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Ovzon

Ovzon

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Ovzon is a supplier of end-to-end mobile satellite services for mission-critical applications. Through its self-developed terminal, the company offers a solution that combines high mobility with high bandwidth and is protected by patents. In 2024, Ovzon launched its own satellite, Ovzon-3. Currently, Ovzon's revenue stems from the sale of terminals, third-party SATCOM capacity and Ovzon-3 SATCOM capacity.

Sustainability information

Ovzon relies on satellite capacity from third parties, as well as from its own satellite, Ovzon-3, to provide its communication services. Satellites are subject to operational risks while in orbit, many of which are unforeseeable and may not be covered by insurance policies. Other risks relate to pricing, competition, FX, and comparatively high customer concentration.

Financials

SEKm 2025 2026e 2027e
Sales 735 1058 1008
Sales growth (%) 120,1 43,9 -4,7
EBITDA 291 440 472
EBITDA margin (%) 39,6 41,6 46,9
EBIT adj. 139 280 313
EBIT adj. margin (%) 18,9 26,4 31
Pretax profit 104 293 311
EPS 1,21 2,1 2,28
EPS growth (%) N/A 73,7 8,6
EPS adj. 1,21 2,1 2,28
DPS 0 0 0
EV/EBITDA (x) 14 8,7 7,4
EV/EBIT adj. (x) 29,3 13,6 11,2
P/E (x) 28,5 16,4 15,1
P/E adj. (x) 28,5 16,4 15,1
EV/sales (x) 5,53 3,61 3,46
FCF yield (%) 7,5 7,6 8,5
Le. adj. FCF yld. (%) 7,4 7,5 8,4
Dividend yield (%) 0 0 0
Net IB debt/EBITDA (x) 0,8 -0,1 -0,7
Le. adj. ND/EBITDA (x) 0,8 -0,1 -0,8
SEKm 2025 2026e 2027e
Sales 735 1058 1008
COGS -281 -419 -315
Gross profit 454 638 693
Other operating items -163 -199 -221
EBITDA 291 440 472
Depreciation and amortisation -152 -160 -159
of which leasing depreciation -3 -4 -4
EBITA 139 280 313
EO Items 0 0 0
Impairment and PPA amortisation 0 0 0
EBIT 139 280 313
Net financial items -35 13 -2
Pretax profit 104 293 311
Tax 31 -58 -56
Net profit 135 235 255
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 135 235 255
EPS 1,21 2,1 2,28
EPS adj. 1,21 2,1 2,28
Total extraordinary items after tax 0 0 0
Leasing payments -3 -4 -4
Tax rate (%) -29,8 19,9 18
Gross margin (%) 61,8 60,4 68,7
EBITDA margin (%) 39,6 41,6 46,9
EBITA margin (%) 18,9 26,4 31
EBIT margin (%) 18,9 26,4 31
Pre-tax margin (%) 14,1 27,7 30,8
Net margin (%) 18,4 22,2 25,3
Sales growth (%) 120,1 43,9 -4,7
EBITDA growth (%) N/A 51,1 7,4
EBITA growth (%) -267,5 101,2 11,8
EBIT growth (%) -267,5 N/A 11,8
Net profit growth (%) -182,8 73,7 8,6
EPS growth (%) N/A 73,7 8,6
Profitability N/A N/A N/A
Year N/A N/A N/A
ROE (%) 8 12,4 12
ROE adj. (%) 8 12,4 12
ROCE (%) 6,1 13,7 13,4
ROCE adj. (%) 6,1 12,6 13,4
ROIC (%) 8,5 11,3 13,2
ROIC adj. (%) 8,5 11,3 13,2
Adj. earnings numbers N/A N/A N/A
EBITDA adj. 291 440 472
EBITDA adj. margin (%) 39,6 41,6 46,9
EBITDA lease adj. 288 436 468
EBITDA lease adj. margin (%) 39,2 41,2 46,5
EBITA adj. 139 280 313
EBITA adj. margin (%) 18,9 26,4 31
EBIT adj. 139 280 313
EBIT adj. margin (%) 18,9 26,4 31
Pretax profit Adj. 104 293 311
Net profit Adj. 135 235 255
Net profit to shareholders adj. 135 235 255
Net adj. margin (%) 18,4 22,2 25,3
SEKm 2025 2026e 2027e
EBITDA 291 440 472
Goodwill N/A N/A N/A
Net financial items -35 13 -2
Other intangible assets 97 104 98
Paid tax 0 -20 -56
Tangible fixed assets 2144 2020 1901
Non-cash items -35 6 0
Right-of-use asset 8 6 6
Cash flow before change in WC 221 438 414
Total other fixed assets 31 0 0
Change in working capital 116 -106 -58
Fixed assets 2280 2131 2005
Operating cash flow 337 332 356
Inventories 0 0 0
Capex tangible fixed assets -35 -23 -10
Receivables 368 159 202
Capex intangible fixed assets -14 -18 -20
Other current assets 0 0 0
Acquisitions and Disposals 0 0 0
Cash and liquid assets 171 263 535
Free cash flow 288 292 326
Total assets 2819 2552 2742
Dividend paid 0 0 0
Shareholders equity 1789 1998 2252
Share issues and buybacks 0 0 0
Minority N/A N/A N/A
Leasing liability amortisation -3 -4 -4
Total equity 1789 1998 2252
Other non-cash items 138 -34 0
Long-term debt 243 189 139
Pension debt N/A N/A N/A
Convertible debt N/A N/A N/A
Leasing liability 5 6 6
Total other long-term liabilities 0 0 0
Short-term debt 180 40 40
Accounts payable 599 317 302
Other current liabilities 4 2 2
Total liabilities and equity 2820 2552 2742
Net IB debt 226 -28 -350
Net IB debt excl. pension debt 226 -28 -350
Net IB debt excl. leasing 221 -34 -356
Capital employed 2217 2233 2437
Capital invested 2014 1970 1902
Working capital -235 -161 -103
Market cap. diluted (m) 3841 3841 3841
Net IB debt adj. 226 -28 -350
Market value of minority 0 0 0
Reversal of shares and participations 0 0 0
Reversal of conv. debt assumed equity N/A N/A N/A
EV 4067 3814 3491
Total assets turnover (%) 26,3 39,4 38,1
Working capital/sales (%) -23,7 -18,7 -13,1
Financial risk and debt service N/A N/A N/A
Year N/A N/A N/A
Net debt/equity (%) 12,6 -1,4 -15,5
Net debt / market cap (%) 5,9 -0,7 -9,1
Equity ratio (%) 63,5 78,3 82,2
Net IB debt adj. / equity (%) 12,6 -1,4 -15,5
Current ratio 0,69 1,17 2,14
EBITDA/net interest 8,3 33,8 236,1
Net IB debt/EBITDA (x) 0,8 -0,1 -0,7
Net IB debt/EBITDA lease adj. (x) 0,8 -0,1 -0,8
Interest coverage 4 21,5 156,4
SEKm 2025 2026e 2027e
Shares outstanding adj. 112 112 112
Diluted shares adj. 112 112 112
EPS 1,21 2,1 2,28
Dividend per share 0 0 0
EPS adj. 1,21 2,1 2,28
BVPS 16,04 17,91 20,19
BVPS adj. 15,17 16,97 19,31
Net IB debt/share 2,03 -0,25 -3,14
Share price 34,44 34,44 34,44
Market cap. (m) 3841 3841 3841
P/E (x) 28,5 16,4 15,1
EV/sales (x) 5,5 3,6 3,5
EV/EBITDA (x) 14 8,7 7,4
EV/EBITA (x) 29,3 13,6 11,2
EV/EBIT (x) 29,3 13,6 11,2
Dividend yield (%) 0 0 0
FCF yield (%) 7,5 7,6 8,5
Le. adj. FCF yld. (%) 7,4 7,5 8,4
P/BVPS (x) 2,15 1,92 1,71
P/BVPS adj. (x) 2,15 1,92 1,71
P/E adj. (x) 28,5 16,4 15,1
EV/EBITDA adj. (x) 14 8,7 7,4
EV/EBITA adj. (x) 29,3 13,6 11,2
EV/EBIT adj. (x) 29,3 13,6 11,2
EV/CE (x) 1,8 1,7 1,4
Investment ratios N/A N/A N/A
Year N/A N/A N/A
Capex/sales (%) 6,7 3,8 3
Capex/depreciation 0,3 0,3 0,2
Capex tangibles / tangible fixed assets 1,7 1,1 0,5
Capex intangibles / definite intangibles N/A N/A N/A
Depreciation on intang / def. intang N/A N/A N/A
Depreciation on tangibles / tangibles 5,9 6,1 6,5

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Media

Ovzon - Company presentation with CEO Per Norén and CFO André Löfgren
Ovzon - Company presentation with Viktor Bremer, Director Group Finance

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Main shareholders - Ovzon

Main shareholders Share capital % Voting shares % Verified
Investment AB Öresund 12.0 % 12.1 % 28 Sep 2026
Fjärde AP-fonden 8.5 % 8.5 % 28 Sep 2026
Handelsbanken Fonder 5.9 % 6.0 % 30 Sep 2026
Erik Åfors 5.6 % 5.6 % 28 Sep 2026
Carnegie Fonder 4.5 % 4.5 % 28 Sep 2026
Futur Pension 3.4 % 3.4 % 28 Sep 2026
Avanza Pension 2.7 % 2.7 % 28 Sep 2026
Swedbank Robur Fonder 2.5 % 2.5 % 28 Sep 2026
Patrik Björn 2.5 % 2.5 % 28 Sep 2026
Capital Group 2.4 % 2.4 % 30 Sep 2026
Source: Holdings by Modular Finance AB