Ovzon-3 continues to ramp up
Sales and profits improved for the third consecutive quarter. In addition to solid terminal sales (SEK 43m), SATCOM sales continued to grow on the back of recent orders. Although the majority of SATCOM sales still relate to the leased capacity business, utilisation of Ovzon-3 continues to ramp up, and likely accounted for SEK 16m or ~15% of Q4 sales. The latter does not include any contribution from the SEK 185m order from SSC, as this order will start on 1 March. Nevertheless, this paves the way for further improvements throughout 2025e, where we estimate that current orders suggest that ~40% of Ovzon-3 will be utilised from March onwards. Here, Ovzon-3 ended Q4 with a record-high order backlog of SEK 344m, of which terminals account for just ~SEK 20m (which is positive). FCF was SEK 52m – the first positive figure since Q3'18 – and this drove NIBD to SEK 649m. However, we highlight that the SSC order will be fully paid in January, which mitigates near-term balance sheet concerns.
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