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AAC Clyde Space (OMX: AAC)

Currency in

Last close As at 06/12/2023

—

▲ −0.80 (−2.28%)

Market capitalisation

SEK196m

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 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 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 — Strong trading progress in H123

Industrials | Update

AAC Clyde Space — xSPANCION commitment confirmed

Industrials | Update

AAC Clyde Space — Capital raise to support growth

Industrials | Update

AAC Clyde Space — Strong progress delivered in Q123
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Sector

Industrials

Equity Analyst

Andy Chambers

Andy Chambers

Director, Industrials

Key Management

  • Luis Gomes

    CEO

  • Mats Thideman

    CFO

  • Rolf Hallencreutz

    Chairman of the board

Balance Sheet

Forecast net debt (SEKm)

N/A

Forecast gearing ratio (%)

N/A

Share Price Performance

Price Performance
% 1M 3M 12M
Actual 5.9 11.4 (50.5)
Relative (4.3) 6.3 (51.8)
52 week high/low SEK1.9/SEK0.6

Financials

AAC is at the forefront of the rapidly growing and innovative market for small satellites. It continues to see opportunities in new space to extend its technologies, capabilities and reach. As nanosatellite deployments rise sharply, management expects sales of SEK500m in FY24 and targets revenues of c $250m (SEK2.2bn) by 2030. Of that, space data as a service (SDaaS) revenues should reach c $150m. Following a weaker than expected core Q323 performance (ignoring the sizeable royalty income), and with the order backlog stable at SEK433m rather than rising as we would anticipate to support growth, the FY24 target increasingly looks a stretch. We are reviewing our estimates.

Y/E Dec Revenue (SEKm) EBITDA (SEKm) PBT (SEKm) EPS (öre) P/E (x) P/CF (x)
2021A 180.0 (12.4) (27.0) (7.17) N/A N/A
2022A 196.7 (24.5) (17.7) (4.18) N/A N/A
2023E 328.4 16.7 0.7 0.29 11827.6 2637.9
2024E 481.6 71.0 40.3 13.42 255.6 95.1

Research

Update

Industrials

AAC Clyde Space — xSPANCION commitment confirmed

Update

Industrials

AAC Clyde Space — Capital raise to support growth

Industrials

Update

AAC Clyde Space — Strong trading progress in H123

Update

Industrials

AAC Clyde Space — Strong progress delivered in Q123

Update

Industrials

AAC Clyde Space — SDaaS sales set to grow

Update

Industrials

AAC Clyde Space — Gathering momentum into 2023

Flash note

AAC Clyde Space — IOD-3 Amber waiting for the green light

Update

Industrials

AAC Clyde Space — Expecting a busy second half

Outlook

Industrials

AAC Clyde Space — Delivering a global perspective

Update

Industrials

AAC Clyde Space — Strong progress despite supplier delays

Update

Industrials

AAC Clyde Space — Preparing to AACcelerate growth
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Analyst of the week

Natalya Davies

Natalya Davies

Analyst

ndavies@edisongroup.com 020 3077 5700
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