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AAC Clyde Space

Stockholm: AAC

SEK329.6m market cap

SEK2.68 last close

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 US.

Investment summary

AAC Clyde Space has agreed the proposed acquisition of Swedish scientific instrument maker Omnisys Instruments for an initial consideration of c SEK75m in a cash and equity deal. It has also undertaken a contingent directed share issue raising SEK100m gross. Prior to the deals, management had indicated revenues of SEK500m are in prospect as soon as 2024. We expect a positive EBITDA in 2021 with positive operating cash flow to be followed by further strong organic progress in FY22, with positive EPS and net cash generation. Omnisys is well established and profitable with market leading positions that should further enhance group performance.

Y/E Dec
Revenue (SEKm)
EPS (fd) (öre)
P/E (x)
P/CF (x)
2019A 66.4 (27.3) (38.2) (44.55) N/A N/A
2020A 98.4 (17.5) (26.2) (25.27) N/A N/A
2021E 192.8 6.1 (5.1) 0.0 N/A 41.1
2022E 253.0 21.0 11.5 0.0 N/A 21.2
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 operations in Glasgow, Sweden, Holland and the US and is developing its ‘Satellite as a Service’ offering, as well as sales of subsystems to third-party satellite providers.

Last updated on 13/04/2021
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Share price graph
Balance sheet
Forecast net debt (SEKm) N/A
Forecast gearing ratio (%) N/A
Price performance
Actual (9.8) (23.0) (15.4)
Relative* (13.9) (32.5) (46.4)
52-week high/low SEK4.4/SEK2.4
*% relative to local index
Key management
Luis Gomes CEO
Mats Thideman CFO
Rolf Hallencreutz Chairman of the board

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