We see tailwinds from recent geopolitical events
Ovzon’s newsflow has been positive lately. Since September, it has announced four new orders, for ~USD 21m in total, all of which relate to its leased-capacity business. With '22e net sales of SEK 347m, up from SEK 172m in '21, progress for its leased-capacity business has been strong over the past 18 months, i.e. since the current CEO, Per Norén, was appointed. We believe that tailwinds from recent geopolitical events have so far been limited, but with a greater need both for companies and public entities to complement terrestrial networks with satellite communication services to ensure better connectivity resilience, we expect Ovzon to benefit more going forward. For Q4, we forecast net sales of SEK 91m, up 68% y-o-y (excl. compensation for divested production stock in Q4'21).
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