AAC Clyde Space (OMX: AAC)

Currency in SEK

Last close As at 26/05/2023


−0.02 (−1.56%)

Market capitalisation


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.



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 (6.3) (10.1) (24.7)
Relative (4.4) (9.0) (27.1)
52 week high/low SEK2.0/SEK1.2


AAC is at the forefront of the rapidly growing and innovative market for small satellites. It continues to seek opportunities in new space to extend its reach, capabilities and technologies. 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. Q123 saw strong progress with revenues up 80% to SEK74m, positive EBITDA and 7% growth in the order backlog to SEK460m. Liquidity was enhanced by extending the overdraft facility to SEK30m from SEK5m. After recently deploying the first satellites to provide data to ORBCOMM and Wyvern, AAC’s own fleet of satellites for SDaaS should grow to 11 in 2023.

Y/E Dec Revenue (SEKm) EBITDA (SEKm) PBT (SEKm) EPS (öre) P/E (x) P/CF (x)
2021A 180.0 (12.4) (27.0) (14.34) N/A N/A
2022A 196.7 (30.0) (23.8) (11.41) N/A N/A
2023E 355.1 21.9 0.6 0.28 475.0 15.9
2024E 483.6 71.5 44.9 20.83 6.4 2.7

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