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Ovzon

Ovzon

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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.

Financials

SEKm 2020 2021e 2022e
Sales 160 179 237
Sales growth (%) -30,7 11,3 32,8
EBITDA -42 -82 -48
EBITDA margin (%) -26,1 -45,9 -20,4
EBIT adj margin (%) -30,1 -48,9 -23,8
Pretax profit -107 -66 -56
EPS rep -2,25 -1,35 -0,96
EPS growth (%) -358,5 39,9 29
EPS adj -2,25 -1,3 -0,96
DPS 0 0 0
EV/EBITDA (x) -78,8 -32,9 -62,9
EV/EBIT adj (x) -68,3 -30,8 -54
P/E (x) -33,4 -41,4 -58,4
P/E adj (x) -33,4 -43 -58,4
EV/sales (x) 20,6 15,1 12,8
FCF yield (%) -18,1 -10,4 -13,4
Dividend yield (%) 0 0 0
Net IB debt/EBITDA 4,3 -1,1 -9,1
EBIT adj -48 -87 -56
Lease adj. FCF yield (%) -18,1 -10,4 -13,5
Lease adj. ND/EBITDA 4,3 -1,1 -8,7
SEKm 2020 2021e 2022e
Gross profit 51 38 90
Other operating items -93 -119 -139
EBITDA -42 -82 -48
Depreciation on tangibles -1 -2 -96
Depreciation on intangibles -4 -4 -15
EBITA -48 -90 -56
Goodwill impairment charges 0 0 0
Other impairment and amortisation 0 0 0
EBIT -48 -90 -56
Other financial items 0 0 0
Net financial items -59 23 0
Associated income 0 0 0
Other EO items 0 0 0
Pretax profit -107 -66 -56
Tax 3 3 12
Net profit -104 -63 -45
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders -104 -63 -45
EPS -2,25 -1,35 -0,96
EPS Adj -2,25 -1,3 -0,96
Total extraordinary items after tax 0 -2,3 0
Tax rate (%) -2,8 -5,2 -21
Gross margin (%) 32,1 21 38,1
EBITDA margin (%) -26,1 -45,9 -20,4
EBITA margin (%) -30,1 -50,2 -23,8
EBIT margin (%) -30,1 -50,2 -23,8
Pretax margin (%) -66,7 -37,1 -23,8
Net margin (%) -64,8 -35,2 -18,8
Growth rates Y/Y 2020 2021 2022
Sales growth (%) -30,7 11,3 32,8
EBITDA growth (%) -246 -95,9 41
EBIT growth (%) -522,8 -85,7 37,1
Net profit growth (%) -456 39,7 29
EPS growth (%) -358,5 39,9 29
Profitability 2020 2021 2022
ROE (%) -10 -5 -3,7
ROE Adj (%) -10 -4,8 -3,7
ROCE (%) -4,6 -5,7 -3,1
ROCE Adj(%) -4,6 -5,6 -3,1
ROIC (%) -5,7 -7 -3
ROIC Adj (%) -5,7 -6,8 -3
Adj earnings numbers 2020 2021 2022
EBITDA Adj -42 -80 -48
EBITDA Adj margin (%) -26,1 -44,6 -20,4
EBITA Adj -48 -87 -56
EBITA Adj margin (%) -30,1 -48,9 -23,8
EBIT Adj -48 -87 -56
EBIT Adj margin (%) -30,1 -48,9 -23,8
Pretax profit Adj -107 -64 -56
Net profit Adj -104 -60 -45
Net profit to shareholders Adj -104 -60 -45
Net Adj margin (%) -64,8 -33,9 -18,8
Sales 160 179 237
COGS -109 -141 -147
Depreciation and amortisation -6 -8 -8
Of which leasing depreciation -2 -2 -2
EO items 0 -2 0
Impairment and PPA amortisation 0 0 0
EBITDA lease Adj -43 -81 -50
EBITDA lease Adj margin (%) -27,1 -45,5 -21,1
Leasing payments -2 -2 -2
SEKm 2020 2021e 2022e
EBITDA -42 -82 -48
Net financial items -59 23 0
Paid tax 3 3 12
Non-cash items 44 0 0
Cash flow before change in WC -54 -55 -37
Change in WC -100 94 9
Operating cash flow -154 39 -28
CAPEX tangible fixed assets -475 -273 -284
CAPEX intangible fixed assets 0 -36 -37
Acquisitions and disposals 0 0 0
Free cash flow -628 -270 -349
Dividend paid 0 0 0
Share issues and buybacks 575 0 0
Other non cash items -17 0 0
Decrease in net IB debt -72 -494 356
Balance Sheet (SEKm) 2020 2021 2022
Goodwill 0 0 0
Indefinite intangible assets 21 53 52
Definite intangible assets 0 0 0
Tangible fixed assets 984 1254 1535
Other fixed assets 0 0 0
Fixed assets 1010 1313 1627
Inventories 0 0 0
Receivables 134 89 71
Other current assets 0 0 0
Cash and liquid assets 185 514 163
Total assets 1329 1916 1862
Shareholders equity 1293 1230 1185
Minority 0 0 0
Total equity 1293 1230 1185
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 31 80 71
Other current liabilities 0 0 0
Total liabilities and equity 1329 1916 1862
Net IB debt -180 92 442
Net IB debt excl. pension debt -180 92 442
Capital invested 1113 1321 1627
Working capital 103 9 0
EV breakdown 2020 2021 2022
Market cap. diluted (m) 3478 2601 2601
Net IB debt Adj -180 92 442
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 3298 2693 3043
Capital efficiency (%) 2020 2021 2022
Total assets turnover (%) 14,4 11 12,6
Capital invested turnover (%) 19,4 15 48,2
Capital employed turnover (%) 15,3 12,7 36,7
Inventories / sales (%) 0 0 0
Customer advances / sales (%) 0 0 0
Payables / sales (%) 37,4 30,3 21,3
Working capital / sales (%) 32,9 31,3 1,9
Financial risk and debt service 2020 2021 2022
Net debt / equity (%) -13,9 7,4 37,3
Net debt / market cap (%) -6,6 3,5 17
Equity ratio (%) 97,2 64,2 63,7
Net IB debt adj. / equity (%) -13,9 7,5 37,3
Current ratio (%) 1016,6 750,4 329,7
EBITDA / net interest (%) -71,3 -350,1 0
Net IB debt / EBITDA (%) 429,6 -111,8 -913,4
Interest cover (%) -82,2 383 0
Lease liability amortisation -1 -2 -2
Other intangible assets 21 54 87
Right-of-use asset 5 5 5
Total other fixed assets 0 0 0
Leasing liability 5 5 5
Total other long-term liabilities 0 0 0
Net IB debt excl. leasing -185 86 437
Net IB debt / EBITDA lease Adj (%) 426 -106,2 -873,6
SEKm 2020 2021e 2022e
Shares outstanding adj. 46 46 46
Fully diluted shares Adj 46 46 46
EPS -2,25 -1,35 -0,96
Dividend per share Adj 0 0 0
EPS Adj -2,25 -1,3 -0,96
BVPS 27,95 26,48 25,52
BVPS Adj 27,95 26,48 25,52
Net IB debt / share -3,9 2 9,5
Share price 58,59 56 56
Market cap. (m) 2709 2601 2601
Valuation 2020 2021 2022
P/E -33,4 -41,4 -58,4
EV/sales 20,55 15,08 12,84
EV/EBITDA -78,8 -32,9 -62,9
EV/EBITA -68,3 -30 -54
EV/EBIT -68,3 -30 -54
Dividend yield (%) 0 0 0
FCF yield (%) -18,1 -10,4 -13,4
P/BVPS 2,69 2,11 2,19
P/BVPS Adj 2,69 2,11 2,19
P/E Adj -33,4 -43 -58,4
EV/EBITDA Adj -78,8 -33,8 -62,9
EV/EBITA Adj -68,3 -30,8 -54
EV/EBIT Adj -68,3 -30,8 -54
EV/cap. employed 2,5 1,5 1,7
Investment ratios 2020 2021 2022
Capex / sales 295,8 172,9 135,5
Capex / depreciation 9794,5 5058,2 5017,6
Capex tangibles / tangible fixed assets 48,2 21,8 18,5
Capex intangibles / definite intangibles 0 0 0
Depreciation on intangibles / definite intangibles 0 0 0
Depreciation on tangibles / tangibles 0,2 0,3 0,2
Lease adj. FCF yield (%) -18,1 -10,4 -13,5

Equity research

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Media

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

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Main shareholders - OVZON

Main shareholders Share capital % Voting shares % Verified
Investment AB Öresund 11.7 % 11.7 % 31 Aug 2021
Bure Equity 11.3 % 11.3 % 30 Jun 2021
Futur Pension 8.9 % 8.9 % 30 Jun 2021
Handelsbanken Fonder 8.8 % 8.8 % 31 Aug 2021
Fjärde AP-fonden 8.7 % 8.7 % 30 Jun 2021
AFA Försäkring 7.5 % 7.5 % 30 Jun 2021
Staffan Persson 6.1 % 6.1 % 30 Jun 2021
Stena 3.2 % 3.2 % 30 Jun 2021
Avanza Pension 2.2 % 2.2 % 30 Jun 2021
Per Wahlberg 1.4 % 1.4 % 15 Jun 2021
Source: Holdings by Modular Finance AB

Insider list - Ovzon

Name Quantity Code Date
Per Noren + 20 000 BUY 18 Aug 2021
Johan Brandt + 50 000 BUY 29 Jun 2021
Thomas Hopkins + 50 000 BUY 29 Jun 2021
Per Noren + 100 000 SUBS 29 Jun 2021
Daniel Gager + 10 000 SUBS 29 Jun 2021
Pål Ekberg - 10 000 SELL 18 Jun 2021
Kennet Lejnell - 7 000 SELL 15 Jun 2021
Etheron AB + 80 340 SUBS 15 Jun 2021
Per Wahlberg - 39 000 SELL 15 Jun 2021
Equi Performance Sweden AB + 7 000 BUY 15 Jun 2021

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