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AAC Clyde Space

OMX: AAC

SEK458m market cap

SEK4.76 last close

Based in Sweden, AAC Clyde Space is a world leader in nanosatellite end-to-end solutions, subsystems and platforms after merging with Clyde Space in Scotland. The merged company also supplies a range of technology components to other small satellite manufacturers globally.

Investment summary

AAC Clyde Space is at the forefront of the rapidly growing and revolutionary market for small satellites. As nanosatellite build rates and deployments rise sharply over the next decade, increasing systems supply and platform revenues should be enhanced by operational and service revenues. The new executive team need to steer AAC Clyde Space through the growth phase and target other opportunities in New Space. Our FY19 estimate reduction reflects apparently few platform deliveries in Q419, prelims should be announced on 20 February. Contracts in January included a first ‘preferred supplier’ status for a constellation (NSLComm).

Y/E Dec
Revenue (SEKm)
EBITDA (SEKm)
PBT (SEKm)
EPS (öre)
P/E (x)
P/CF (x)
2017A 13.3 (21.4) (27.3) (75.00) N/A N/A
2018A 77.9 (28.5) (38.0) (49.26) N/A N/A
2019E 72.9 (27.9) (36.8) (40.77) N/A N/A
2020E 129.8 2.0 (7.7) (7.21) N/A N/A
Industry outlook

Of over 1,000 nanosatellites launched since 1998, AAC Clyde Space is represented on 30–40%. Over the next five years around 3,000 nanosatellites should be launched as technology development extends the applications for low earth orbit (LEO) constellations, especially for communications. AAC Clyde Space has the capacity in Glasgow and Sweden to facilitate such expansion as well as develop its ‘Satellite as a Service’ offering, while increasing sales of subsystems to third-party satellite providers.

Last updated on 18/02/2020
Sector
Industrials
Share price graph
Balance sheet
Forecast net debt (SEKm) N/A
Forecast gearing ratio (%) N/A
Price performance
%
1m
3m
12m
Actual 6.0 (11.0) 34.4
Relative* 2.8 (19.4) 8.8
52-week high/low SEK6.0/SEK2.6
*% relative to local index
Key management
Luis Gomes CEO
Mats Thideman CFO
Rolf Hallencreutz Chairman of the board