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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 2019 2020e 2021e
Sales 136 171 210
Sales growth (%) -11,2 25,5 22,8
EBITDA -81 -4 29
EBITDA margin (%) -59,8 -2,2 14
EBIT adj -114 -38 -8
EBIT adj margin (%) -83,6 -22,1 -3,7
Pretax profit -147 -52 -13
EPS rep -5,3 -0,95 -0,23
EPS growth (%) 0 82,1 75,5
EPS adj -4,89 -0,71 0,02
DPS 0 0 0
EV/EBITDA (x) -6,6 -132,4 16,8
EV/EBIT adj (x) -4,7 -13,1 -64,1
P/E (x) -2,1 -10,7 -43,8
P/E adj (x) -2,3 -14,3 644,6
EV/sales (x) 4 2,9 2,3
FCF yield (%) -36,7 -3,7 0,8
Dividend yield (%) 0 0 0
Net IB debt/EBITDA 0,6 12,2 -1,7
N/A N/A N/A
SEKm 2019 2020e 2021e
Sales 136 171 210
COGS -118 -132 -132
Gross profit 18 39 78
Other operating items -99 -43 -48
EBITDA -81 -4 29
Depreciation on tangibles -21 -22 -24
Depreciation on intangibles 0 0 0
EBITA -102 -25 5
Goodwill impairment charges 0 0 0
Other impairment and amortisation -12 -13 -13
EBIT -114 -38 -8
Other financial items 0 0 0
Net financial items -7 -5 -5
Associated income -26 -9 0
Other EO items 0 0 0
Pretax profit -147 -52 -13
Tax -5 2 1
Net profit -152 -50 -12
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders -152 -50 -12
EPS -5,3 -0,95 -0,23
EPS Adj -4,89 -0,71 0,02
Total extraordinary items after tax 0 0 0
Tax rate (%) 3,5 -4 -4
Gross margin (%) 13,2 23 37
EBITDA margin (%) -59,8 -2,2 14
EBITA margin (%) -75 -14,8 2,5
EBIT margin (%) -83,6 -22,1 -3,7
Pretax margin (%) -88,5 -25 -6
Net margin (%) -92,2 -23,8 -5,8
Growth rates Y/Y 2019 2020 2021
Sales growth (%) -11,2 25,5 22,8
EBITDA growth (%) 15,2 95,4 882,1
EBIT growth (%) 2,4 66,8 79,7
Net profit growth (%) -34,8 67,2 75,5
EPS growth (%) 0 82,1 75,5
Profitability 2019 2020 2021
ROE (%) -41,1 -18,3 -5,1
ROE Adj (%) -38 -13,7 0,3
ROCE (%) -32,7 -13,4 -2,4
ROCE Adj(%) -29,9 -9,8 1,7
ROIC (%) -51,4 -16 -3,8
ROIC Adj (%) -51,4 -16 -3,8
Adj earnings numbers 2019 2020 2021
EBITDA Adj -81 -4 29
EBITDA Adj margin (%) -59,8 -2,2 14
EBITA Adj -102 -25 5
EBITA Adj margin (%) -75 -14,8 2,5
EBIT Adj -114 -38 -8
EBIT Adj margin (%) -83,6 -22,1 -3,7
Pretax profit Adj -135 -39 0
Net profit Adj -140 -37 1
Net profit to shareholders Adj -140 -37 1
Net Adj margin (%) -83,6 -16,5 0,4
N/A N/A N/A
SEKm 2019 2020e 2021e
EBITDA -81 -4 29
Net financial items -7 -5 -5
Paid tax -5 2 1
Non-cash items 0 0 0
Cash flow before change in WC -93 -7 25
Change in WC -11 -6 -7
Operating cash flow -104 -13 17
CAPEX tangible fixed assets -14 -7 -13
CAPEX intangible fixed assets 0 0 0
Acquisitions and disposals 0 0 0
Free cash flow -118 -20 4
Dividend paid 0 0 0
Share issues and buybacks 0 0 0
Other non cash items -34 17 0
Decrease in net IB debt -185 -3 4
Balance Sheet (SEKm) 2019 2020 2021
Goodwill 4 4 4
Indefinite intangible assets 0 0 0
Definite intangible assets 117 104 91
Tangible fixed assets 31 17 6
Other fixed assets 17 8 8
Fixed assets 223 187 163
Inventories 24 29 31
Receivables 45 44 54
Other current assets 17 0 0
Cash and liquid assets 127 124 129
Total assets 437 385 377
Shareholders equity 296 246 234
Minority 0 0 0
Total equity 296 246 234
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 43 41 45
Other current liabilities 17 17 17
Total liabilities and equity 437 385 377
Net IB debt -49 -46 -50
Net IB debt excl. pension debt -49 -46 -50
Capital invested 250 203 186
Working capital 27 16 23
EV breakdown 2019 2020 2021
Market cap. diluted (m) 588 533 533
Net IB debt Adj -49 -46 -50
Market value of minority 0 0 0
Reversal of shares and participations 0 9 9
Reversal of conv. debt assumed equity 0 0 0
EV 539 496 492
Capital efficiency (%) 2019 2020 2021
Total assets turnover (%) 26,1 41,6 55,1
Capital invested turnover (%) 59,4 75,5 107,8
Capital employed turnover (%) 32 48,9 65,9
Inventories / sales (%) 19,9 15,6 14,4
Customer advances / sales (%) 0 0 0
Payables / sales (%) 44,5 24,5 20,5
Working capital / sales (%) 10,4 12,5 9,3
Financial risk and debt service 2019 2020 2021
Net debt / equity (%) -16,4 -18,6 -21,5
Net debt / market cap (%) -7,2 -8,6 -9,4
Equity ratio (%) 67,7 63,9 62
Net IB debt adj. / equity (%) -16,4 -18,6 -21,5
Current ratio (%) 269,4 255,6 262,3
EBITDA / net interest (%) -1214,5 -75 586,4
Net IB debt / EBITDA (%) 59,6 1223,4 -171,5
Interest cover (%) -1413,2 -505 106,4
N/A N/A N/A
SEKm 2019 2020e 2021e
Shares outstanding adj. 52 52 52
Fully diluted shares Adj 52 52 52
EPS -5,3 -0,95 -0,23
Dividend per share Adj 0 0 0
EPS Adj -4,89 -0,71 0,02
BVPS 5,66 4,71 4,47
BVPS Adj 3,35 2,64 2,65
Net IB debt / share -0,9 -0,9 -1
Share price 12,93 10,2 10,2
Market cap. (m) 676 533 533
Valuation 2019 2020 2021
P/E -2,1 -10,7 -43,8
EV/sales 3,96 2,9 2,34
EV/EBITDA -6,6 -132,4 16,8
EV/EBITA -5,3 -19,7 92,5
EV/EBIT -4,7 -13,1 -64,1
Dividend yield (%) 0 0 0
FCF yield (%) -36,7 -3,7 0,8
P/BVPS 1,99 2,17 2,28
P/BVPS Adj 3,36 3,87 3,84
P/E Adj -2,3 -14,3 644,6
EV/EBITDA Adj -6,6 -132,4 16,8
EV/EBITA Adj -5,3 -19,7 92,5
EV/EBIT Adj -4,7 -13,1 -64,1
EV/cap. employed 1,4 1,5 1,6
Investment ratios 2019 2020 2021
Capex / sales 10,1 4,2 6,2
Capex / depreciation 66,9 33,4 54,2
Capex tangibles / tangible fixed assets 44,5 42,9 226
Capex intangibles / definite intangibles 0 0 0
Depreciation on intangibles / definite intangibles 0 0 0
Depreciation on tangibles / tangibles 66,5 128,4 416,8
N/A N/A N/A

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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 Jun 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