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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 2020 2021e 2022e
Sales 163 267 935
Sales growth (%) -29,4 63,3 250,4
EBITDA -40 1 596
EBITDA margin (%) -24,2 0,5 63,7
EBIT adj margin (%) -27,6 -2,9 51,6
Pretax profit -74 -8 416
EPS rep -1,43 -0,13 8,63
EPS growth (%) -264,9 90,8 6632,3
EPS adj -1,43 -0,13 8,63
DPS 0 0 0
EV/EBITDA (x) -100 3255,3 6,5
EV/EBIT adj (x) -87,5 -576,1 8
P/E (x) -62,7 -680,6 10,4
P/E adj (x) -62,7 -680,6 10,4
EV/sales (x) 24,2 16,7 4,1
FCF yield (%) -14,9 -12 14
Dividend yield (%) 0 0 0
Net IB debt/EBITDA 5,2 216 -0,5
EBIT adj -45 -8 482
N/A N/A N/A
SEKm 2020 2021e 2022e
Gross profit 56 128 733
Other operating items -96 -127 -136
EBITDA -40 1 596
Depreciation on tangibles 0 -3 -97
Depreciation on intangibles -4 -4 -15
EBITA -45 -8 482
Goodwill impairment charges 0 0 0
Other impairment and amortisation 0 0 0
EBIT -45 -8 482
Other financial items 0 0 0
Net financial items -29 0 -66
Associated income 0 0 0
Other EO items 0 0 0
Pretax profit -74 -8 416
Tax 8 2 -17
Net profit -66 -6 399
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders -66 -6 399
EPS -1,43 -0,13 8,63
EPS Adj -1,43 -0,13 8,63
Total extraordinary items after tax 0 0 0
Tax rate (%) -10,4 -21 -4,2
Gross margin (%) 34,4 48 78,3
EBITDA margin (%) -24,2 0,5 63,7
EBITA margin (%) -27,6 -2,9 51,6
EBIT margin (%) -27,6 -2,9 51,6
Pretax margin (%) -45,3 -2,9 44,5
Net margin (%) -40,6 -2,3 42,7
Growth rates Y/Y 2020 2021 2022
Sales growth (%) -29,4 63,3 250,4
EBITDA growth (%) -238,3 103,5 43470,3
EBIT growth (%) -495,7 82,9 6339,9
Net profit growth (%) -327 90,8 6632,3
EPS growth (%) -264,9 90,8 6632,3
Profitability 2020 2021 2022
ROE (%) -6,3 -0,5 26,6
ROE Adj (%) -6,3 -0,5 26,6
ROCE (%) -4,3 -0,5 22,9
ROCE Adj(%) -4,3 -0,5 22,9
ROIC (%) -4,9 -0,5 30,7
ROIC Adj (%) -4,9 -0,5 30,7
Adj earnings numbers 2020 2021 2022
EBITDA Adj -40 1 596
EBITDA Adj margin (%) -24,2 0,5 63,7
EBITA Adj -45 -8 482
EBITA Adj margin (%) -27,6 -2,9 51,6
EBIT Adj -45 -8 482
EBIT Adj margin (%) -27,6 -2,9 51,6
Pretax profit Adj -74 -8 416
Net profit Adj -66 -6 399
Net profit to shareholders Adj -66 -6 399
Net Adj margin (%) -40,6 -2,3 42,7
Sales 163 267 935
COGS -107 -139 -203
N/A N/A N/A
SEKm 2020 2021e 2022e
EBITDA -40 1 596
Net financial items -29 0 -66
Paid tax 8 2 -17
Non-cash items 0 0 -2
Cash flow before change in WC -61 3 511
Change in WC 19 -3 80
Operating cash flow -42 0 591
CAPEX tangible fixed assets -542 -466 -2
CAPEX intangible fixed assets -36 -33 -9
Acquisitions and disposals 0 0 0
Free cash flow -620 -499 581
Dividend paid 0 0 0
Share issues and buybacks 575 0 0
Other non cash items 0 0 2
Decrease in net IB debt -47 -500 581
Balance Sheet (SEKm) 2020 2021 2022
Goodwill 0 0 0
Indefinite intangible assets 36 64 63
Definite intangible assets 0 0 0
Tangible fixed assets 1074 1537 1436
Other fixed assets 1 1 1
Fixed assets 1118 1609 1507
Inventories 0 0 0
Receivables 65 107 187
Other current assets 0 0 0
Cash and liquid assets 211 310 891
Total assets 1394 2026 2586
Shareholders equity 1305 1299 1698
Minority 0 0 0
Total equity 1305 1299 1698
Long-term debt 0 600 600
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 82 120 281
Other current liabilities 0 0 0
Total liabilities and equity 1394 2026 2586
Net IB debt -205 296 -285
Net IB debt excl. pension debt -205 296 -285
Capital invested 1100 1594 1413
Working capital -16 -13 -94
EV breakdown 2020 2021 2022
Market cap. diluted (m) 4157 4157 4157
Net IB debt Adj -204 297 -284
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 3954 4454 3873
Capital efficiency (%) 2020 2021 2022
Total assets turnover (%) 14,3 15,6 40,6
Capital invested turnover (%) 19,9 19,8 62,2
Capital employed turnover (%) 15,5 16,6 44,4
Inventories / sales (%) 0 0 0
Customer advances / sales (%) 0 0 0
Payables / sales (%) 52,1 37,8 21,4
Working capital / sales (%) -4,1 -5,6 -5,7
Financial risk and debt service 2020 2021 2022
Net debt / equity (%) -15,7 22,8 -16,8
Net debt / market cap (%) -7,6 7,1 -6,9
Equity ratio (%) 93,6 64,1 65,7
Net IB debt adj. / equity (%) -15,6 22,8 -16,7
Current ratio (%) 338 347,4 384,3
EBITDA / net interest (%) -136,9 0 903,3
Net IB debt / EBITDA (%) 517,8 21602,1 -47,8
Interest cover (%) -156,4 0 731
N/A N/A N/A
SEKm 2020 2021e 2022e
Shares outstanding adj. 46 46 46
Fully diluted shares Adj 46 46 46
EPS -1,43 -0,13 8,63
Dividend per share Adj 0 0 0
EPS Adj -1,43 -0,13 8,63
BVPS 28,22 28,09 36,71
BVPS Adj 28,22 28,09 36,71
Net IB debt / share -4,4 6,4 -6,2
Share price 58,59 89,9 89,9
Market cap. (m) 2709 4157 4157
Valuation 2020 2021 2022
P/E -62,7 -680,6 10,4
EV/sales 24,19 16,69 4,14
EV/EBITDA -100 3255,3 6,5
EV/EBITA -87,5 -576,1 8
EV/EBIT -87,5 -576,1 8
Dividend yield (%) 0 0 0
FCF yield (%) -14,9 -12 14
P/BVPS 3,19 3,2 2,45
P/BVPS Adj 3,19 3,2 2,45
P/E Adj -62,7 -680,6 10,4
EV/EBITDA Adj -100 3255,3 6,5
EV/EBITA Adj -87,5 -576,1 8
EV/EBIT Adj -87,5 -576,1 8
EV/cap. employed 3 2,3 1,7
Investment ratios 2020 2021 2022
Capex / sales 353,8 186,9 1,1
Capex / depreciation 14334,2 6650,1 9,5
Capex tangibles / tangible fixed assets 50,5 30,3 0,1
Capex intangibles / definite intangibles 0 0 0
Depreciation on intangibles / definite intangibles 0 0 0
Depreciation on tangibles / tangibles 0 0,2 6,8
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 % 31 Dec 2020
Bure Equity 11.3 % 11.3 % 31 Dec 2020
AFA Försäkring 9.3 % 9.3 % 31 Dec 2020
Fjärde AP-fonden 8.8 % 8.8 % 31 Dec 2020
Futur Pension 8.4 % 8.4 % 31 Dec 2020
Handelsbanken Fonder 7.5 % 7.5 % 31 Dec 2020
Staffan Persson 6.1 % 6.1 % 31 Dec 2020
Stena 3.3 % 3.3 % 31 Dec 2020
Avanza Pension 2.4 % 2.4 % 31 Dec 2020
Alfred Berg Fonder 1.4 % 1.4 % 31 Dec 2020
Source: Holdings by Modular Finance AB

Insider list - Ovzon

Name Quantity Code Date
Per Wahlberg + 838 UTDEL 20 Nov 2020
Pål Ekberg + 79 617 UTDEL 20 Nov 2020
Kennet Lejnell + 75 585 UTDEL 20 Nov 2020
Per Wahlberg + 259 012 UTDEL 20 Nov 2020
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

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