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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
Sales 193 228 315
Sales growth (%) 41,7 17,9 38,4
EBITDA 3 35 73
EBITDA margin (%) 1,5 15,5 23,2
EBIT adj -31 -2 34
EBIT adj margin (%) -16,1 -0,7 10,8
Pretax profit -45 -7 29
EPS rep -0,83 -0,12 0,43
EPS growth (%) 84,3 85,2 447,3
EPS adj -0,59 0,13 0,69
DPS 0 0 0
EV/EBITDA (x) 280,6 22,2 10,4
EV/EBIT adj (x) -25,4 -461,4 22,4
P/E (x) -19,2 -129,3 37,2
P/E adj (x) -26,9 126,5 22,9
EV/sales (x) 4,1 3,4 2,4
FCF yield (%) -2,3 1,2 2,5
Dividend yield (%) 0 0 0
Net IB debt/EBITDA -16,6 -1,6 -1,1
N/A N/A N/A
SEKm 2020 2021e 2022e
Sales 193 228 315
COGS -147 -143 -183
Gross profit 46 84 132
Other operating items -44 -49 -59
EBITDA 3 35 73
Depreciation on tangibles -22 -24 -25
Depreciation on intangibles 0 0 0
EBITA -19 11 48
Goodwill impairment charges 0 0 0
Other impairment and amortisation -13 -13 -14
EBIT -31 -2 34
Other financial items 0 0 0
Net financial items -5 -5 -5
Associated income -9 0 0
Other EO items 0 0 0
Pretax profit -45 -7 29
Tax 2 0 -7
Net profit -43 -6 22
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders -43 -6 22
EPS -0,83 -0,12 0,43
EPS Adj -0,59 0,13 0,69
Total extraordinary items after tax 0 0 0
Tax rate (%) -4 -4 -23
Gross margin (%) 24 37 42
EBITDA margin (%) 1,5 15,5 23,2
EBITA margin (%) -9,7 5 15,2
EBIT margin (%) -16,1 -0,7 10,8
Pretax margin (%) -18,7 -2,9 9,2
Net margin (%) -17,8 -2,8 7,1
Growth rates Y/Y 2020 2021 2022
Sales growth (%) 41,7 17,9 38,4
EBITDA growth (%) 103,5 1149 106,8
EBIT growth (%) 72,6 94,6 2102,8
Net profit growth (%) 71,4 85,2 447,3
EPS growth (%) 84,3 85,2 447,3
Profitability 2020 2021 2022
ROE (%) -15,8 -2,6 8,7
ROE Adj (%) -11,3 2,6 14,1
ROCE (%) -11,4 -0,5 10,1
ROCE Adj(%) -7,8 3,4 14,3
ROIC (%) -13,1 -0,8 13,6
ROIC Adj (%) -13,1 -0,8 13,6
Adj earnings numbers 2020 2021 2022
EBITDA Adj 3 35 73
EBITDA Adj margin (%) 1,5 15,5 23,2
EBITA Adj -19 11 48
EBITA Adj margin (%) -9,7 5 15,2
EBIT Adj -31 -2 34
EBIT Adj margin (%) -16,1 -0,7 10,8
Pretax profit Adj -33 6 43
Net profit Adj -31 7 36
Net profit to shareholders Adj -31 7 36
Net Adj margin (%) -11,3 2,9 11,5
N/A N/A N/A
SEKm 2020 2021e 2022e
EBITDA 3 35 73
Net financial items -5 -5 -5
Paid tax 2 0 -7
Non-cash items 0 0 0
Cash flow before change in WC 0 31 61
Change in WC -10 -7 -21
Operating cash flow -11 24 40
CAPEX tangible fixed assets -8 -14 -20
CAPEX intangible fixed assets 0 0 0
Acquisitions and disposals 0 0 0
Free cash flow -19 10 20
Dividend paid 0 0 0
Share issues and buybacks 0 0 0
Other non cash items 17 0 0
Decrease in net IB debt -2 10 20
Balance Sheet (SEKm) 2020 2021 2022
Goodwill 4 4 4
Indefinite intangible assets 0 0 0
Definite intangible assets 104 91 77
Tangible fixed assets 18 8 2
Other fixed assets 8 8 8
Fixed assets 188 165 146
Inventories 33 34 52
Receivables 50 58 79
Other current assets 0 0 0
Cash and liquid assets 126 136 156
Total assets 397 393 433
Shareholders equity 252 246 268
Minority 0 0 0
Total equity 252 246 268
Long-term debt 15 15 15
Pension debt 0 0 0
Convertible debt 0 0 0
Deferred tax 0 0 0
Other long-term liabilities 3 3 3
Short-term debt 9 9 9
Accounts payable 46 49 66
Other current liabilities 17 17 17
Total liabilities and equity 397 393 433
Net IB debt -47 -57 -77
Net IB debt excl. pension debt -47 -57 -77
Capital invested 208 192 194
Working capital 20 27 48
EV breakdown 2020 2021 2022
Market cap. diluted (m) 831 831 831
Net IB debt Adj -47 -57 -77
Market value of minority 0 0 0
Reversal of shares and participations 9 9 9
Reversal of conv. debt assumed equity 0 0 0
EV 793 783 763
Capital efficiency (%) 2020 2021 2022
Total assets turnover (%) 46,3 57,6 76,3
Capital invested turnover (%) 84,3 113,8 163,4
Capital employed turnover (%) 54,8 69,5 93,8
Inventories / sales (%) 14,8 14,7 13,7
Customer advances / sales (%) 0 0 0
Payables / sales (%) 23,1 20,9 18,3
Working capital / sales (%) 12,2 10,2 11,8
Financial risk and debt service 2020 2021 2022
Net debt / equity (%) -18,6 -23,2 -28,9
Net debt / market cap (%) -9,6 -6,9 -9,3
Equity ratio (%) 63,6 62,6 62
Net IB debt adj. / equity (%) -18,6 -23,2 -28,9
Current ratio (%) 252,2 266,8 279,6
EBITDA / net interest (%) 56,5 706 1460
Net IB debt / EBITDA (%) -1664,7 -161,3 -106,1
Interest cover (%) -373,5 226 960
N/A N/A N/A
SEKm 2020 2021e 2022e
Shares outstanding adj. 52 52 52
Fully diluted shares Adj 52 52 52
EPS -0,83 -0,12 0,43
Dividend per share Adj 0 0 0
EPS Adj -0,59 0,13 0,69
BVPS 4,83 4,7 5,13
BVPS Adj 2,76 2,89 3,58
Net IB debt / share -0,9 -1,1 -1,5
Share price 9,39 15,9 15,9
Market cap. (m) 491 831 831
Valuation 2020 2021 2022
P/E -19,2 -129,3 37,2
EV/sales 4,11 3,44 2,42
EV/EBITDA 280,6 22,2 10,4
EV/EBITA -42,5 69,3 15,9
EV/EBIT -25,4 -461,4 22,4
Dividend yield (%) 0 0 0
FCF yield (%) -2,3 1,2 2,5
P/BVPS 3,29 3,38 3,1
P/BVPS Adj 5,76 5,51 4,44
P/E Adj -26,9 126,5 22,9
EV/EBITDA Adj 280,6 22,2 10,4
EV/EBITA Adj -42,5 69,3 15,9
EV/EBIT Adj -25,4 -461,4 22,4
EV/cap. employed 2,4 2,4 2,2
Investment ratios 2020 2021 2022
Capex / sales 4,2 6,2 6,2
Capex / depreciation 37,7 58,8 78,1
Capex tangibles / tangible fixed assets 45,9 181,3 844,8
Capex intangibles / definite intangibles 0 0 0
Depreciation on intangibles / definite intangibles 0 0 0
Depreciation on tangibles / tangibles 121,7 308,3 1081,5
N/A N/A N/A

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Media

GOMspace - Company presentation with CEO Niels Buus

Main shareholders - GOMspace

Main shareholders Share capital % Voting shares % Verified
Hansen & Langeland ApS 10.0 % 10.0 % 30 Sep 2020
La Financière de l'Echiquier 4.5 % 4.5 % 30 Sep 2020
Borean Innovation A/S 3.1 % 3.1 % 30 Sep 2020
Longbus Holding ApS 2.3 % 2.3 % 30 Sep 2020
Avanza Pension 1.2 % 1.2 % 30 Sep 2020
Boka Holding A/S 0.8 % 0.8 % 30 Sep 2020
Henrik Kølle 0.7 % 0.7 % 30 Sep 2020
Troels Nørmølle 0.6 % 0.6 % 30 Sep 2020
Niels Henrik Balle 0.5 % 0.5 % 30 Sep 2020
Anders Torbjörn Jensen 0.4 % 0.4 % 30 Sep 2020
Source: Holdings by Modular Finance AB