Ovzon

* Strong Q3 across the board* '25e-'27e EBIT down 12-4% on slightly lower Ovzon-3 sales* Good potential for more orders; 35x-14x '25e-'26e EV/EBITQ3 was a strong quarterThere were few things to dislike in Ovzon's Q3 report, including strong financials...

* Sales +113% y-o-y on recent orders; 0%/-6% vs. ABG/cons* EBIT was +13% vs. ABG and +7% vs. cons, driven by higher GMs* Strong Q3 FCF - expect cons to make small revisionsQ3 resultsSales SEK 202m (0% vs ABGSCe 203m and -6% vs cons 216m), adj. EBIT 54m...

* Strong Q3: EBIT SEK 48m (vs. SEK -23m Q3'24)* We raise our EPS assumptions, but cut '25e EBIT on lower GMs* Strong near-term outlook, 33x-14x '25e-'26e EV/EBITStrong Q3 on the cardsThe SEK 1bn order from the Swedish Defence Materiel Administration ...