AAC Clyde Space (OMX: AAC)

Last close As at 28/02/2024

SEK48.20

0.20 (0.42%)

Market capitalisation

SEK279m

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 — Gathering momentum for FY24 lift-off

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

Sector

Industrials

Equity Analyst

Key Management

  • Luis Gomes

    CEO

  • Mats Thideman

    CFO

  • Rolf Hallencreutz

    Chairman of the board

Balance Sheet

Forecast net cash (SEKm)

36.5

Forecast gearing ratio (%)

N/A

Share Price Performance

Price Performance
% 1M 3M 12M
Actual (12.9) 50.2 (34.9)
Relative (16.0) 34.6 (40.1)
52 week high/low SEK79.9/SEK27.5

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 and capabilities. 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. Our revised DCF valuation of SEK287/share implies significant upside potential.

Y/E Dec Revenue (SEKm) EBITDA (SEKm) PBT (SEKm) EPS (öre) P/E (x) P/CF (x)
2021A 180.0 (12.4) (27.0) (716.99) N/A N/A
2022A 196.7 (24.5) (17.7) (417.57) N/A N/A
2023E 277.5 10.6 (3.9) (127.96) N/A N/A
2024E 468.2 52.5 23.3 388.05 12.6 3.0

Update

Industrials

AAC Clyde Space — Preparing to AACcelerate growth

Update

Industrials

AAC Clyde Space — Rapid expansion in New SpAACe

Flash note

Industrials

AAC Clyde Space — SDaaS starting to lift off

research

— Update 17 May 2021

Update

Industrials

AAC Clyde Space — Building the platforms for growth

Update

Industrials

AAC Clyde Space — A major strategic step into the US

Update

Industrials

AAC Clyde Space — Hyperion augments organic progress

Update

Industrials

AAC Clyde Space — Extending its world view

Update

Industrials

AAC Clyde Space — Improving despite COVID constraints

edison tv

Industrials

AAC Clyde Space/Saab/ORBCOMM – executive interview

Update

Industrials

AAC Clyde Space — Starting to climb

Update

Industrials

AAC Clyde Space — GEMS shines amidst the murk

Update

Industrials

AAC Microtec — Rights success fuels growth

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Industrials

AAC Microtec — Low volumes induce quarterly volatility

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Industrials

AAC Microtec — Fuelling up for growth

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ÅAC Microtec — New CEO to pilot growth strategy

Initiation

Industrials

ÅAC Microtec — Space to manoeuvre

QuickView

Industrials

ÅAC Microtec — On the launchpad

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Industrials

Executive interview- AAC Microtec