Ovzon
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Ovzon
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.
Financials
Ovzon
| SEKm | 2013 | 2013 | 2014 | 2014 | 2015 | 2015 | 2016 | 2016 | 2017 | 2017 | 2018 | 2018 | 2019e | 2019 | 2020e | 2020 | |||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 212 | N/A | N/A | N/A | N/A | 112 | 112 | 209 | 209 | 202 | 202 | 212 | 212 | 285 | 285 | 452 | 452 | ||
| Sales growth (%) | 4,8 | N/A | N/A | N/A | N/A | N/A | N/A | 86,2 | 86,2 | -3,2 | -3,2 | 4,8 | 4,8 | 34,5 | 34,5 | 58,3 | 58,3 | ||
| EBITDA | -13 | N/A | N/A | N/A | N/A | 5 | 5 | 41 | 41 | 29 | 29 | -13 | -13 | 16 | 16 | 76 | 76 | ||
| EBITDA margin (%) | -6,1 | N/A | N/A | N/A | N/A | 4,4 | 4,4 | 19,5 | 19,5 | 14,4 | 14,4 | -6,1 | -6,1 | 5,7 | 5,7 | 16,9 | 16,9 | ||
| EBIT adj | 7 | N/A | N/A | N/A | N/A | 3 | 3 | 37 | 37 | 38 | 38 | 7 | 7 | 3 | 3 | 43 | 43 | ||
| EBIT adj margin (%) | 3,2 | N/A | N/A | N/A | N/A | 2,7 | 2,7 | 17,8 | 17,8 | 18,9 | 18,9 | 3,2 | 3,2 | 1,1 | 1,1 | 9,5 | 9,5 | ||
| Pretax profit | -31 | N/A | N/A | N/A | N/A | -18 | -18 | 25 | 25 | 8 | 8 | -31 | -31 | -44 | -44 | -32 | -32 | ||
| EPS rep | -3,65 | N/A | N/A | N/A | N/A | -3,65 | -3,65 | 5,03 | 5,03 | 1,21 | 1,21 | -3,65 | -3,65 | -1,32 | -1,32 | -0,96 | -0,96 | ||
| EPS growth (%) | -401 | N/A | N/A | N/A | N/A | N/A | N/A | 237,8 | 237,8 | -75,9 | -75,9 | -401 | -401 | 63,9 | 63,9 | 27,2 | 27,2 | ||
| EPS adj | -0,55 | N/A | N/A | N/A | N/A | -3,65 | -3,65 | 5,03 | 5,03 | 4,05 | 4,05 | -0,55 | -0,55 | -1,32 | -1,32 | -0,96 | -0,96 | ||
| DPS | 0 | N/A | N/A | N/A | N/A | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||
| EV/EBITDA (x) | -19,2 | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | -19,2 | -19,2 | 37,3 | 37,3 | 12,8 | 12,8 | ||
| EV/EBIT adj (x) | 36,1 | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 36,1 | 36,1 | 192 | 192 | 22,9 | 22,9 | ||
| P/E (x) | -9,2 | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | -9,2 | -9,2 | -25,6 | -25,6 | -35,2 | -35,2 | ||
| P/E adj (x) | -61,4 | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | -61,4 | -61,4 | -25,6 | -25,6 | -35,2 | -35,2 | ||
| EV/sales (x) | 1,2 | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 1,2 | 1,2 | 2,1 | 2,1 | 2,2 | 2,2 | ||
| FCF yield (%) | -11,9 | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | -11,9 | -11,9 | -21,1 | -21,1 | -36 | -36 | ||
| Dividend yield (%) | 0 | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0 | 0 | 0 | 0 | 0 | 0 | ||
| Net IB debt/EBITDA | 2,9 | N/A | N/A | N/A | N/A | 25 | 25 | 3,3 | 3,3 | 4 | 4 | 2,9 | 2,9 | -32,8 | -32,8 | -2,1 | -2,1 |
| SEKm | 2013 | 2013 | 2014 | 2014 | 2015 | 2015 | 2016 | 2016 | 2017 | 2017 | 2018 | 2018 | 2019e | 2019 | 2020e | 2020 | |||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Net profit Adj | -5 | N/A | N/A | N/A | N/A | -18 | -18 | 25 | 25 | 20 | 20 | -5 | -5 | -44 | -44 | -32 | -32 | ||
| Net profit to shareholders Adj | -5 | N/A | N/A | N/A | N/A | -18 | -18 | 25 | 25 | 20 | 20 | -5 | -5 | -44 | -44 | -32 | -32 | ||
| Net Adj margin (%) | -2,2 | N/A | N/A | N/A | N/A | -16,2 | -16,2 | 12 | 12 | 10 | 10 | -2,2 | -2,2 | -15,5 | -15,5 | -7,1 | -7,1 | ||
| Growth rates Y/Y | 2013 | 2013 | 2014 | 2014 | 2015 | 2015 | 2016 | 2016 | 2017 | 2017 | 2018 | 2018 | 2019 | 2019 | 2020 | 2020 | |||
| Profitability | 2013 | 2013 | 2014 | 2014 | 2015 | 2015 | 2016 | 2016 | 2017 | 2017 | 2018 | 2018 | 2019 | 2019 | 2020 | 2020 | |||
| Adj earnings numbers | 2013 | 2013 | 2014 | 2014 | 2015 | 2015 | 2016 | 2016 | 2017 | 2017 | 2018 | 2018 | 2019 | 2019 | 2020 | 2020 | |||
| Sales | 212 | N/A | N/A | N/A | N/A | 112 | 112 | 209 | 209 | 202 | 202 | 212 | 212 | 285 | 285 | 452 | 452 | ||
| COGS | -119 | N/A | N/A | N/A | N/A | -76 | -76 | -115 | -115 | -107 | -107 | -119 | -119 | -161 | -161 | -254 | -254 | ||
| Gross profit | 93 | N/A | N/A | N/A | N/A | 36 | 36 | 95 | 95 | 95 | 95 | 93 | 93 | 124 | 124 | 197 | 197 | ||
| Other operating items | -106 | N/A | N/A | N/A | N/A | -31 | -31 | -54 | -54 | -66 | -66 | -106 | -106 | -108 | -108 | -121 | -121 | ||
| EBITDA | -13 | N/A | N/A | N/A | N/A | 5 | 5 | 41 | 41 | 29 | 29 | -13 | -13 | 16 | 16 | 76 | 76 | ||
| Depreciation on tangibles | -1 | N/A | N/A | N/A | N/A | 0 | 0 | 0 | 0 | 0 | 0 | -1 | -1 | -4 | -4 | -14 | -14 | ||
| Depreciation on intangibles | -6 | N/A | N/A | N/A | N/A | -2 | -2 | -3 | -3 | -5 | -5 | -6 | -6 | -9 | -9 | -20 | -20 | ||
| EBITA | -19 | N/A | N/A | N/A | N/A | 3 | 3 | 37 | 37 | 24 | 24 | -19 | -19 | 3 | 3 | 43 | 43 | ||
| Goodwill impairment charges | 0 | N/A | N/A | N/A | N/A | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||
| Other impairment and amortisation | 0 | N/A | N/A | N/A | N/A | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||
| EBIT | -19 | N/A | N/A | N/A | N/A | 3 | 3 | 37 | 37 | 24 | 24 | -19 | -19 | 3 | 3 | 43 | 43 | ||
| Other financial items | 0 | N/A | N/A | N/A | N/A | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||
| Net financial items | -11 | N/A | N/A | N/A | N/A | -21 | -21 | -12 | -12 | -16 | -16 | -11 | -11 | -48 | -48 | -75 | -75 | ||
| Associated income | 0 | N/A | N/A | N/A | N/A | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||
| Other EO items | 0 | N/A | N/A | N/A | N/A | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||
| Pretax profit | -31 | N/A | N/A | N/A | N/A | -18 | -18 | 25 | 25 | 8 | 8 | -31 | -31 | -44 | -44 | -32 | -32 | ||
| Tax | 0 | N/A | N/A | N/A | N/A | 0 | 0 | 0 | 0 | -2 | -2 | 0 | 0 | 0 | 0 | 0 | 0 | ||
| Net profit | -31 | N/A | N/A | N/A | N/A | -18 | -18 | 25 | 25 | 6 | 6 | -31 | -31 | -44 | -44 | -32 | -32 | ||
| Minority interest | 0 | N/A | N/A | N/A | N/A | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||
| Net profit discontinued | 0 | N/A | N/A | N/A | N/A | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||
| Net profit to shareholders | -31 | N/A | N/A | N/A | N/A | -18 | -18 | 25 | 25 | 6 | 6 | -31 | -31 | -44 | -44 | -32 | -32 | ||
| EPS | -3,65 | N/A | N/A | N/A | N/A | -3,65 | -3,65 | 5,03 | 5,03 | 1,21 | 1,21 | -3,65 | -3,65 | -1,32 | -1,32 | -0,96 | -0,96 | ||
| EPS Adj | -0,55 | N/A | N/A | N/A | N/A | -3,65 | -3,65 | 5,03 | 5,03 | 4,05 | 4,05 | -0,55 | -0,55 | -1,32 | -1,32 | -0,96 | -0,96 | ||
| Total extraordinary items after tax | -26,1 | N/A | N/A | N/A | N/A | 0 | 0 | 0 | 0 | -14,2 | -14,2 | -26,1 | -26,1 | 0 | 0 | 0 | 0 | ||
| Tax rate (%) | 0 | N/A | N/A | N/A | N/A | 2,3 | 2,3 | -0,1 | -0,1 | -21,9 | -21,9 | 0 | 0 | 0 | 0 | 0 | 0 | ||
| Gross margin (%) | 44,1 | N/A | N/A | N/A | N/A | 32,1 | 32,1 | 45,2 | 45,2 | 47 | 47 | 44,1 | 44,1 | 43,6 | 43,6 | 43,7 | 43,7 | ||
| EBITDA margin (%) | -6,1 | N/A | N/A | N/A | N/A | 4,4 | 4,4 | 19,5 | 19,5 | 14,4 | 14,4 | -6,1 | -6,1 | 5,7 | 5,7 | 16,9 | 16,9 | ||
| EBITA margin (%) | -9,1 | N/A | N/A | N/A | N/A | 2,7 | 2,7 | 17,8 | 17,8 | 11,9 | 11,9 | -9,1 | -9,1 | 1,1 | 1,1 | 9,5 | 9,5 | ||
| EBIT margin (%) | -9,1 | N/A | N/A | N/A | N/A | 2,7 | 2,7 | 17,8 | 17,8 | 11,9 | 11,9 | -9,1 | -9,1 | 1,1 | 1,1 | 9,5 | 9,5 | ||
| Pretax margin (%) | -14,5 | N/A | N/A | N/A | N/A | -15,9 | -15,9 | 12 | 12 | 3,8 | 3,8 | -14,5 | -14,5 | -15,5 | -15,5 | -7,1 | -7,1 | ||
| Net margin (%) | -14,5 | N/A | N/A | N/A | N/A | -16,2 | -16,2 | 12 | 12 | 3 | 3 | -14,5 | -14,5 | -15,5 | -15,5 | -7,1 | -7,1 | ||
| Sales growth (%) | 4,8 | N/A | N/A | N/A | N/A | N/A | N/A | 86,2 | 86,2 | -3,2 | -3,2 | 4,8 | 4,8 | 34,5 | 34,5 | 58,3 | 58,3 | ||
| EBITDA growth (%) | -144,2 | N/A | N/A | N/A | N/A | N/A | N/A | 721,9 | 721,9 | -28,4 | -28,4 | -144,2 | -144,2 | 225,6 | 225,6 | 369,9 | 369,9 | ||
| EBIT growth (%) | -180,1 | N/A | N/A | N/A | N/A | N/A | N/A | 1143 | 1143 | -35,6 | -35,6 | -180,1 | -180,1 | 116,4 | 116,4 | 1257,6 | 1257,6 | ||
| Net profit growth (%) | -605,5 | N/A | N/A | N/A | N/A | N/A | N/A | 237,8 | 237,8 | -75,9 | -75,9 | -605,5 | -605,5 | -44,6 | -44,6 | 27,2 | 27,2 | ||
| EPS growth (%) | -401 | N/A | N/A | N/A | N/A | N/A | N/A | 237,8 | 237,8 | -75,9 | -75,9 | -401 | -401 | 63,9 | 63,9 | 27,2 | 27,2 | ||
| ROE (%) | 106,5 | N/A | N/A | N/A | N/A | N/A | N/A | -16,9 | -16,9 | -4,7 | -4,7 | 106,5 | 106,5 | -11,4 | -11,4 | -4,6 | -4,6 | ||
| ROE Adj (%) | 16 | N/A | N/A | N/A | N/A | N/A | N/A | -16,9 | -16,9 | -15,8 | -15,8 | 16 | 16 | -11,4 | -11,4 | -4,6 | -4,6 | ||
| ROCE (%) | -166,9 | N/A | N/A | N/A | N/A | N/A | N/A | -182 | -182 | -965,8 | -965,8 | -166,9 | -166,9 | 3 | 3 | 12,1 | 12,1 | ||
| ROCE Adj(%) | 59,5 | N/A | N/A | N/A | N/A | N/A | N/A | -182 | -182 | -1537,1 | -1537,1 | 59,5 | 59,5 | 3 | 3 | 12,1 | 12,1 | ||
| ROIC (%) | -167,7 | N/A | N/A | N/A | N/A | N/A | N/A | -181,8 | -181,8 | -751,2 | -751,2 | -167,7 | -167,7 | 3 | 3 | 12,1 | 12,1 | ||
| ROIC Adj (%) | 59,8 | N/A | N/A | N/A | N/A | N/A | N/A | -181,8 | -181,8 | -1195,6 | -1195,6 | 59,8 | 59,8 | 3 | 3 | 12,1 | 12,1 | ||
| EBITDA Adj | 13 | N/A | N/A | N/A | N/A | 5 | 5 | 41 | 41 | 43 | 43 | 13 | 13 | 16 | 16 | 76 | 76 | ||
| EBITDA Adj margin (%) | 6,2 | N/A | N/A | N/A | N/A | 4,4 | 4,4 | 19,5 | 19,5 | 21,4 | 21,4 | 6,2 | 6,2 | 5,7 | 5,7 | 16,9 | 16,9 | ||
| EBITA Adj | 7 | N/A | N/A | N/A | N/A | 3 | 3 | 37 | 37 | 38 | 38 | 7 | 7 | 3 | 3 | 43 | 43 | ||
| EBITA Adj margin (%) | 3,2 | N/A | N/A | N/A | N/A | 2,7 | 2,7 | 17,8 | 17,8 | 18,9 | 18,9 | 3,2 | 3,2 | 1,1 | 1,1 | 9,5 | 9,5 | ||
| EBIT Adj | 7 | N/A | N/A | N/A | N/A | 3 | 3 | 37 | 37 | 38 | 38 | 7 | 7 | 3 | 3 | 43 | 43 | ||
| EBIT Adj margin (%) | 3,2 | N/A | N/A | N/A | N/A | 2,7 | 2,7 | 17,8 | 17,8 | 18,9 | 18,9 | 3,2 | 3,2 | 1,1 | 1,1 | 9,5 | 9,5 | ||
| Pretax profit Adj | -5 | N/A | N/A | N/A | N/A | -18 | -18 | 25 | 25 | 22 | 22 | -5 | -5 | -44 | -44 | -32 | -32 |
| SEKm | 2013 | 2013 | 2014 | 2014 | 2015 | 2015 | 2016 | 2016 | 2017 | 2017 | 2018 | 2018 | 2019e | 2019 | 2020e | 2020 | |||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| EBITDA | -13 | N/A | N/A | N/A | N/A | 5 | 5 | 41 | 41 | 29 | 29 | -13 | -13 | 16 | 16 | 76 | 76 | ||
| Net financial items | -11 | N/A | N/A | N/A | N/A | -21 | -21 | -12 | -12 | -16 | -16 | -11 | -11 | -48 | -48 | -75 | -75 | ||
| Paid tax | 0 | N/A | N/A | N/A | N/A | 0 | 0 | 0 | 0 | -2 | -2 | 0 | 0 | 0 | 0 | 0 | 0 | ||
| Non-cash items | 26 | N/A | N/A | N/A | N/A | 0 | 0 | 49 | 49 | 16 | 16 | 26 | 26 | -39 | -39 | -36 | -36 | ||
| Cash flow before change in WC | 1 | N/A | N/A | N/A | N/A | -16 | -16 | 78 | 78 | 27 | 27 | 1 | 1 | -71 | -71 | -34 | -34 | ||
| Change in WC | -34 | N/A | N/A | N/A | N/A | N/A | N/A | -32 | -32 | 1 | 1 | -34 | -34 | 39 | 39 | 36 | 36 | ||
| Operating cash flow | -33 | N/A | N/A | N/A | N/A | 0 | 0 | 46 | 46 | 28 | 28 | -33 | -33 | -31 | -31 | 1 | 1 | ||
| CAPEX tangible fixed assets | 0 | N/A | N/A | N/A | N/A | 0 | 0 | -1 | -1 | -2 | -2 | 0 | 0 | -102 | -102 | -202 | -202 | ||
| CAPEX intangible fixed assets | -1 | N/A | N/A | N/A | N/A | -34 | -34 | -7 | -7 | -5 | -5 | -1 | -1 | -107 | -107 | -208 | -208 | ||
| Acquisitions and disposals | 0 | N/A | N/A | N/A | N/A | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||
| Free cash flow | -34 | N/A | N/A | N/A | N/A | -34 | -34 | 39 | 39 | 22 | 22 | -34 | -34 | -240 | -240 | -409 | -409 | ||
| Dividend paid | 0 | N/A | N/A | N/A | N/A | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||
| Share issues and buybacks | 223 | N/A | N/A | N/A | N/A | 0 | 0 | 0 | 0 | 0 | 0 | 223 | 223 | 695 | 695 | 0 | 0 | ||
| Other non cash items | -34 | N/A | N/A | N/A | N/A | N/A | N/A | -48 | -48 | -6 | -6 | -34 | -34 | 39 | 39 | 36 | 36 | ||
| Decrease in net IB debt | 155 | N/A | N/A | N/A | N/A | N/A | N/A | -9 | -9 | 15 | 15 | 155 | 155 | 495 | 495 | -373 | -373 | ||
| Goodwill | 0 | N/A | N/A | N/A | N/A | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||
| Indefinite intangible assets | 6 | N/A | N/A | N/A | N/A | 8 | 8 | 12 | 12 | 11 | 11 | 6 | 6 | 104 | 104 | 292 | 292 | ||
| Definite intangible assets | 0 | N/A | N/A | N/A | N/A | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||
| Tangible fixed assets | 26 | N/A | N/A | N/A | N/A | 25 | 25 | 25 | 25 | 26 | 26 | 26 | 26 | 124 | 124 | 312 | 312 | ||
| Other fixed assets | 1 | N/A | N/A | N/A | N/A | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | ||
| Fixed assets | 33 | N/A | N/A | N/A | N/A | 33 | 33 | 38 | 38 | 38 | 38 | 33 | 33 | 228 | 228 | 605 | 605 | ||
| Inventories | 0 | N/A | N/A | N/A | N/A | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||
| Receivables | 25 | N/A | N/A | N/A | N/A | 6 | 6 | 6 | 6 | 7 | 7 | 25 | 25 | 17 | 17 | 27 | 27 | ||
| Other current assets | 0 | N/A | N/A | N/A | N/A | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||
| Cash and liquid assets | 106 | N/A | N/A | N/A | N/A | 12 | 12 | 25 | 25 | 50 | 50 | 106 | 106 | 1337 | 1337 | 963 | 963 | ||
| Total assets | 165 | N/A | N/A | N/A | N/A | 51 | 51 | 69 | 69 | 95 | 95 | 165 | 165 | 1582 | 1582 | 1595 | 1595 | ||
| Shareholders equity | 63 | N/A | N/A | N/A | N/A | -163 | -163 | -135 | -135 | -121 | -121 | 63 | 63 | 714 | 714 | 681 | 681 | ||
| Minority | 0 | N/A | N/A | N/A | N/A | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||
| Total equity | 63 | N/A | N/A | N/A | N/A | -163 | -163 | -135 | -135 | -121 | -121 | 63 | 63 | 714 | 714 | 681 | 681 | ||
| Long-term debt | 0 | N/A | N/A | N/A | N/A | 96 | 96 | 116 | 116 | 71 | 71 | 0 | 0 | 750 | 750 | 750 | 750 | ||
| Pension debt | 0 | N/A | N/A | N/A | N/A | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||
| Convertible debt | 0 | N/A | N/A | N/A | N/A | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||
| Deferred tax | 0 | N/A | N/A | N/A | N/A | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||
| Other long-term liabilities | 0 | N/A | N/A | N/A | N/A | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||
| Short-term debt | 70 | N/A | N/A | N/A | N/A | 41 | 41 | 43 | 43 | 97 | 97 | 70 | 70 | 56 | 56 | 56 | 56 | ||
| Accounts payable | 32 | N/A | N/A | N/A | N/A | 77 | 77 | 46 | 46 | 47 | 47 | 32 | 32 | 63 | 63 | 108 | 108 | ||
| Other current liabilities | 0 | N/A | N/A | N/A | N/A | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||
| Balance Sheet (SEKm) | 2013 | 2013 | 2014 | 2014 | 2015 | 2015 | 2016 | 2016 | 2017 | 2017 | 2018 | 2018 | 2019 | 2019 | 2020 | 2020 | |||
| EV breakdown | 2013 | 2013 | 2014 | 2014 | 2015 | 2015 | 2016 | 2016 | 2017 | 2017 | 2018 | 2018 | 2019 | 2019 | 2020 | 2020 | |||
| Capital efficiency (%) | 2013 | 2013 | 2014 | 2014 | 2015 | 2015 | 2016 | 2016 | 2017 | 2017 | 2018 | 2018 | 2019 | 2019 | 2020 | 2020 | |||
| Financial risk and debt service | 2013 | 2013 | 2014 | 2014 | 2015 | 2015 | 2016 | 2016 | 2017 | 2017 | 2018 | 2018 | 2019 | 2019 | 2020 | 2020 | |||
| Total liabilities and equity | 69 | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 51 | 51 | 69 | 69 | 95 | 95 | 165 | 165 | ||
| Net IB debt | -37 | N/A | N/A | N/A | N/A | 124 | 124 | 133 | 133 | 118 | 118 | -37 | -37 | -532 | -532 | -158 | -158 | ||
| Net IB debt excl. pension debt | -37 | N/A | N/A | N/A | N/A | 124 | 124 | 133 | 133 | 118 | 118 | -37 | -37 | -532 | -532 | -158 | -158 | ||
| Capital invested | 26 | N/A | N/A | N/A | N/A | -39 | -39 | -2 | -2 | -3 | -3 | 26 | 26 | 182 | 182 | 523 | 523 | ||
| Working capital | -6 | N/A | N/A | N/A | N/A | -71 | -71 | -40 | -40 | -40 | -40 | -6 | -6 | -46 | -46 | -81 | -81 | ||
| Market cap. diluted (m) | 284 | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 284 | 284 | 1135 | 1135 | 1135 | 1135 | ||
| Net IB debt Adj | -36 | N/A | N/A | N/A | N/A | 125 | 125 | 134 | 134 | 119 | 119 | -36 | -36 | -531 | -531 | -158 | -158 | ||
| Market value of minority | 0 | N/A | N/A | N/A | N/A | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||
| Reversal of shares and participations | 0 | N/A | N/A | N/A | N/A | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||
| Reversal of conv. debt assumed equity | 0 | N/A | N/A | N/A | N/A | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||
| EV | 247 | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 247 | 247 | 604 | 604 | 977 | 977 | ||
| Total assets turnover (%) | 163,2 | N/A | N/A | N/A | N/A | N/A | N/A | 346,8 | 346,8 | 246,3 | 246,3 | 163,2 | 163,2 | 32,7 | 32,7 | 28,4 | 28,4 | ||
| Capital invested turnover (%) | 1851,9 | N/A | N/A | N/A | N/A | N/A | N/A | -1022,9 | -1022,9 | -8120,7 | -8120,7 | 1851,9 | 1851,9 | 274,8 | 274,8 | 128,2 | 128,2 | ||
| Capital employed turnover (%) | 1843,1 | N/A | N/A | N/A | N/A | N/A | N/A | -1022,3 | -1022,3 | -8148,4 | -8148,4 | 1843,1 | 1843,1 | 274,8 | 274,8 | 128,2 | 128,2 | ||
| Inventories / sales (%) | 0 | N/A | N/A | N/A | N/A | N/A | N/A | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||
| Customer advances / sales (%) | 0 | N/A | N/A | N/A | N/A | N/A | N/A | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||
| Payables / sales (%) | 18,7 | N/A | N/A | N/A | N/A | N/A | N/A | 29,4 | 29,4 | 23,1 | 23,1 | 18,7 | 18,7 | 16,6 | 16,6 | 18,9 | 18,9 | ||
| Working capital / sales (%) | -11 | N/A | N/A | N/A | N/A | N/A | N/A | -26,5 | -26,5 | -19,7 | -19,7 | -11 | -11 | -9,1 | -9,1 | -14,1 | -14,1 | ||
| Net debt / equity (%) | -59 | N/A | N/A | N/A | N/A | -76,2 | -76,2 | -98,4 | -98,4 | -97,7 | -97,7 | -59 | -59 | -74,5 | -74,5 | -23,2 | -23,2 | ||
| Net debt / market cap (%) | -10,2 | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | -10,2 | -10,2 | -46,8 | -46,8 | -14 | -14 | ||
| Equity ratio (%) | 38,2 | N/A | N/A | N/A | N/A | -316,9 | -316,9 | -195,1 | -195,1 | -126,9 | -126,9 | 38,2 | 38,2 | 45,1 | 45,1 | 42,7 | 42,7 | ||
| Net IB debt adj. / equity (%) | -57,7 | N/A | N/A | N/A | N/A | -76,7 | -76,7 | -99,1 | -99,1 | -98,4 | -98,4 | -57,7 | -57,7 | -74,4 | -74,4 | -23,1 | -23,1 | ||
| Current ratio (%) | 129,4 | N/A | N/A | N/A | N/A | 15,4 | 15,4 | 34,7 | 34,7 | 39,3 | 39,3 | 129,4 | 129,4 | 1141,8 | 1141,8 | 603,3 | 603,3 | ||
| EBITDA / net interest (%) | -112,5 | N/A | N/A | N/A | N/A | 23,8 | 23,8 | 337,8 | 337,8 | 179,9 | 179,9 | -112,5 | -112,5 | 34,1 | 34,1 | 101,6 | 101,6 | ||
| Net IB debt / EBITDA (%) | 287,8 | N/A | N/A | N/A | N/A | 2496,4 | 2496,4 | 326,5 | 326,5 | 403,7 | 403,7 | 287,8 | 287,8 | -3279 | -3279 | -207,9 | -207,9 | ||
| Interest cover (%) | -167,4 | N/A | N/A | N/A | N/A | 14,4 | 14,4 | 308,5 | 308,5 | 148 | 148 | -167,4 | -167,4 | 6,6 | 6,6 | 57 | 57 |
| SEKm | 2013 | 2013 | 2014 | 2014 | 2015 | 2015 | 2016 | 2016 | 2017 | 2017 | 2018 | 2018 | 2019e | 2019 | 2020e | 2020 | |||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Valuation | 2013 | 2013 | 2014 | 2014 | 2015 | 2015 | 2016 | 2016 | 2017 | 2017 | 2018 | 2018 | 2019 | 2019 | 2020 | 2020 | |||
| Investment ratios | 2013 | 2013 | 2014 | 2014 | 2015 | 2015 | 2016 | 2016 | 2017 | 2017 | 2018 | 2018 | 2019 | 2019 | 2020 | 2020 | |||
| Capex / sales | 0,4 | N/A | N/A | N/A | N/A | 30,5 | 30,5 | 3,7 | 3,7 | 3,2 | 3,2 | 0,4 | 0,4 | 73,1 | 73,1 | 90,8 | 90,8 | ||
| Capex / depreciation | 14,7 | N/A | N/A | N/A | N/A | 1746,4 | 1746,4 | 221,2 | 221,2 | 125,4 | 125,4 | 14,7 | 14,7 | 1595,7 | 1595,7 | 1225,4 | 1225,4 | ||
| Capex tangibles / tangible fixed assets | 0,9 | N/A | N/A | N/A | N/A | 0 | 0 | 2 | 2 | 6,8 | 6,8 | 0,9 | 0,9 | 82,3 | 82,3 | 64,7 | 64,7 | ||
| Capex intangibles / definite intangibles | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | ||
| Depreciation on intangibles / definite intangibles | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | ||
| Depreciation on tangibles / tangibles | 2,3 | N/A | N/A | N/A | N/A | 0 | 0 | 0,6 | 0,6 | 1,2 | 1,2 | 2,3 | 2,3 | 3,3 | 3,3 | 4,5 | 4,5 | ||
| Shares outstanding adj. | 8 | N/A | N/A | N/A | N/A | 5 | 5 | 5 | 5 | 5 | 5 | 8 | 8 | 34 | 34 | 34 | 34 | ||
| Fully diluted shares Adj | 8 | N/A | N/A | N/A | N/A | 5 | 5 | 5 | 5 | 5 | 5 | 8 | 8 | 34 | 34 | 34 | 34 | ||
| EPS | -3,65 | N/A | N/A | N/A | N/A | -3,65 | -3,65 | 5,03 | 5,03 | 1,21 | 1,21 | -3,65 | -3,65 | -1,32 | -1,32 | -0,96 | -0,96 | ||
| Dividend per share Adj | 0 | N/A | N/A | N/A | N/A | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||
| EPS Adj | -0,55 | N/A | N/A | N/A | N/A | -3,65 | -3,65 | 5,03 | 5,03 | 4,05 | 4,05 | -0,55 | -0,55 | -1,32 | -1,32 | -0,96 | -0,96 | ||
| BVPS | 7,49 | N/A | N/A | N/A | N/A | -32,51 | -32,51 | -27,07 | -27,07 | -24,11 | -24,11 | 7,49 | 7,49 | 21,25 | 21,25 | 20,29 | 20,29 | ||
| BVPS Adj | 7,49 | N/A | N/A | N/A | N/A | -32,51 | -32,51 | -27,07 | -27,07 | -24,11 | -24,11 | 7,49 | 7,49 | 21,25 | 21,25 | 20,29 | 20,29 | ||
| Net IB debt / share | -4,4 | N/A | N/A | N/A | N/A | 24,8 | 24,8 | 26,6 | 26,6 | 23,6 | 23,6 | -4,4 | -4,4 | -15,8 | -15,8 | -4,7 | -4,7 | ||
| Share price | 43,33 | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 43,33 | 43,33 | 33,8 | 33,8 | 33,8 | 33,8 | ||
| Market cap. (m) | 364 | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 364 | 364 | 1135 | 1135 | 1135 | 1135 | ||
| P/E | -9,2 | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | -9,2 | -9,2 | -25,6 | -25,6 | -35,2 | -35,2 | ||
| EV/sales | 1,17 | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 1,17 | 1,17 | 2,12 | 2,12 | 2,16 | 2,16 | ||
| EV/EBITDA | -19,2 | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | -19,2 | -19,2 | 37,3 | 37,3 | 12,8 | 12,8 | ||
| EV/EBITA | -12,9 | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | -12,9 | -12,9 | 192 | 192 | 22,9 | 22,9 | ||
| EV/EBIT | -12,9 | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | -12,9 | -12,9 | 192 | 192 | 22,9 | 22,9 | ||
| Dividend yield (%) | 0 | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0 | 0 | 0 | 0 | 0 | 0 | ||
| FCF yield (%) | -11,9 | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | -11,9 | -11,9 | -21,1 | -21,1 | -36 | -36 | ||
| P/BVPS | 4,51 | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 4,51 | 4,51 | 1,59 | 1,59 | 1,67 | 1,67 | ||
| P/BVPS Adj | 4,51 | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 4,51 | 4,51 | 1,59 | 1,59 | 1,67 | 1,67 | ||
| P/E Adj | -61,4 | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | -61,4 | -61,4 | -25,6 | -25,6 | -35,2 | -35,2 | ||
| EV/EBITDA Adj | 18,8 | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 18,8 | 18,8 | 37,3 | 37,3 | 12,8 | 12,8 | ||
| EV/EBITA Adj | 36,1 | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 36,1 | 36,1 | 192 | 192 | 22,9 | 22,9 | ||
| EV/EBIT Adj | 36,1 | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 36,1 | 36,1 | 192 | 192 | 22,9 | 22,9 | ||
| EV/cap. employed | 9,6 | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 9,6 | 9,6 | 3,3 | 3,3 | 1,9 | 1,9 |
Equity research
OVZON
Ovzon - Rare combination of speed and mobility
28 January 2019 Ovzon Initiating coverage
There is no interview for the company
Main shareholders
OVZON
| Main shareholders | Share capital % | Voting shares % | Verified | |
|---|---|---|---|---|
| OverHorizon (Cyprus) PLC | 36.4 % | 36.4 % | 31 Dec 2018 | |
| Investment AB Öresund | 12.6 % | 12.6 % | 31 Dec 2018 | |
| Bure Equity | 12.0 % | 12.0 % | 31 Dec 2018 | |
| AFA Försäkring | 7.9 % | 7.9 % | 31 Dec 2018 | |
| Catella Fonder | 6.2 % | 6.2 % | 31 Jan 2019 | |
| Familjen Olsson med stiftelse | 2.4 % | 2.4 % | 23 Jan 2019 | |
| BNP Paribas Asset Management | 2.1 % | 2.1 % | 31 Dec 2018 | |
| Rune Löderup | 1.1 % | 1.1 % | 31 Dec 2018 | |
| Handelsbanken Fonder | 1.1 % | 1.1 % | 31 Jan 2019 | |
| Avanza Pension | 1.1 % | 1.1 % | 31 Dec 2018 | |
| Source: Holdings by Modular Finance AB | ||||
Insider list
Ovzon
| Name | Code | Quantity | Date | |
|---|---|---|---|---|
| Kennet Lejnell | + 40 400 | BUY | + 40 400 | 4 Feb 2019 |
| Kennet Lejnell | + 40 400 | BUY | + 40 400 | 4 Feb 2019 |
| Investment AB Öresund | + 769 426 | BUY | + 769 426 | 1 Feb 2019 |
| Etheron AB | + 335 856 | BUY | + 335 856 | 1 Feb 2019 |
| Patrik Tigerschiöld | + 200 000 | BUY | + 200 000 | 29 Jan 2019 |
| Johan Brandt | + 10 000 | TECKN | + 10 000 | 23 Jan 2019 |
| Axellen AB | + 6 000 | TECKN | + 6 000 | 23 Jan 2019 |
| Investment AB Öresund | +3 180 000 | TECKN | +3 180 000 | 23 Jan 2019 |
| Nicklas Arne Paulson | + 6 000 | TECKN | + 6 000 | 23 Jan 2019 |
| Equi Performance Sweden AB | + 145 395 | BUY | + 145 395 | 18 Jan 2019 |
QUICK FACTS
- Per Wahlberg
- Lennart Hällkvist
- Telecom Equipment
- www.ovzon.com
- First North
- 1 125,1 MSEK
- OVZON
- -
QUICK FACTS
- CEO
- Per Wahlberg
- Chairman
- Lennart Hällkvist
- List
- First North
- Sector
- Telecom Equipment
QUICK FACTS
- Market Cap
- 1 125,1 MSEK
- Ticker
- OVZON
- Next Event
- -
- Website
- www.ovzon.com
Latest articles
-
Ovzon AB: Bokslutskommuniké januari-december 2018
20 Feb 2019 / Press release
-
Invitation - Introduce Investor Days 12-13 March, Stockholm
19 Feb 2019 / Article
-
Ovzon - Rare combination of speed and mobility
28 Jan 2019 / Analys
-
Ovzon offentliggör slutgiltigt utfall i den fullt garanterade företrädesemissionen
25 Jan 2019 / Press release
-
Ovzon offentliggör prospekt i samband med fullt garanterad företrädesemission om cirka 750 MSEK samt uppdaterad finansiell information som återfinns i prospektet
8 Jan 2019 / Press release
