AAC Microtec


SEK271.1m market cap

SEK3.94 last close

Based in Sweden, ÅAC Microtec is a world leader in nanosatellite end-to-end solutions following the January 2018 merger with Clyde Space in Scotland. The merged company also supplies a range of technology components to other small satellite manufacturers globally.

Investment summary

Following the acquisition of Clyde Space in January 2018, ÅAC Microtec 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, moving ÅAC to a sustainable financial footing. Near-term growth challenges remain but the company delivered on strong growth guidance for 2018 and achieved a positive EBITDA in Q418. Our capped DCF-based value indicates a price of SEK14.7 per share, despite applying a WACC of 12%.

Y/E Dec
Revenue (SEKm)
EPS (öre)
P/E (x)
P/CF (x)
2017A 13.3 (21.4) (27.3) (86.17) N/A N/A
2018A 77.9 (28.5) (37.2) (55.34) N/A N/A
2019E 120.8 0.9 (8.5) (11.68) N/A N/A
2020E 200.4 33.6 27.5 35.92 11.0 10.7
Last updated on 19/03/2019
Share price graph
Balance sheet
Forecast net cash (SEKm) 5
Forecast gearing ratio (%) N/A
Price performance
Actual (10.3) 12.6 (45.4)
Relative* (12.2) 0.5 (48.7)
52-week high/low SEK8.1/SEK3.0
*% relative to local index
Key management
Mats Thideman CFO
Rolf Hallencreutz Chairman of the board