AAC Clyde Space (OMX: AAC)

Last close As at 17/09/2024

SEK34.25

−0.15 (−0.44%)

Market capitalisation

SEK196m

Headquartered in Sweden, AAC Clyde Space (AAC) 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.

AAC has a strong heritage in small and nano satellites. Over the next five years, c 2,100 nanosats should be launched as technology development extends the applications for low Earth orbit constellations, especially for communications. AAC’s capabilities cover SDaaS, Space Missions and Space Products.

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Sector

Industrials

Equity Analyst

David Larkam

David Larkam

Analyst, Industrials

Key Management

  • Luis Gomes

    CEO

  • Mats Thideman

    CFO

  • Rolf Hallencreutz

    Chairman of the board

Balance Sheet

Forecast net cash (SEKm)

20

Forecast gearing ratio (%)

N/A

Share Price Performance

Price Performance
% 1M 3M 12M
Actual (3.4) (17.7) 9.3
Relative (4.9) (19.3) (10.9)
52 week high/low SEK58.0/SEK27.5

Financials

Positive progress continues with the successful launch of the European Space Agency’s Arctic Weather Satellite using AAC’s scientific weather payload and power systems, the first customer for the Cyclops Earth observation satellite constellation and the acquisition of Spacemetric to expand SDaaS capabilities. However, Q2 was affected by external issues: a supplier issue on a key contract, the delayed start of revenue service of some in-orbit satellites and delays in contracts being signed. Management has therefore reduced sales expectations for the year to SEK350–400m, from SEK430–500m (note that the order book is at a record level of SEK660m), while retaining guidance for an EBITDA margin of 5–10% (FY23:0.4%).

Y/E Dec Revenue (SEKm) EBITDA (SEKm) PBT (SEKm) EPS (öre) P/E (x) P/CF (x)
2022A 196.7 (30.0) (23.2) (557.78) N/A 20.9
2023A 276.6 1.0 (19.3) (416.48) N/A 14.8
2024E 375.0 24.9 (8.1) (135.21) N/A 9.0
2025E 600.0 75.0 44.5 758.97 4.5 2.9

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