AAC Clyde Space (OMX: AAC)

Currency in SEK

Last close As at 25/03/2023


−0.01 (−0.71%)

Market capitalisation


Headquartered in Sweden, AAC Clyde Space 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 Clyde Space 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 Clyde Space 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 (4.6) (1.0) (35.6)
Relative 0.0 (5.1) (28.3)
52 week high/low SEK2.4/SEK1.2


AAC Clyde Space continued to experience supply chain delays in Q422, which further constrained performance. An aborted acquisition also incurred an exceptional cost that depressed statutory profits. However, despite project delays, order intake has remained healthy. With an element of deferred revenue recovery adding to FY23 plans, management expects substantial growth, generating positive EBITDA and operating cash flow.

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 0.28 503.6 16.9
2024E 483.6 71.5 44.9 20.83 6.8 2.9

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