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Ovzon

Ovzon

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Ovzon is a supplier of end-to-end mobile satellite services for mission-critical applications. Through its self-developed terminal, the company offers a solution that combines high mobility with high bandwidth and is protected by patents. In 2024, Ovzon launched its own satellite, Ovzon-3. Currently, Ovzon's revenue stems from the sale of terminals, third-party SATCOM capacity and Ovzon-3 SATCOM capacity.

Sustainability information

Ovzon relies on satellite capacity from third parties, as well as from its own satellite, Ovzon-3, to provide its communication services. Satellites are subject to operational risks while in orbit, many of which are unforeseeable and may not be covered by insurance policies. Other risks relate to pricing, competition, FX, and comparatively high customer concentration.

Financials

SEKm 2025 2026e 2027e
Sales 735 1033,61 971,76
Sales growth (%) 120,1 40,6 -6
EBITDA 291 481 487
EBITDA margin (%) 39,6 46,5 50,1
EBIT adj. 139 321 327
EBIT adj. margin (%) 18,9 31,1 33,7
Pretax profit 104 315 322
EPS 1,21 2,26 2,37
EPS growth (%) N/A 86,4 5
EPS adj. 1,21 2,26 2,37
DPS N/A N/A N/A
Dividend per share 0 0 0
EV/EBITDA (x) 16,1 9,1 8,3
EV/EBIT adj. (x) 33,7 13,6 12,4
P/E (x) 32,98 17,69 16,85
P/E adj. (x) 33 17,7 16,8
EV/sales (x) 6,37 4,24 4,17
FCF yield (%) 6,5 7,1 7,5
Le. adj. FCF yld. (%) 6,4 7 7,5
Dividend yield (%) 0 0 0
Net IB debt/EBITDA (x) 0,8 -0,1 -0,8
Le. adj. ND/EBITDA (x) 0,8 -0,2 -0,8
SEKm 2025 2026e 2027e
Sales 735 1033,61 971,76
COGS -281 -355 -277
Gross profit 454 678 694
Other operating items -163 -198 -208
EBITDA 291 481 487
Depreciation and amortisation -152 -160 -159
of which leasing depreciation N/A N/A N/A
Depreciation on leased assets -3 -4 -4
EBITA 139 321,26 327,25
EO Items N/A N/A N/A
Operating EO items 0 0 0
Impairment and PPA amortisation N/A N/A N/A
Impairment and amortisation charges 0 0 0
EBIT 139 321,26 327,25
Net financial items -35 -6 -5
Pretax profit 104 315 322
Tax 31 -64 -58
Net profit 135 252 264
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 135 252 264
EPS 1,21 2,26 2,37
EPS adj. 1,21 2,26 2,37
Total extraordinary items after tax 0 0 0
Leasing payments -3 -4 -4
Tax rate (%) -29,8 20,2 18
Gross margin (%) 61,8 65,6 71,5
EBITDA margin (%) 39,6 46,5 50,1
EBITA margin (%) 18,9 31,1 33,7
EBIT margin (%) 18,9 31,1 33,7
Pre-tax margin (%) 14,1 30,5 33,2
Net margin (%) 18,4 24,3 27,2
Sales growth (%) 120,1 40,6 -6
EBITDA growth (%) N/A 65,2 1,2
EBITA growth (%) -267,5 131,1 1,9
EBIT growth (%) -267,5 N/A 1,9
Net profit growth (%) -182,8 86,4 5
EPS growth (%) N/A 86,4 5
Profitability N/A N/A N/A
Year N/A N/A N/A
ROE (%) 8 13,2 12,2
ROE adj. (%) 8 13,2 12,2
ROCE (%) 6,1 14,4 14
ROCE adj. (%) 6,1 14,4 14
ROIC (%) 8,5 12,9 13,9
ROIC adj. (%) 8,5 12,9 13,9
Adj. earnings numbers N/A N/A N/A
EBITDA adj. 291 481 487
EBITDA adj. margin (%) 39,6 46,5 50,1
EBITDA lease adj. 288 477 483
EBITDA lease adj. margin (%) 39,2 46,1 49,7
EBITA adj. 139 321 327
EBITA adj. margin (%) 18,9 31,1 33,7
EBIT adj. 139 321 327
EBIT adj. margin (%) 18,9 31,1 33,7
Pretax profit Adj. 104 315 322
Net profit Adj. 135 252 264
Net profit to shareholders adj. 135 252 264
Net adj. margin (%) 18,4 24,3 27,2
SEKm 2025 2026e 2027e
EBITDA 291 481 487
Goodwill N/A N/A N/A
Net financial items -35 -6 -5
Other intangible assets 97 93 87
Paid tax 0 -45 -58
Tangible fixed assets 2144 2020 1901
Non-cash items -35 1 0
Right-of-use asset 8 8 8
Cash flow before change in WC 221 431 424
Total other fixed assets N/A N/A N/A
Other Fixed Assets All 31 13 13
Change in working capital 116 -87 -58
Fixed assets 2280 2135 2010
Operating cash flow 337 344 366
Inventories 0 0 0
Capex tangible fixed assets -35 -10 -10
Receivables 368 155 194
Capex intangible fixed assets -14 -20 -20
Other current assets 0 0 0
Acquisitions and Disposals 0 0 0
Cash and liquid assets 171 258 540
Free cash flow 288 315 336
Total assets 2819 2548 2743
Dividend paid 0 0 0
Shareholders equity 1789 2031 2295
Share issues and buybacks 0 0 0
Minority N/A N/A N/A
Leasing liability amortisation -3 -4 -4
Total equity 1789 2031 2295
Other non-cash items N/A N/A N/A
Other changes in net debt 138 -16 0
Long-term debt 243 158 108
Pension debt N/A N/A N/A
Convertible debt N/A N/A N/A
Leasing liability 5 4 4
Total other long-term liabilities 0 0 0
Short-term debt 180 40 40
Accounts payable 599 310 292
Other current liabilities 4 5 5
Total liabilities and equity 2820 2548 2743
Net IB debt 226 -69 -401
Net IB debt excl. pension debt 226 -69 -401
Net IB debt excl. leasing 221 -73 -405
Capital employed 2217 2233 2447
Capital invested 2014 1962 1894
Working capital -235 -160 -102
Market cap. diluted (m) 4452 4452 4452
Net IB debt adj. 226 -69 -401
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 4678 4384 4052
Total assets turnover (%) 26,3 38,5 36,7
Working capital/sales (%) -23,7 -19,1 -13,5
Financial risk and debt service N/A N/A N/A
Year N/A N/A N/A
Net debt/equity (%) 12,6 -3,4 -17,5
Net debt / market cap (%) 5,1 -1,5 -9
Equity ratio (%) 63,5 79,7 83,7
Net IB debt adj. / equity (%) 12,6 -3,4 -17,5
Current ratio 0,69 1,16 2,18
EBITDA/net interest 8,3 80,1 97,3
Net IB debt/EBITDA (x) 0,8 -0,1 -0,8
Net IB debt/EBITDA lease adj. (x) 0,8 -0,2 -0,8
Interest coverage 4 53,5 65,5
SEKm 2025 2026e 2027e
Shares outstanding adj. 112 112 112
Diluted shares adj. 112 112 112
EPS 1,21 2,26 2,37
Dividend per share 0 0 0
EPS adj. 1,21 2,26 2,37
BVPS 16,04 18,21 20,58
BVPS adj. 15,17 17,37 19,79
Net IB debt/share 2,03 -0,62 -3,59
Share price 39,92 39,92 39,92
Market cap. (m) 4452 4452 4452
P/E (x) 32,98 17,69 16,85
EV/sales (x) 6,37 4,24 4,17
EV/EBITDA (x) 16,1 9,1 8,3
EV/EBITA (x) 33,7 13,6 12,4
EV/EBIT (x) 33,7 13,6 12,4
Dividend yield (%) 0 0 0
FCF yield (%) 6,5 7,1 7,5
Le. adj. FCF yld. (%) 6,4 7 7,5
P/BVPS (x) 2,49 2,19 1,94
P/BVPS adj. (x) 2,49 2,19 1,94
P/E adj. (x) 33 17,7 16,8
EV/EBITDA adj. (x) 16,1 9,1 8,3
EV/EBITA adj. (x) 33,7 13,6 12,4
EV/EBIT adj. (x) 33,7 13,6 12,4
EV/CE (x) 2,1 2 1,7
Investment ratios N/A N/A N/A
Year N/A N/A N/A
Capex/sales (%) -6,7 -2,9 -3,1
Capex/depreciation 0,3 0,2 0,2
Capex tangibles / tangible fixed assets 1,7 0,5 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 5,92 6,11 6,49

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Media

Ovzon - Company presentation with CEO Per Norén and CFO André Löfgren
Ovzon - Company presentation with Viktor Bremer, Director Group Finance

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Main shareholders - Ovzon

Main shareholders Share capital % Voting shares % Verified
Investment AB Öresund 12.0 % 12.1 % 26 Jun 2026
Fjärde AP-fonden 8.5 % 8.5 % 26 Jun 2026
Erik Åfors 5.6 % 5.6 % 26 Jun 2026
Carnegie Fonder 4.5 % 4.5 % 26 Jun 2026
Handelsbanken Fonder 3.8 % 3.8 % 31 May 2026
Futur Pension 3.3 % 3.3 % 26 Jun 2026
Swedbank Robur Fonder 2.5 % 2.5 % 26 Jun 2026
Avanza Pension 2.4 % 2.4 % 26 Jun 2026
Capital Group 2.3 % 2.3 % 13 Apr 2026
Per Wahlberg 2.3 % 2.3 % 28 Mar 2025
Source: Holdings by Modular Finance AB