AAC Clyde Space (OMX: AAC)

Currency in SEK

Last close As at 04/02/2023


0.17 (11.72%)

Market capitalisation


Headquartered in Sweden, AAC Clyde Space 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 Clyde Space has a strong space heritage in small and nanosatellites. 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 Clyde Space aims to become a world leader in commercial small satellites and services from space.



Equity Analyst

Andy Chambers

Andy Chambers

Director, Industrials

Key Management

  • Luis Gomes


  • Mats Thideman


  • Rolf Hallencreutz

    Chairman of the board

Balance Sheet

Forecast net cash (SEKm)


Forecast gearing ratio (%)


Share Price Performance

Price Performance
% 1M 3M 12M
Actual (8.3) 10.0 (45.8)
Relative (17.8) (6.4) (41.5)
52 week high/low SEK2.8/SEK1.2


AAC Clyde Space (AAC) is at the forefront of the rapidly growing and innovative market for small satellites. AAC continues to seek opportunities in New Space to extend its reach, capabilities and technologies. As nanosatellite build rates and deployments rise sharply, management expects sales of SEK500m in FY24 and is targeting revenues of c $250m (SEK2.2bn) by 2030. Of that, space data as a service (SDaaS) revenues are expected to reach c $150m. Q322 results showed good momentum with revenues up 36% to SEK45.7m (9M SEK136.4m +16%) and the order backlog rose to SEK419m. Management expects to recognise c SEK210m of sales in FY22 as launch delays pushes some revenue milestones into FY23 when growth should accelerate.

Y/E Dec Revenue (SEKm) EBITDA (SEKm) PBT (SEKm) EPS (fd) (öre) P/E (x) P/CF (x)
2020A 98.4 (17.5) (26.7) (25.79) N/A N/A
2021A 180.0 (12.4) (27.0) (14.34) N/A N/A
2022E 214.1 (15.3) (24.9) (11.88) N/A N/A
2023E 356.7 25.7 4.9 2.30 67.8 31.3

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