Company profile - ÅAC Microtec feature image - 28062019 - JPG

AAC Microtec

OMX: AAC

SEK422.4m market cap

SEK4.39 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

The success of the SEK82.5m rights issue which was oversubscribed leaves ÅAC Microtec well positioned to continue to pursue the growth opportunities in the small satellite market. The company has had four satellites deployed so far this year and order activity appears robust. However, there is of course a dilutive effect from the rights which we have reflected in our estimates. We will update our numbers further alongside the H119 results on 22 August 2019.

Y/E Dec
Revenue (SEKm)
EBITDA (SEKm)
PBT (SEKm)
EPS (öre)
P/E (x)
P/CF (x)
2017A 13.3 (21.4) (27.3) (75.00) N/A N/A
2018A 77.9 (28.5) (37.2) (48.18) N/A N/A
2019E 120.8 0.9 (8.4) (9.30) N/A N/A
2020E 200.4 33.6 27.7 25.84 17.0 16.8
Last updated on 15/08/2019
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 a “satellite as a service” offering, while increasing sales of subsystems to third-party satellite providers.

Last updated on 15/08/2019
Sector
Industrials
Share price graph
Balance sheet
Forecast net cash (SEKm) 87.6
Forecast gearing ratio (%) N/A
Price performance
%
1m
3m
12m
Actual 6.2 (12.9) (9.6)
Relative* 14.3 (9.9) (8.0)
52-week high/low SEK6.0/SEK2.6
*% relative to local index
Key management
Mats Thideman CFO
Rolf Hallencreutz Chairman of the board