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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 1047,35 1016,76
Sales growth (%) 120,1 42,5 -2,9
EBITDA 291 447 481
EBITDA margin (%) 39,6 42,7 47,3
EBIT adj. 139 287 321
EBIT adj. margin (%) 18,9 27,4 31,6
Pretax profit 104 292 319
EPS 1,21 2,09 2,35
EPS growth (%) N/A 72,4 12,6
EPS adj. 1,21 2,09 2,35
DPS N/A N/A N/A
Dividend per share 0 0 0
EV/EBITDA (x) 15,7 9,6 8,3
EV/EBIT adj. (x) 32,8 15 12,4
P/E (x) 32,12 18,64 16,56
P/E adj. (x) 32,1 18,6 16,6
EV/sales (x) 6,21 4,11 3,91
FCF yield (%) 6,6 6,7 7,7
Le. adj. FCF yld. (%) 6,6 6,6 7,7
Dividend yield (%) 0 0 0
Net IB debt/EBITDA (x) 0,8 -0,1 -0,8
Le. adj. ND/EBITDA (x) 0,8 -0,1 -0,8
SEKm 2025 2026e 2027e
Sales 735 1047,35 1016,76
COGS -281 -383 -302
Gross profit 454 664 715
Other operating items -163 -218 -234
EBITDA 291 447 481
Depreciation and amortisation -152 -160 -159
of which leasing depreciation N/A N/A N/A
Depreciation on leased assets -3 -4 -4
EBITA 139 287,11 321,42
EO Items N/A N/A N/A
Operating EO items 0 0 0
Impairment and PPA amortisation N/A N/A N/A
Impairment and amortisation charges 0 0 0
EBIT 139 287,11 321,42
Net financial items -35 5 -2
Pretax profit 104 292 319
Tax 31 -59 -57
Net profit 135 233 262
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 135 233 262
EPS 1,21 2,09 2,35
EPS adj. 1,21 2,09 2,35
Total extraordinary items after tax 0 0 0
Leasing payments -3 -4 -4
Tax rate (%) -29,8 20,3 18
Gross margin (%) 61,8 63,4 70,3
EBITDA margin (%) 39,6 42,7 47,3
EBITA margin (%) 18,9 27,4 31,6
EBIT margin (%) 18,9 27,4 31,6
Pre-tax margin (%) 14,1 27,9 31,4
Net margin (%) 18,4 22,2 25,8
Sales growth (%) 120,1 42,5 -2,9
EBITDA growth (%) N/A 53,6 7,6
EBITA growth (%) -267,5 106,6 11,9
EBIT growth (%) -267,5 N/A 11,9
Net profit growth (%) -182,8 72,4 12,6
EPS growth (%) N/A 72,4 12,6
Profitability N/A N/A N/A
Year N/A N/A N/A
ROE (%) 8 12,3 12,3
ROE adj. (%) 8 12,3 12,3
ROCE (%) 6,1 13,4 13,8
ROCE adj. (%) 6,1 12,9 13,8
ROIC (%) 8,5 11,5 13,6
ROIC adj. (%) 8,5 11,5 13,6
Adj. earnings numbers N/A N/A N/A
EBITDA adj. 291 447 481
EBITDA adj. margin (%) 39,6 42,7 47,3
EBITDA lease adj. 288 443 477
EBITDA lease adj. margin (%) 39,2 42,3 46,9
EBITA adj. 139 287 321
EBITA adj. margin (%) 18,9 27,4 31,6
EBIT adj. 139 287 321
EBIT adj. margin (%) 18,9 27,4 31,6
Pretax profit Adj. 104 292 319
Net profit Adj. 135 233 262
Net profit to shareholders adj. 135 233 262
Net adj. margin (%) 18,4 22,2 25,8
SEKm 2025 2026e 2027e
EBITDA 291 447 481
Goodwill N/A N/A N/A
Net financial items -35 5 -2
Other intangible assets 97 103 97
Paid tax 0 -31 -57
Tangible fixed assets 2144 2023 1904
Non-cash items -35 6 0
Right-of-use asset 8 7 7
Cash flow before change in WC 221 426 421
Total other fixed assets N/A N/A N/A
Other Fixed Assets All 31 3 3
Change in working capital 116 -95 -55
Fixed assets 2280 2136 2011
Operating cash flow 337 331 366
Inventories 0 0 0
Capex tangible fixed assets -35 -22 -10
Receivables 368 157 203
Capex intangible fixed assets -14 -20 -20
Other current assets 0 0 0
Acquisitions and Disposals 0 0 0
Cash and liquid assets 171 249 531
Free cash flow 288 289 336
Total assets 2819 2543 2746
Dividend paid 0 0 0
Shareholders equity 1789 2005 2267
Share issues and buybacks 0 0 0
Minority N/A N/A N/A
Leasing liability amortisation -3 -4 -4
Total equity 1789 2005 2267
Other non-cash items N/A N/A N/A
Other changes in net debt 138 -28 0
Long-term debt 243 174 124
Pension debt N/A N/A N/A
Convertible debt N/A N/A N/A
Leasing liability 5 7 7
Total other long-term liabilities 0 0 0
Short-term debt 180 40 40
Accounts payable 599 314 305
Other current liabilities 4 3 3
Total liabilities and equity 2820 2543 2746
Net IB debt 226 -31 -363
Net IB debt excl. pension debt 226 -31 -363
Net IB debt excl. leasing 221 -38 -370
Capital employed 2217 2226 2438
Capital invested 2014 1973 1903
Working capital -235 -160 -105
Market cap. diluted (m) 4336 4336 4336
Net IB debt adj. 226 -31 -363
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 4562 4305 3973
Total assets turnover (%) 26,3 39,1 38,5
Working capital/sales (%) -23,7 -18,9 -13
Financial risk and debt service N/A N/A N/A
Year N/A N/A N/A
Net debt/equity (%) 12,6 -1,6 -16
Net debt / market cap (%) 5,2 -0,7 -8,4
Equity ratio (%) 63,5 78,8 82,6
Net IB debt adj. / equity (%) 12,6 -1,6 -16
Current ratio 0,69 1,14 2,11
EBITDA/net interest 8,3 89,4 240,4
Net IB debt/EBITDA (x) 0,8 -0,1 -0,8
Net IB debt/EBITDA lease adj. (x) 0,8 -0,1 -0,8
Interest coverage 4 57,4 160,7
SEKm 2025 2026e 2027e
Shares outstanding adj. 112 112 112
Diluted shares adj. 112 112 112
EPS 1,21 2,09 2,35
Dividend per share 0 0 0
EPS adj. 1,21 2,09 2,35
BVPS 16,04 17,97 20,32
BVPS adj. 15,17 17,05 19,45
Net IB debt/share 2,03 -0,28 -3,26
Share price 38,88 38,88 38,88
Market cap. (m) 4336 4336 4336
P/E (x) 32,12 18,64 16,56
EV/sales (x) 6,21 4,11 3,91
EV/EBITDA (x) 15,7 9,6 8,3
EV/EBITA (x) 32,8 15 12,4
EV/EBIT (x) 32,8 15 12,4
Dividend yield (%) 0 0 0
FCF yield (%) 6,6 6,7 7,7
Le. adj. FCF yld. (%) 6,6 6,6 7,7
P/BVPS (x) 2,42 2,16 1,91
P/BVPS adj. (x) 2,42 2,16 1,91
P/E adj. (x) 32,1 18,6 16,6
EV/EBITDA adj. (x) 15,7 9,6 8,3
EV/EBITA adj. (x) 32,8 15 12,4
EV/EBIT adj. (x) 32,8 15 12,4
EV/CE (x) 2,1 1,9 1,6
Investment ratios N/A N/A N/A
Year N/A N/A N/A
Capex/sales (%) -6,7 -4 -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 5,92 6,1 6,48

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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 % 26 Jun 2026
Fjärde AP-fonden 8.5 % 8.5 % 26 Jun 2026
Erik Åfors 5.6 % 5.6 % 26 Jun 2026
Carnegie Fonder 4.5 % 4.5 % 26 Jun 2026
Handelsbanken Fonder 3.8 % 3.8 % 30 Jun 2026
Futur Pension 3.3 % 3.3 % 26 Jun 2026
Swedbank Robur Fonder 2.5 % 2.5 % 26 Jun 2026
Avanza Pension 2.4 % 2.4 % 26 Jun 2026
Capital Group 2.3 % 2.3 % 13 Apr 2026
Per Wahlberg 2.3 % 2.3 % 28 Mar 2025
Source: Holdings by Modular Finance AB