Ovzon: A late but welcome Christmas present

Ovzon: A late but welcome Christmas present - ABG

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%

Largest order ever received outside US DoD On 31 December, Ovzon announced that it had received an order from the Italian Fire and Rescue Service. This is the third order from this customer and it is worth USD 9.8m over 14 months, starting in late Q1. It is also the largest order it has ever received outside the US DoD. According to the press release, the order includes 21 Ovzon T6 On-The-Pause terminals and 21 Ovzon On-The-Move terminals, and the firm's satellite service, which will be managed and supported through its Italian partner, Gomedia. We think that Ovzon’s ability to provide SATCOM services with high throughput due to its steerable satellite beams is one of the main reasons it won the order. Major ramp-up in demanded capacity from the customer With this order, Ovzon significantly enhances its relationship with the Italian Fire and Rescue Service given that the last order (received on 27 April 2021) was worth USD 0.9m. Furthermore, it diversifies its revenue streams and showcases a significant demand for Ovzon’s services outside military use, which we see as positive. We raise 2022e sales by 12% after the announcement (the revision also includes recent FX changes) and estimate about 55% of the order to be recognised in 2022 based on Ovzon’s guidance that “the service will be rolled out gradually”. Given Ovzon’s strong backlog from its recent order announcements (including a USD 14.6m order on 14 Dec), we find good support for our 2022 sales forecast of USD 29m (SEK 265m). Ovzon-3 set to be launched in Q2’22 Ovzon’s proprietary satellite, Ovzon-3, is set to be launched in Q2 and planned to become operational in Q4’22. We expect a gradual ramp-up in utilisation in 2023, ultimately reaching 85% utilisation in 2024. At the current share price, Ovzon is trading at 6.4x 2024e EV/EBIT. Läs mer på Introduce

Ovzon: A late but welcome Christmas present - ABG

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