Ovzon

* Sequential sales decline, but order activity has improved * We cut '26e-'28e EBIT by 11-8% on lower sales assumptions * 16-13x '26e-'27e EV/EBIT Sequential sales decline We expect Q3 to see a sequential decline in sales, as Ovzon has not been able ...

* New 12m SEK 90m order from a new US gov customer * SEK 84m SATCOM service, SEK 6m terminals * Key positives: supports estimates, first new US customer on Ovzon-3 A new customer, not a renewal Ovzon has received a SEK 90m (USD 9.1m) order for its integrated...

* Strong sales figure, but EBIT shortfall on rising opex * We cut '26e/'27e/'28e EBIT by 9%/2%/1% due to higher costs * Order activity has recently increased, 15x '26e EV/EBIT Q2 sales in line, but higher costs than expected Q2 sales broadly met our ...

* Sales +48% y-o-y, in line with cons * EBIT 28% below, partly due to SEK 6m one-offs (adj. -18%) * Cons to cut '26e EBIT by ~5% on lower GMs, share down similarly Q2 results Sales SEK 245m (-1% vs ABGSCe 246m and 0% vs cons 246m), EBIT 47m (-31% vs ...