AAC Clyde Space (OMX: AAC)

Last close As at 21/06/2024

SEK40.30

0.35 (0.88%)

Market capitalisation

SEK230m

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

Sector

Industrials

Equity Analyst

David Larkam

David Larkam

Analyst, Industrials

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 (10.8) (21.0) 32.7
Relative (8.6) (23.2) 13.3
52 week high/low SEK58.0/SEK27.5

Financials

Q124 sales were up 12% to SEK97.0m (supporting management guidance for the year of SEK430–500m), assisted by the receipt of a SEK13.5m insurance settlement relating to the Kelpie-1 satellite delivering less data and not achieving key performance criteria. EBITDA was SEK12.7m with a 17% margin, benefiting from SEK12.6m from the insurance settlement. The loss for the period reduced from SEK5.9m to SEK3.4m. Net cash generation was SEK12.2m and after investment in working capital of SEK25.3m the net cash outflow was SEK22.0m. Cash at the end of the period stood at SEK38.4m. The order book achieved another record level of SEK654m.

Y/E Dec Revenue (SEKm) EBITDA (SEKm) PBT (SEKm) EPS (fd) (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) (416.48) N/A 37.9
2024E 465.4 32.9 12.4 208.91 19.3 6.4
2025E 647.6 79.6 52.7 874.60 4.6 2.5

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