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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.

The market for mobile satellite communication services is large and growing, and many governments and media organisations have already announced that they will continue to invest in the coming years. Ovzon offers a unique solution for customers in need of a mobile satellite terminal with high bandwidth. That combination has not existed historically, and the company might capture significant market share.

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 2019 2020e 2021e
Sales 232 163 267
Sales growth (%) 11,4 -29,4 63,3
EBITDA 29 -40 1
EBITDA margin (%) 12,3 -24,2 0,5
EBIT adj margin (%) -0,4 -27,6 -2,9
Pretax profit 39 -74 -8
EPS rep 0,87 -1,43 -0,13
EPS growth (%) 124 -264,9 90,8
EPS adj 0,87 -1,43 -0,13
DPS 0 0 0
EV/EBITDA (x) 66,5 -72,4 2457,6
EV/EBIT adj (x) -2167,6 -63,3 -434,9
P/E (x) 73,7 -46,2 -502
P/E adj (x) 73,7 -46,2 -502
EV/sales (x) 8,2 17,5 12,6
FCF yield (%) -23,2 -20,2 -16,3
Dividend yield (%) 0 0 0
Net IB debt/EBITDA -8,8 5,2 216
EBIT adj -1 -45 -8
N/A N/A N/A
SEKm 2019 2020e 2021e
Gross profit 109 56 128
Other operating items -81 -96 -127
EBITDA 29 -40 1
Depreciation on tangibles 1 0 -3
Depreciation on intangibles -4 -4 -4
EBITA 24 -45 -8
Goodwill impairment charges 0 0 0
Other impairment and amortisation -12 0 0
EBIT 11 -45 -8
Other financial items 0 0 0
Net financial items 27 -29 0
Associated income 0 0 0
Other EO items 0 0 0
Pretax profit 39 -74 -8
Tax -10 8 2
Net profit 29 -66 -6
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 29 -66 -6
EPS 0,87 -1,43 -0,13
EPS Adj 0,87 -1,43 -0,13
Total extraordinary items after tax 12,3 0 0
Tax rate (%) -24,6 -10,4 -21
Gross margin (%) 47,1 34,4 48
EBITDA margin (%) 12,3 -24,2 0,5
EBITA margin (%) 10,2 -27,6 -2,9
EBIT margin (%) 4,9 -27,6 -2,9
Pretax margin (%) 16,7 -45,3 -2,9
Net margin (%) 12,6 -40,6 -2,3
Growth rates Y/Y 2019 2020 2021
Sales growth (%) 11,4 -29,4 63,3
EBITDA growth (%) 331,5 -238,3 103,5
EBIT growth (%) 165,1 -495,7 82,9
Net profit growth (%) 214 -327 90,8
EPS growth (%) 124 -264,9 90,8
Profitability 2019 2020 2021
ROE (%) 6,7 -6,3 -0,5
ROE Adj (%) 6,7 -6,3 -0,5
ROCE (%) 2,5 -4,3 -0,5
ROCE Adj(%) 2,5 -4,3 -0,5
ROIC (%) 3 -4,9 -0,5
ROIC Adj (%) -0,2 -4,9 -0,5
Adj earnings numbers 2019 2020 2021
EBITDA Adj 16 -40 1
EBITDA Adj margin (%) 7 -24,2 0,5
EBITA Adj 11 -45 -8
EBITA Adj margin (%) 4,9 -27,6 -2,9
EBIT Adj -1 -45 -8
EBIT Adj margin (%) -0,4 -27,6 -2,9
Pretax profit Adj 39 -74 -8
Net profit Adj 29 -66 -6
Net profit to shareholders Adj 29 -66 -6
Net Adj margin (%) 12,6 -40,6 -2,3
Sales 232 163 267
COGS -123 -107 -139
N/A N/A N/A
SEKm 2019 2020e 2021e
EBITDA 29 -40 1
Net financial items 27 -29 0
Paid tax -10 8 2
Non-cash items -19 0 0
Cash flow before change in WC 27 -61 3
Change in WC -17 19 -3
Operating cash flow 10 -42 0
CAPEX tangible fixed assets -509 -542 -466
CAPEX intangible fixed assets 0 -36 -33
Acquisitions and disposals 0 0 0
Free cash flow -499 -620 -499
Dividend paid 0 0 0
Share issues and buybacks 695 575 0
Other non cash items 17 0 0
Decrease in net IB debt 211 -47 -500
Balance Sheet (SEKm) 2019 2020 2021
Goodwill 0 0 0
Indefinite intangible assets 3 36 64
Definite intangible assets 0 0 0
Tangible fixed assets 532 1074 1537
Other fixed assets 1 1 1
Fixed assets 543 1118 1609
Inventories 0 0 0
Receivables 91 65 107
Other current assets 0 0 0
Cash and liquid assets 257 211 310
Total assets 892 1394 2026
Shareholders equity 796 1305 1299
Minority 0 0 0
Total equity 796 1305 1299
Long-term debt 0 0 600
Pension debt 0 0 0
Convertible debt 0 0 0
Deferred tax 0 0 0
Other long-term liabilities 0 0 0
Short-term debt 0 0 0
Accounts payable 89 82 120
Other current liabilities 0 0 0
Total liabilities and equity 892 1394 2026
Net IB debt -251 -205 296
Net IB debt excl. pension debt -251 -205 296
Capital invested 545 1100 1594
Working capital 3 -16 -13
EV breakdown 2019 2020 2021
Market cap. diluted (m) 2153 3066 3066
Net IB debt Adj -250 -204 297
Market value of minority 0 0 0
Reversal of shares and participations 0 0 0
Reversal of conv. debt assumed equity 0 0 0
EV 1903 2862 3363
Capital efficiency (%) 2019 2020 2021
Total assets turnover (%) 45,3 14,3 15,6
Capital invested turnover (%) 80,1 19,9 19,8
Capital employed turnover (%) 50,7 15,5 16,6
Inventories / sales (%) 0 0 0
Customer advances / sales (%) 0 0 0
Payables / sales (%) 23,4 52,1 37,8
Working capital / sales (%) -1,8 -4,1 -5,6
Financial risk and debt service 2019 2020 2021
Net debt / equity (%) -31,6 -15,7 22,8
Net debt / market cap (%) -13,7 -6,7 9,6
Equity ratio (%) 89,3 93,6 64,1
Net IB debt adj. / equity (%) -31,4 -15,6 22,8
Current ratio (%) 393,9 338 347,4
EBITDA / net interest (%) -104,5 -136,9 0
Net IB debt / EBITDA (%) -878,8 517,8 21602,1
Interest cover (%) -86,7 -156,4 0
N/A N/A N/A
SEKm 2019 2020e 2021e
Shares outstanding adj. 34 46 46
Fully diluted shares Adj 34 46 46
EPS 0,87 -1,43 -0,13
Dividend per share Adj 0 0 0
EPS Adj 0,87 -1,43 -0,13
BVPS 23,71 28,22 28,09
BVPS Adj 23,71 28,22 28,09
Net IB debt / share -7,5 -4,4 6,4
Share price 54,74 66,3 66,3
Market cap. (m) 1838 3066 3066
Valuation 2019 2020 2021
P/E 73,7 -46,2 -502
EV/sales 8,22 17,51 12,6
EV/EBITDA 66,5 -72,4 2457,6
EV/EBITA 80,2 -63,3 -434,9
EV/EBIT 166,7 -63,3 -434,9
Dividend yield (%) 0 0 0
FCF yield (%) -23,2 -20,2 -16,3
P/BVPS 2,7 2,35 2,36
P/BVPS Adj 2,7 2,35 2,36
P/E Adj 73,7 -46,2 -502
EV/EBITDA Adj 116,8 -72,4 2457,6
EV/EBITA Adj 166,7 -63,3 -434,9
EV/EBIT Adj -2167,6 -63,3 -434,9
EV/cap. employed 2,4 2,2 1,8
Investment ratios 2019 2020 2021
Capex / sales 219,8 353,8 186,9
Capex / depreciation 15512,1 14334,2 6650,1
Capex tangibles / tangible fixed assets 95,7 50,5 30,3
Capex intangibles / definite intangibles 0 0 0
Depreciation on intangibles / definite intangibles 0 0 0
Depreciation on tangibles / tangibles -0,1 0 0,2
N/A N/A N/A

Equity research

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Media

Ovzon - Interview with VP Per Wahlberg
Ovzon - Company presentation with VP Per Wahlberg & CFO Johan Brandt

Main shareholders - OVZON

Main shareholders Share capital % Voting shares % Verified
Investment AB Öresund 11.8 % 11.8 % 30 Sep 2020
Bure Equity 11.3 % 11.3 % 30 Sep 2020
AFA Försäkring 9.2 % 9.2 % 30 Sep 2020
Fjärde AP-fonden 8.8 % 8.8 % 30 Sep 2020
Futur Pension 8.3 % 8.3 % 30 Sep 2020
Handelsbanken Fonder 7.0 % 7.0 % 30 Sep 2020
OverHorizon (Cyprus) PLC 6.6 % 6.6 % 30 Sep 2020
Staffan Persson 6.2 % 6.2 % 30 Sep 2020
Stena 3.3 % 3.3 % 30 Sep 2020
Avanza Pension 2.3 % 2.3 % 30 Sep 2020
Source: Holdings by Modular Finance AB

Insider list - Ovzon

Name Quantity Code Date
Dan Jangblad + 650 BUY 14 Jul 2020
Per Wahlberg + 50 000 ALTM 3 Jul 2020
Magnus René + 100 000 ALTM 3 Jul 2020
Pål Ekberg + 50 000 ALTM 3 Jul 2020
Nils Norén + 909 BUY 25 Jun 2020
Nils Norén + 909 BUY 25 Jun 2020
Cecilia Driving + 18 BUY 18 Jun 2020
Johan Brandt + 909 BUY 16 Jun 2020
Magnus René + 7 272 BUY 16 Jun 2020
Cecilia Driving + 45 BUY 16 Jun 2020

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