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AAC Clyde Space (OMX: AAC)

Last close As at 17/05/2024

SEK45.00

▲ −1.80 (−3.85%)

Market capitalisation

SEK257m

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 nano satellites. 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 — Solid start to the year with further order growth

Industrials | Update

AAC Clyde Space — Strong order backlog underpins growth prospects

Industrials | Update

AAC Clyde Space — Gathering momentum for FY24 lift-off

Industrials | Update

AAC Clyde Space — Strong trading progress in H123
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Sector

Industrials

Equity Analyst

Natalya Davies

Natalya Davies

Analyst

Key Management

  • Luis Gomes

    CEO

  • Mats Thideman

    CFO

  • Rolf Hallencreutz

    Chairman of the board

Balance Sheet

Forecast net cash (SEKm)

11.5

Forecast gearing ratio (%)

N/A

Share Price Performance

Price Performance
% 1M 3M 12M
Actual (9.1) (7.8) (28.5)
Relative (14.2) (15.6) (39.8)
52 week high/low SEK65.2/SEK27.5

Financials

AAC Clyde Space offers exposure to the fast-growing low Earth orbit space market. A solid start to the year and continued order momentum are encouraging. We also note the internal restructuring to promote delivery of the group’s products and services. We expect this combination to drive an improving performance, albeit within the lumpy nature of the business, in turn improving investor confidence and the stock’s valuation.

Y/E Dec Revenue (SEKm) EBITDA (SEKm) PBT (SEKm) EPS (fd) (öre) P/E (x) P/CF (x)
2022A 196.7 (30.0) (23.2) (557.78) N/A N/A
2023A 276.6 1.0 (18.4) (416.48) N/A 42.4
2024E 465.4 32.9 12.4 208.91 21.5 7.1
2025E 647.6 79.6 52.7 874.60 5.1 2.8

Research

Update

Industrials

AAC Clyde Space — Strong order backlog underpins growth prospects

Update

Industrials

AAC Clyde Space — Gathering momentum for FY24 lift-off

Industrials

Update

AAC Clyde Space — Solid start to the year with further order growth

Update

Industrials

AAC Clyde Space — Strong trading progress in H123

Update

Industrials

AAC Clyde Space — xSPANCION commitment confirmed

Update

Industrials

AAC Clyde Space — Capital raise to support growth

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
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Further insights

insight

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UK space manufacturing

insight

Satellite broadband

Analyst of the week

Natalya Davies

Natalya Davies

Analyst

ndavies@edisongroup.com 020 3077 5700
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