Research: Industrials
AAC Clyde Space has announced the acquisition of Spacemetric for a total consideration of SEK25m (including SEK9m subject to a performance earnout). Spacemetric provides geospatial data management systems, including software capable of transforming data into visionary images. In particular, Spacemetric will enhance the capabilities and deliverables from AAC’s Cyclops small satellite constellation which is currently being deployed.
AAC Clyde Space |
Acquisition of Spacemetric |
Acquisition |
Aerospace and defence |
4 July 2024 |
Share price performance
Business description
Analyst
AAC Clyde Space is a research client of Edison Investment Research Limited |
||||||||||||||||||||||||||||||||||
AAC Clyde Space has announced the acquisition of Spacemetric for a total consideration of SEK25m (including SEK9m subject to a performance earnout). Spacemetric provides geospatial data management systems, including software capable of transforming data into visionary images. In particular, Spacemetric will enhance the capabilities and deliverables from AAC’s Cyclops small satellite constellation which is currently being deployed.
Year end |
Revenue (SEKm) |
PBT* |
EPS* |
DPS |
P/E |
Yield |
12/22 |
196.7 |
(23.2) |
(5.6) |
0.0 |
N/A |
N/A |
12/23 |
276.6 |
(18.4) |
(4.2) |
0.0 |
N/A |
N/A |
12/24e |
465.4 |
12.4 |
2.1 |
0.0 |
19.0 |
N/A |
12/25e |
647.6 |
52.7 |
8.7 |
0.0 |
4.6 |
N/A |
Note: *PBT and EPS are normalised, excluding amortisation of acquired intangibles, exceptional items and share-based payments.
The total consideration for Spacemetric amounts to a maximum of SEK25m, of which SEK16m will be paid on closing the transaction (SEK8m in cash and SEK8m in AAC Clyde Space shares). The deferred earnout of SEK9m (SEK4m in cash and SEK5m in warrants) is based on achieving certain milestones. Spacemetric's turnover in the last financial year was approximately SEK14.3m, with a positive net result of approximately SEK817k.
Spacemetric, which was founded in Sweden more than two decades ago, is a leading provider of geospatial data management systems for satellite and airborne imaging and video sensors. Its software transforms raw data into imagery products ready for analytics and AI. The company provides affordable, high-performance solutions to sensor operators and manufacturers, solution integrators and large users of image data. The range of solutions includes on-premise, Software-as-a-Service and edge computing. The business will enhance AAC’s Space Data as a Service business. In particular, processing data and analytics enhancing the output from AAC’s xSPANCION-enabled Cyclops constellation will generate significant amounts of data. In addition, Spacemetric’s software solutions offer an unparalleled flexibility for Earth imaging for AAC’s Earth Observation Mission customers.
We have not changed our forecasts for this transaction and will review with AAC’s next scheduled trading update on the interim results, due on 15 August.
|
|
Research: Investment Companies
Heliad reported a net asset value (NAV) per share of €18.20 at end-March 2024, roughly unchanged compared to end-September 2023 (€18.17), as the 25% share price increase of the listed flatexDEGIRO (Heliad’s largest holding) offset some fair value reductions in Heliad’s private portfolio. Meanwhile, several of its portfolio companies announced important developments. This includes solid FY23 results from Raisin and Clark, the combination of Razor Group with Perch, FINN’s €100m funding round and Enpal’s €1.1bn debt raise. While venture capital (VC) deal activity and exit opportunities remain subdued, there are initial signs of a stabilisation and recovery.