AAC Clyde Space (OMX: AAC)

Last close As at 27/03/2024

SEK49.80

−2.20 (−4.23%)

Market capitalisation

SEK297m

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 space heritage in small and nano satellites. Over the next five years, around 2,100 nanosats should be launched as technology development extends the applications for low Earth orbit constellations, especially for communications. Its growing capabilities cover three revenue segments: SDaaS, Space Missions and Space Products. AAC aims to become a world leader in commercial small satellites and services from space.

Latest Insights

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Industrials | Update

AAC Clyde Space — Gathering momentum for FY24 lift-off

Industrials | Update

AAC Clyde Space — Strong trading progress in H123

Industrials | Update

AAC Clyde Space — xSPANCION commitment confirmed

Sector

Industrials

Equity Analyst

Key Management

  • Luis Gomes

    CEO

  • Mats Thideman

    CFO

  • Rolf Hallencreutz

    Chairman of the board

Balance Sheet

Forecast net cash (SEKm)

11.5

Forecast gearing ratio (%)

N/A

Share Price Performance

Price Performance
% 1M 3M 12M
Actual 8.3 18.7 (26.8)
Relative 2.4 9.1 (40.7)
52 week high/low SEK73.2/SEK27.5

Financials

Ongoing supply chain issues continued to affect AAC in FY23, with supplier delays compromising anticipated delivery of subsystems and delaying projects and subsequent key revenue deferred. Despite this, FY23 marked a year of transition for AAC; it started to recognise more SDaaS revenue from five new satellites and Q423 order inflow was worth more than SEK200m, leaving a year-end record backlog of SEK630m. This should bolster the significant acceleration of revenues towards the SEK430–500m targeted by management for FY24, of which SEK280m is already secured, which should accompany improving profitability and cash flows and move AAC towards a self-sustaining funding status. Longer term, we expect the business mix to shift to a higher SDaaS weighting (net margins of c30–40% vs 10–15% in hardware) which should support improved margins.

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 N/A
2023A 276.6 1.0 (18.4) (414.92) N/A 46.9
2024E 465.4 32.9 12.4 208.26 23.9 7.9
2025E 647.6 79.6 52.7 871.86 5.7 3.0

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