ÅAC Microtec

OMX: AAC

SEK463.9m market cap

SEK6.75 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

ÅAC has announced a fund-raising of up to SEK82.5m before costs via a 2 for 5 rights issue at SEK3.0 per share. The company has obtained subscription commitments and underwriting guarantees for 81.9% of the issue, or SEK 67.5m, which should represent the minimum funding it will receive. The new funds significantly strengthen the balance sheet and should enable ÅAC to pursue both organic and inorganic growth opportunities as they arise. The company will report Q119 results on 8 May.

Y/E Dec
Revenue (SEKm)
EBITDA (SEKm)
PBT (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 18.8 18.4
Last updated on 18/04/2019
Industry outlook

Of over 1,000 nanosatellites launched since 1998, ÅAC Clyde 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. ÅAC Clyde 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 18/04/2019
Sector
Industrials
Share price graph
Balance sheet
Forecast net cash (SEKm) 5
Forecast gearing ratio (%) N/A
Price performance
%
1m
3m
12m
Actual 98.5 80.5 (0.9)
Relative* 91.7 61.6 (8.6)
52-week high/low SEK8.1/SEK3.0
*% relative to local index
Key management
Mats Thideman CFO
Rolf Hallencreutz Chairman of the board