* Strong sales figure, but EBIT shortfall on rising opex * We cut '26e/'27e/'28e EBIT by 9%/2%/1% due to higher costs * Order activity has r...
* Sales +48% y-o-y, in line with cons * EBIT 28% below, partly due to SEK 6m one-offs (adj.
* Strong Q2e, but more orders are needed... * ...and we expect them to come * 15x '26e EV/EBIT Q2e largely similar to Q1 We expect Q2 to be ...
* Renewed SEK 74m order with EU NATO customer (Ovzon-3 related) * 100% SATCOM (5-months); deliveries start 1 Aug'26 * Supports our estimates...
* Strong Q1, but orders muted in seasonally slow Q1 * Small EBIT revisions * We expect more orders ahead; 19x '26e EV/EBIT Strong quarter, b...
* Sales +189% y-o-y on recent orders; -2%/-8% vs. ABG/cons * EBIT was -1% vs.
* Strong Q1e: sales +196% y-o-y, 30% EBIT margin * Small estimate revisions * Ovzon-3 still not at full capacity: 18x 2026e EV/EBIT Strong Q...
* Strong Q4, with EBIT 82% ahead of our forecast * We lift '26e EBIT by 17% on positive sales revisions * Ovzon-3 still not at full capacity...
* Sales +159% y-o-y on recent orders; +18%/+16% vs.
* Strong Q4 on the cards: EBIT SEK 41m (SEK -18m Q4'24) * Slightly lowered Q4 assumptions, but '26e-'27e EBIT +7-5% * Still not at full capa...
* Inks SEK 240m order with EU NATO customer (Ovzon-3 related) * 60% terminals, 40% SATCOM (6-month); deliveries start in H1'26 * Supports 20...
* SEK 58m follow-up order (Terminals) from Swedish FMV * Deliveries start in H1'26 * Supports Terminals sales in '26e (~20% of sales) SEK 58...
* SATCOM demand is strong * There is good, untapped potential with Ovzon-3 * The stock trades at 13x '26e EV/EBIT (10% FCF yield) SATCOM de...
* Strong Q3 across the board * '25e-'27e EBIT down 12-4% on slightly lower Ovzon-3 sales * Good potential for more orders; 35x-14x '25e-'26e...
* Sales +113% y-o-y on recent orders; 0%/-6% vs. ABG/cons * EBIT was +13% vs.
* Strong Q3: EBIT SEK 48m (vs. SEK -23m Q3'24) * We raise our EPS assumptions, but cut '25e EBIT on lower GMs * Strong near-term outlook, 33...
* New credit facility (SEK 300m + 300m) with promising terms * 3m STIBOR +2.
- Strong Q2; sales +148% y-o-y and positive EBIT - We make small EBIT revisions - Strong near-term outlook, 32x-16x '25e-'26e EV/EBIT Stron...
- Sales +148% y-o-y on recent orders, but -16% ABG/cons - Lower-than-expected Q2 terminal sales to come back in H2 - Expect cons to raise '2...
- SEK 72m follow-up order (Terminals) from Swedish FMV - Deliveries start in Q3 - Could add ~10% to '25e EBIT estimates SEK 72m follow-up or...
We raise '25e-'27e EBITDA by 35-40% on the recent SEK 1bn order 2025 will be a strong year: sales +135% y-o-y More Ovzon-3 orders in H2e, 17...
SEK 1bn break-through order from Swedish FMV ~80% leased capacity SATCOM (24 months), ~20% Terminals Could add ~50% to '25e-'26e EBITDA esti...
Director Group Finance emphasised recent milestones.
Strong SATCOM sales, but surprising setback in terminal sales '25e-'26e sales down 8-9% on FX headwinds Ovzon-3 continues to ramp up, provid...
Continued sequential improvements across the board '25e sales down 5% on lowered Ovzon-3 assumptions Record-high backlog provides support fo...
SEK 185m order from Swedish Space Corporation on Ovzon-3 The full value will be paid in January 2025 Supportive to estimates of a ramp-up in...
Solid Q3, with more sequential improvements '24e-'26e sales down 5-6% on slightly softer orders than expected We expect the positive operati...
Comment re-published: we have corrected a factual error.
Signs SEK 132m expansion order from Swedish Space Corporation New run-rate of ~SEK 250m is 37% above the previous run-rate with SSC The SEK ...
SEK 115m renewal order from Swedish Space Corporation 15% downgrade from last order, but likely due to lower terminal sales Neutral on estim...
Solid sequential improvements, first Ovzon 3 order '24e-'26e sales down 18-7% on softer orders than expected We expect positive EBITDA in H2...
First Ovzon-3 order: USD 6.2m from the US DoD 33% upgrade of the last US DoD contract Neutral to estimates as order announcements are alread...
Ovzon-3 has reached its orbital position (5 months after launch) We expect orders picking up in H2.
Q1 sales hurt by lower US sales, but other regions contributed well Fine-tuned sales estimates, but we lift our GM assumptions Ovzon-3 sales...
USD 9.7m order from a European customer De-risks estimates and diversifies its revenue streams Expect improved sales after Q1e One of the l...
Solid Q4, but soft Q1e on uncertainty in the US....
Few order announcements put some risk on Q3e sales.
Sequential improvements, but Q2 was below ABGSCe We lower our Ovzon-3 utilisation assumptions for '25e Ovzon-3 launch window was reiterated:...
We cut '24e-'25e sales by 32-8% due to the Ovzon-3 delay We now expect Ovzon-3 to generate sales as of Q3'24e Q2e preview: sequential progre...
Additional delays to Ovzon-3, partly due to new launch partner New date: "no earlier than late '23 or early '24" (previously Q3e) All else e...
-46% org. growth due to recent bad debt provision We lift '23e sales by 3% on recent order announcement Share is now trading at 5x '25e EV/E...
Another bad debt provision likely to hurt Q1e, easing in Q2e We cut '23e sales by 8% and '24-'25e by 2% Share is now trading at 5x '25e EV/E...
(Correction: The Italian partner was earlier described as having financial difficulties.
2022 EBIT impacted by bad debt provisions of SEK 34m The provision relates to its Italian distributor (Gomedia) Ovzon's financial position r...
Strong end to 2022, with record-high sales of SEK 101m We lift '23e sales 5%, but cut '24e 6% on the Ovzon-3 delay Share is now trading at 6...
Additional delays in the finalisation of Ovzon-3 New launch slot is Jul-Sep'23 (previously Dec'22-Feb'23) Anticipated, but we would still ex...
Good momentum for its leased-capacity business We remove Ovzon-3 from '23e as we turn more prudent 13x-5x '24e-'25e EV/EBITDA We see tailwi...
We see tailwinds from recent geopolitical events Ovzon’s newsflow has been positive lately.
Solid Q3 numbers, largely in line with forecasts Raised sales ests.
We hosted a presentation with CEO Per Norén today Ovzon’s offering seems more relevant than ever Ovzon-3 is set to be launched in Dec’22-F...
Sales of SEK 78m (ABGSCe SEK 74m), up 135% y-o-y ‘22e sales up 4% on higher leased capacity sales Ovzon-3 to be launched in Dec’22-Feb’22 ...
Adj. Q1 sales +79% q-o-q and +45% vs. ABGSCe… …but lower gross margins than expected Ovzon-3 to be launched late 2022 – 5x ‘24e EV/EBIT Goo...
Q2 sales of SEK 33m, -11% q-o-q and -22% vs. ABGSCe ‘22e sales cut by 39% due to the postponed launch Delayed Ovzon-3 launch does not mean a...
Supply chain disruptions affecting the Ovzon-3 timeline New launch slot in Q2’22 – operational satellite in Q4’22 Q2 results due tomorrow Th...
