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, 17x-11x '25e-'26e EV/EBITDA
ANNONS
Groundbreaking deal
The recent SEK 1bn order from the Swedish Defence Materiel Administration (FMV) is a real game changer for Ovzon. The contract's value is immense in both relative and absolute terms — it is the largest order the company has ever received — and it reduces B/S concerns, validates its offering, broadens the customer base and increases the durability of its order backlog (historical contracts have lasted for 12 months at most, whereas this contract spans 24 months). For context, FMV/SSC began piloting Ovzon's services in Dec'22 and has since gradually expanded the contracts. We believe this suggests that the customer is satisfied with the service and will likely continue using it after the current contracts expire.
