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Daniel Thorsson ... (+2)
  • Daniel Thorsson
  • Simon Granath

Ovzon - Tick-tock goes the launching clock

Solid Q3 numbers, largely in line with forecasts Raised sales ests., but ‘23e EBIT -13% on higher opex Ovzon-3 launch is looming (Dec’22-Feb’23)

Daniel Thorsson ... (+2)
  • Daniel Thorsson
  • Simon Granath

Ovzon - ABGSC’s Investor Days feedback

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-Feb’23

Daniel Thorsson ... (+2)
  • Daniel Thorsson
  • Simon Granath

Ovzon - Positive growth trend continues

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

Daniel Thorsson ... (+2)
  • Daniel Thorsson
  • Simon Granath

Ovzon - Good start to 2022, with strong terminals sales

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

Daniel Thorsson ... (+2)
  • Daniel Thorsson
  • Simon Granath

Ovzon - Multiple impacts from supply-side disruptions

Adj. Q4 sales +13% q-o-q, but -15% vs. ABGSCe ’23e sales cut by 42% due to the postponed launch Delayed Ovzon-3 launch does not mean any lost sales

Daniel Thorsson ... (+2)
  • Daniel Thorsson
  • Simon Granath

Ovzon - A late but welcome Christmas present

USD 9.8m order from the Italian Fire and Rescue Service Diversifies its revenue streams and validates its service We raise ’22e sales by 12%

Daniel Thorsson ... (+2)
  • Daniel Thorsson
  • Simon Granath

Ovzon - Sales starting to return to pre-COVID levels

Sales of SEK 48m, +44% q-o-q and 3% above ABGSCe Small estimate changes for ‘22e-‘23e 8x EV/EBIT on ‘23e, and 5x EV/EBIT on ‘24e

Daniel Thorsson ... (+2)
  • Daniel Thorsson
  • Simon Granath

Ovzon - Slow quarter, but we remain positive for H2

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 any lost sales

Daniel Thorsson ... (+2)
  • Daniel Thorsson
  • Simon Granath

Ovzon - Delayed launch of Ovzon-3

Supply chain disruptions affecting the Ovzon-3 timeline New launch slot in Q2’22 – operational satellite in Q4’22 Q2 results due tomorrow

Daniel Thorsson ... (+2)
  • Daniel Thorsson
  • Simon Granath

Ovzon - Greater confidence in improved sales in H2

Sales +10% q-o-q, to SEK 37m (ABGSCe SEK 37m) We take a more conversative view on Ovzon-3 sales… …but leave ‘23e forecasts largely unchanged

Daniel Thorsson ... (+2)
  • Daniel Thorsson
  • Simon Granath

Ovzon - Well-placed to achieve improved sales

Sales -49% y-o-y, hurt by lower utilisation We expect sales growth in ’21e, but lower our forecasts Ovzon is well-placed for growth

Daniel Thorsson ... (+2)
  • Daniel Thorsson
  • Simon Granath

Ovzon - Leased capacity sales set to grow in 2021e

Q3 results relatively in line with our forecasts Ovzon-3 project appears to be well on track 6x 2022e EV/EBIT, driven by Ovzon-3 sales

Daniel Thorsson ... (+2)
  • Daniel Thorsson
  • Simon Granath

Ovzon - Leased capacity from Intelsat is back on track

Q2 sales -38% y-o-y, -7% vs. ABGSCe Announced deal with Intelsat regarding new capacity 6x ’22e EV/EBIT, ’19-’22e sales CAGR of 60%

Daniel Thorsson ... (+2)
  • Daniel Thorsson
  • Simon Granath

Ovzon - Its partner Intelsat has filed for Chapter 11

Intelsat has filed for Chapter 11 in order to strengthen B/S Neutral to Ovzon’s operations – it can use other partners We assess that the Ovzon-3 project is progressing to plan

Daniel Thorsson ... (+2)
  • Daniel Thorsson
  • Simon Granath

Ovzon - New partnerships to drive further orders

Q1 sales +12% y-o-y, EBIT +15% y-o-y We remove IS-39-related sales from 2021e Announced capital injection of ~SEK 500m

Daniel Thorsson ... (+2)
  • Daniel Thorsson
  • Simon Granath

Ovzon - Announces partnership with Airbus

Continues to broaden its partner network Strengthened outlook for increased sales in ’20-‘21e 3x ‘22e EV/EBIT on today’s share price

Daniel Thorsson ... (+2)
  • Daniel Thorsson
  • Simon Granath

Ovzon - Lots of moving parts in terms of est. changes

Having a niche service should be relatively resilient Reduced D&A forecasts and IS-39 related sales Ovzon-3 launch in Q4’21 remains in the pipeline

Daniel Thorsson ... (+2)
  • Daniel Thorsson
  • Simon Granath

Ovzon - Strong Q4, but cloudy short-term outlook

Sales of SEK 65m, +13% vs. ABGSCe… …but reduced estimates as IS-39-related orders lacking 2022 estimates largely unchanged

Daniel Thorsson ... (+2)
  • Daniel Thorsson
  • Simon Granath

Ovzon - Well on track towards launching Ovzon-3

Q3 sales of SEK 57m, EBIT of SEK 2.1m Reduced short-term IS-39 related capacity assumptions We expect Ovzon-3 to reach orbit in H2’21

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