Director Group Finance emphasised recent milestones... ... and that Ovzon-3 is currently ramping up well The stock trades at 17x-11x '25e-'26e EV/EBITDA
ANNONS
Significant milestone achievements in 2024...
Today, we hosted Ovzon's Director Group Finance, Viktor Bremer, at ABGSC's Investor Days. A significant part of the discussion centred on the current demand situation. Ovzon has witnessed increased demand amid the recent geopolitical turmoil, particularly due to the increased demand for satellite connectivity as a complement to terrestrial networks, given the resiliency that SATCOM offers. Ovzon generates a significant proportion of its revenue from the defence industry, and the use of drones for control purposes is growing. Furthermore, Mr Bremer highlighted that 2024 was a pivotal year for the company: First, it launched its first proprietary satellite, Ovzon-3, in January, which was then commercialised in July. Second, it signed its first significant order for the satellite with the US DoD in August. Third, it secured a record-high SEK 185m order with the SSC in December, also relating to Ovzon-3. Consequently, sales increased by 15% in 2024, and profits in terms of EBITDA totalled SEK 0m (compared to SEK -67m in 2023), whereas SEK 17m in Q4 (SEK -6m).
