96
EV/EBITDA (x) -29,4 48 6,8
EV/EBITA (x) -20,4 -34,8 18,7
EV/EBIT (x) -20,4 -34,8 18,7
Dividend yield (%) 0 0 0
FCF yield (%) -45 -10 10,4
Le. adj. FCF yld. (%) -45,2 -10,2 10,1
P/BVPS (x) 0,85 0,9 0,88
P/BVPS adj. (x) 0,85 0,9 0,88
P/E adj. (x) -22,4 -15,9 46,5
EV/EBITDA adj. (x) -25,2 48 6,8
EV/EBITA adj. (x) -18,2 -34,8 18,7
EV/EBIT adj. (x) -18,2 -34,8 18,7
EV/CE (x) 0,8 0,9 0,9
Investment ratios N/A N/A N/A
Capex/sales (%) 230,3 32,1 6,2
Capex/depreciation 24,7 1,3 0,2
Capex tangibles / tangible fixed assets 29,5 4,8 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 0,93 3,6 6,99

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 % 26 Apr 2024
Investment AB Öresund 12.1 % 12.1 % 30 Apr 2024
Grignolino AB 11.3 % 11.3 % 26 Apr 2024
Handelsbanken Fonder 9.4 % 9.4 % 30 Apr 2024
Fjärde AP-fonden 9.2 % 9.2 % 26 Apr 2024
Futur Pension 5.1 % 5.1 % 26 Apr 2024
Avanza Pension 3.5 % 3.5 % 26 Apr 2024
Stena 3.2 % 3.2 % 26 Apr 2024
Per Wahlberg 2.3 % 2.3 % 6 Dec 2023
Patrik Björn 1.4 % 1.4 % 26 Apr 2024
Source: Holdings by Modular Finance AB