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GOMspace

GOMspace

Gomspace is a Denmark-based (Sweden-listed) leading manufacturer and supplier of CubeSat and small satellite solutions for customers within the academic, science, commercial and defense sectors. Its value creation abilities come from its strengths in systems integration, radio technologies, CubeSat platforms and satellite operations. Its mission is to “help teams across the globe achieve their goals in space”.

With the expected increased demand for nanosatellites, there is a substantial risk of various new competitors entering the market and intensifying the competitive landscape. Furthermore, as some of GomSpace’s customers are reliant on funding for their space ventures, the risk of insufficient funding within the industry should be acknowledged. Lastly, as the company's product are focused around space, the risk of regulatory changes is also present.

SEKm 2020 2021e 2022e
Lease adj. ND/EBITDA 4 -4,5 -1,3
Lease adj. FCF yield (%) 1,3 -7,3 3,1
Sales 195 251 336
Sales growth (%) 42,8 29,1 33,8
EBITDA -30 18 82
EBITDA margin (%) -15,6 7,2 24,3
EBIT adj -30 -17 43
EBIT adj margin (%) -15,6 -6,8 12,7
Pretax profit -48 -23 38
EPS rep -0,83 -0,41 0,55
EPS growth (%) 84,3 50,4 234,1
EPS adj -0,83 -0,16 0,82
DPS 0 0 0
EV/EBITDA (x) -25,3 43,8 9,3
EV/EBIT adj (x) -25,3 -46,2 17,8
P/E (x) -19,6 -38,7 28,9
P/E adj (x) -19,6 -97,1 19,5
EV/sales (x) 3,9 3,1 2,3
FCF yield (%) 1,3 -7,3 3,1
Dividend yield (%) 0 0 0
Net IB debt/EBITDA 3 -2,8 -0,9
SEKm 2020 2021e 2022e
Leasing payments 0 0 0
Depreciation and amortisation 0 -22 -25
Of which leasing depreciation 0 0 0
EO items 0 0 0
Impairment and PPA amortisation 0 -13 -14
EBITDA lease Adj -30 18 82
EBITDA lease Adj margin (%) -15,6 7,2 24,3
Sales 195 251 336
COGS -147 -188 -203
Gross profit 48 63 133
Other operating items -78 -45 -51
EBITDA -30 18 82
Depreciation on tangibles 0 -22 -25
Depreciation on intangibles 0 0 0
EBITA -30 -4 57
Goodwill impairment charges 0 0 0
Other impairment and amortisation 0 -13 -14
EBIT -30 -17 43
Other financial items 0 0 0
Net financial items -8 -6 -5
Associated income -9 0 0
Other EO items 0 0 0
Pretax profit -48 -23 38
Tax 4 1 -9
Net profit -44 -22 29
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders -44 -22 29
EPS -0,83 -0,41 0,55
EPS Adj -0,83 -0,16 0,82
Total extraordinary items after tax 0 0 0
Tax rate (%) -8,6 -4 -23
Gross margin (%) 24,5 25 39,6
EBITDA margin (%) -15,6 7,2 24,3
EBITA margin (%) -15,6 -1,6 16,9
EBIT margin (%) -15,6 -6,8 12,7
Pretax margin (%) -19,9 -9 11,2
Net margin (%) -17,7 -8,6 8,6
Growth rates Y/Y 2020 2021 2022
Sales growth (%) 42,8 29,1 33,8
EBITDA growth (%) 62,9 159,4 354,2
EBIT growth (%) 73,4 43,7 350,6
Net profit growth (%) 71,3 50,4 234,1
EPS growth (%) 84,3 50,4 234,1
Profitability 2020 2021 2022
ROE (%) -16 -9,1 12,1
ROE Adj (%) -16 -3,6 17,9
ROCE (%) -11,2 -6 14,9
ROCE Adj(%) -11,2 -1,4 19,8
ROIC (%) -13,3 -9,3 17,7
ROIC Adj (%) -13,3 -9,3 17,7
Adj earnings numbers 2020 2021 2022
EBITDA Adj -30 18 82
EBITDA Adj margin (%) -15,6 7,2 24,3
EBITA Adj -30 -4 57
EBITA Adj margin (%) -15,6 -1,6 16,9
EBIT Adj -30 -17 43
EBIT Adj margin (%) -15,6 -6,8 12,7
Pretax profit Adj -48 -10 52
Net profit Adj -44 -9 43
Net profit to shareholders Adj -44 -9 43
Net Adj margin (%) -17,7 -3,4 12,8
SEKm 2020 2021e 2022e
Lease liability amortisation 0 0 0
Other intangible assets 114 101 87
Right-of-use asset 43 43 43
Total other fixed assets 7 7 7
Leasing liability 32 32 32
Total other long-term liabilities 8 8 8
Net IB debt excl. leasing -121 -81 -107
Net IB debt / EBITDA lease Adj (%) 400,6 -452,6 -131,5
EBITDA -30 18 82
Net financial items -8 -6 -5
Paid tax 4 1 -9
Non-cash items 0 0 0
Cash flow before change in WC -35 13 68
Change in WC 37 -59 -21
Operating cash flow 3 -45 47
CAPEX tangible fixed assets 9 -16 -21
CAPEX intangible fixed assets 0 0 0
Acquisitions and disposals 0 0 0
Free cash flow 11 -61 26
Dividend paid 0 0 0
Share issues and buybacks 0 0 0
Other non cash items 8 21 0
Decrease in net IB debt 41 -18 23
Balance Sheet (SEKm) 2020 2021 2022
Goodwill 4 4 4
Indefinite intangible assets 0 0 0
Definite intangible assets 114 101 87
Tangible fixed assets 22 16 12
Other fixed assets 7 7 7
Fixed assets 189 170 152
Inventories 26 38 55
Receivables 31 64 84
Other current assets 22 0 0
Cash and liquid assets 136 96 122
Total assets 404 367 413
Shareholders equity 247 226 255
Minority 0 0 0
Total equity 247 226 255
Long-term debt 14 14 14
Pension debt 0 0 0
Convertible debt 0 0 0
Deferred tax 0 0 0
Other long-term liabilities 8 8 8
Short-term debt 0 0 0
Accounts payable 68 54 71
Other current liabilities 34 34 34
Total liabilities and equity 403 367 413
Net IB debt -89 -50 -76
Net IB debt excl. pension debt -89 -50 -76
Capital invested 167 184 187
Working capital -23 14 35
EV breakdown 2020 2021 2022
Market cap. diluted (m) 855 837 837
Net IB debt Adj -89 -50 -76
Market value of minority 0 0 0
Reversal of shares and participations -1 -1 -1
Reversal of conv. debt assumed equity 0 0 0
EV 765 787 761
Capital efficiency (%) 2020 2021 2022
Total assets turnover (%) 46,3 65,1 86,2
Capital invested turnover (%) 93,4 134,5 178,9
Capital employed turnover (%) 58,3 79,8 107
Inventories / sales (%) 13 13,2 13,6
Customer advances / sales (%) 0 0 0
Payables / sales (%) 28,6 25,4 18,2
Working capital / sales (%) 1,1 -1,8 7,3
Financial risk and debt service 2020 2021 2022
Net debt / equity (%) -36,2 -22 -29,7
Net debt / market cap (%) -18,2 -5,9 -9
Equity ratio (%) 61,2 61,5 61,7
Net IB debt adj. / equity (%) -36,2 -22 -29,7
Current ratio (%) 210,5 224,8 250,1
EBITDA / net interest (%) -361,6 326,9 1633
Net IB debt / EBITDA (%) 295,7 -276 -92,6
Interest cover (%) -281 -73,1 1133
SEKm 2020 2021e 2022e
Lease adj. FCF yield (%) 1,3 -7,3 3,1
Shares outstanding adj. 52 52 52
Fully diluted shares Adj 52 52 52
EPS -0,83 -0,41 0,55
Dividend per share Adj 0 0 0
EPS Adj -0,83 -0,16 0,82
BVPS 4,73 4,32 4,87
BVPS Adj 2,48 2,32 3,14
Net IB debt / share -1,7 -0,9 -1,4
Share price 9,39 16,02 16,02
Market cap. (m) 491 837 837
Valuation 2020 2021 2022
P/E -19,6 -38,7 28,9
EV/sales 3,93 3,13 2,26
EV/EBITDA -25,3 43,8 9,3
EV/EBITA -25,3 -195,6 13,4
EV/EBIT -25,3 -46,2 17,8
Dividend yield (%) 0 0 0
FCF yield (%) 1,3 -7,3 3,1
P/BVPS 3,46 3,71 3,29
P/BVPS Adj 6,59 6,91 5,1
P/E Adj -19,6 -97,1 19,5
EV/EBITDA Adj -25,3 43,8 9,3
EV/EBITA Adj -25,3 -195,6 13,4
EV/EBIT Adj -25,3 -46,2 17,8
EV/cap. employed 2,6 2,9 2,5
Investment ratios 2020 2021 2022
Capex / sales -4,5 6,2 6,2
Capex / depreciation 0 70,8 83,4
Capex tangibles / tangible fixed assets -38,7 97,6 176,5
Capex intangibles / definite intangibles 0 0 0
Depreciation on intangibles / definite intangibles 0 0 0
Depreciation on tangibles / tangibles 0 137,8 211,8

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Media

GOMspace - Company presentation with CEO Niels Buus
GOMspace - Company presentation with CEO Niels Buus

Main shareholders - GOMspace

Main shareholders Share capital % Voting shares % Verified
Hansen & Langeland ApS 7.1 % 7.1 % 30 Jun 2021
La Financière de l'Echiquier 4.5 % 4.5 % 31 Mar 2021
Longbus Holding ApS 2.3 % 2.3 % 30 Jun 2021
Avanza Pension 1.0 % 1.0 % 30 Jun 2021
Eero Tapani Olkkonen 0.6 % 0.6 % 30 Jun 2021
Deka Investments 0.5 % 0.5 % 30 Jun 2021
Niels Henrik Balle 0.4 % 0.4 % 30 Jun 2021
Anders Torbjörn Jensen 0.4 % 0.4 % 30 Jun 2021
Jens Peter Balling 0.3 % 0.3 % 30 Jun 2021
Björn Sigurd Borgen 0.3 % 0.3 % 30 Jun 2021
Source: Holdings by Modular Finance AB