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Third party research

Ovzon: Here comes the sun - ABG

Ovzon

This is a third party research report and does not necessarily reflect our views or values

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We raise '25e-'27e EBITDA by 35-40% on the recent SEK 1bn order
2025 will be a strong year: sales +135% y-o-y
More Ovzon-3 orders in H2e, 17x-11x '25e-'26e EV/EBITDA


Groundbreaking deal

The recent SEK 1bn order from the Swedish Defence Materiel Administration (FMV) is a real game changer for Ovzon. The contract's value is immense in both relative and absolute terms — it is the largest order the company has ever received — and it reduces B/S concerns, validates its offering, broadens the customer base and increases the durability of its order backlog (historical contracts have lasted for 12 months at most, whereas this contract spans 24 months). For context, FMV/SSC began piloting Ovzon's services in Dec'22 and has since gradually expanded the contracts. We believe this suggests that the customer is satisfied with the service and will likely continue using it after the current contracts expire.
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Inderes’ Disclaimer can be found here. Detailed information about each share actively monitored by Inderes is available on the company-specific pages on Inderes’ website. © Inderes Oyj. All rights reserved.