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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)
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
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
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
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%
59 companies presented at the seminar Mostly Swedish small caps attending See links to all company recordings
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
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
Supply chain disruptions affecting the Ovzon-3 timeline New launch slot in Q2’22 – operational satellite in Q4’22 Q2 results due tomorrow
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
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
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
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