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AAC Clyde Space

Stockholm: AAC

Market CapSEK247m

Last Close SEK1.24

Headquartered in Sweden, AAC Clyde Space is a world leader in nanosatellite end-to-end solutions, subsystems, platforms, services and components, including supply to third parties. It has production and development operations in Sweden, Scotland, the Netherlands and the United States and a start-up in Africa.

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Investment summary

AAC Clyde Space is at the forefront of the rapidly growing and innovative market for small satellites. AAC continues to seek opportunities in New Space to extend its reach, capabilities and technologies. As nanosatellite build rates and deployments rise sharply, management expects sales of SEK500m in FY24 and targets revenues of c $250m (SEK2.2bn) by 2030. Of that space data as a service (SDaaS) revenues are expected to reach c $150m. Healthy order intake continues with the recent SEK11.6m power systems order for Astroscale highlighting the variety of applications. The order backlog is robust at SEK400m as investment increases in its own constellations to deliver the growth, with several key launches due in H222.

Y/E Dec
Revenue (SEKm)
EBITDA (SEKm)
PBT (SEKm)
EPS (fd) (öre)
P/E (x)
P/CF (x)
2020A 98.4 (17.5) (26.7) (25.79) N/A N/A
2021A 180.0 (12.4) (27.0) (14.34) N/A N/A
2022E 242.6 (8.3) (21.2) (10.19) N/A N/A
2023E 372.0 32.5 11.5 5.38 23.0 15.4
Industry outlook

AAC Clyde Space has a strong space heritage in small and nanosatellites. Over the next six years around 2,500 nanosats should be launched as technology development extends the applications for low earth orbit constellations, especially for communications. Its growing capabilities cover three revenue segments: SDaaS, Space Missions and Space Products. AAC Clyde Space aims to become a world leader in commercial small satellites and services from space.

Last updated on 05/10/2022
Content on AAC Clyde Space
AAC Clyde Space – Expecting a busy second half
Industrials | research Update | 31 August 2022
aerial-view-clouds-nasa-23781
AAC Clyde Space – Delivering a global perspective
Industrials | research Outlook | 5 July 2022
aerial-view-clouds-nasa-23781
Mood – Getting away with it (3/10)
Industrials | Edison Sparks | 26 May 2022
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Share price graph
Balance sheet
Forecast net cash (SEKm) 31.5
Forecast gearing ratio (%) N/A
Price performance
%
1m
3m
12m
Actual (14.0) (20.2) (55.6)
Relative* (11.1) (19.9) (44.5)
52-week high/low SEK3.8/SEK1.2
*% relative to local index
Key management
Luis Gomes CEO
Mats Thideman CFO
Rolf Hallencreutz Chairman of the board