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AAC Clyde Space

Stockholm: AAC

SEK275.6m market cap

SEK2.86 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

The performance in H120 was encouraging, especially given the global disruption caused by the pandemic in Q220. However, external challenges that arose, such as delays or deferral of orders by customers and disruption to the supply chain for key components and subsystems, are expected to weigh on H220 and could persist into FY21. We are reducing our net sales estimates for FY20 and FY21 by 12% and 24%, respectively, which still represents strong growth in both years, although deferring the estimate of positive EBITDA beyond FY21.

Y/E Dec
Revenue (SEKm)
EPS (öre)
P/E (x)
P/CF (x)
2018A 77.9 (28.5) (38.3) (0.50) N/A N/A
2019A 66.4 (27.3) (38.2) (0.44) N/A N/A
2020E 113.9 (5.0) (15.1) (0.15) N/A N/A
2021E 147.6 (3.7) (13.8) (0.14) 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 22/09/2020
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Share price graph
Balance sheet
Forecast net cash (SEKm) 30.6
Forecast gearing ratio (%) N/A
Price performance
Actual (21.9) (24.2) (25.6)
Relative* (23.6) (31.0) (33.9)
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

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