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.
Luis Gomes
CEO
Mats Thideman
CFO
Rolf Hallencreutz
Chairman of the board
Forecast net cash (SEKm)
28.6
Forecast gearing ratio (%)
N/A
% | 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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