Company profile - ÅAC Microtec feature image - 28062019 - JPG

AAC Clyde Space

Stockholm: AAC

SEK309.3m market cap

SEK3.22 last close

Headquartered 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 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. Management needs to navigate the growth phase and target other opportunities in New Space. Q120 results showed strong revenue growth of 60%, modest EBITDA loss reduction and a record period end order backlog. As it manages disruption from COVID-19, activity is expected to build over the summer. Management expects strong growth in FY20, with positive EBITDA and operating cash flow in FY21. Q220 results are due 27 August.

Y/E Dec
Revenue (SEKm)
EPS (öre)
P/E (x)
P/CF (x)
2018A 77.9 (28.5) (38.3) (49.63) N/A N/A
2019A 66.4 (27.3) (38.2) (44.46) N/A N/A
2020E 129.8 (1.2) (14.8) (14.57) N/A N/A
2021E 194.2 26.0 8.7 8.62 37.4 14.9
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 07/08/2020
Share price graph
Balance sheet
Forecast net debt (SEKm) N/A
Forecast gearing ratio (%) N/A
Price performance
Actual (12.4) (6.5) (24.7)
Relative* (15.0) (20.2) (35.8)
52-week high/low SEK5.6/SEK2.6
*% relative to local index
Key management
Luis Gomes CEO
Mats Thideman CFO
Rolf Hallencreutz Chairman of the board