AAC Clyde Space - Edison Group

Overview
Price performance
Financials
Research
Sector insights
Thematics

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

04.03.24

AAC Clyde Space — Strong order backlog underpins growth prospects

Industrials |
Update

14.12.23

AAC Clyde Space — Gathering momentum for FY24 lift-off

Industrials |
Update

08.09.23

AAC Clyde Space — Strong trading progress in H123

Industrials |
Update

31.07.23

AAC Clyde Space — xSPANCION commitment confirmed

Sector

Industrials

Equity Analyst

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	(0.3)	(4.1)	(24.3)
Relative	0.3	(12.1)	(31.5)
52 week high/low	SEK69.6/SEK27.5

Financials

Ongoing supply chain issues continued to affect AAC in FY23, with supplier delays compromising anticipated delivery of subsystems and delaying projects and subsequent key revenue deferred. Despite this, FY23 marked a year of transition for AAC; 5 new SDaaS satellites were launched (one declared lost), and Q423 order inflow was worth more than SEK200m, leaving a year-end record backlog of SEK630m. This should bolster the significant acceleration of revenues towards the SEK430–500m targeted by management for FY24, of which SEK280m is already secured, which should accompany improving profitability and cash flows and move AAC towards a self-sustaining funding status. Longer term, we expect the business mix to shift to a higher SDaaS weighting (net margins of c 30–40% vs 10–15% in hardware), which should support improved margins.

Y/E Dec	Revenue (SEKm)	EBITDA (SEKm)	PBT (SEKm)	EPS (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)	(414.92)	N/A	46.9
2024E	465.4	32.9	12.4	208.26	23.9	7.9
2025E	647.6	79.6	52.7	871.86	5.7	3.1

Research

Update

Industrials

31.08.22

AAC Clyde Space — Expecting a busy second half

Outlook

Industrials

05.07.22

AAC Clyde Space — Delivering a global perspective

Flash note

AAC Clyde Space — IOD-3 Amber waiting for the green light

Update

Industrials

24.02.22

AAC Clyde Space — Strong progress despite supplier delays

Update

Industrials

24.01.22

AAC Clyde Space — Preparing to AACcelerate growth

Update

Industrials

28.09.21

AAC Clyde Space — Rapid expansion in New SpAACe

Flash note

Industrials

01.07.21

AAC Clyde Space — SDaaS starting to lift off

Update

Industrials

01.06.21

AAC Clyde Space — Progress as consolidation phase commences

research

17.05.21

— Update 17 May 2021

Update

Industrials

07.04.21

AAC Clyde Space — Building the platforms for growth

Update

Industrials

15.01.21

AAC Clyde Space — A major strategic step into the US

Update

Industrials

08.12.20

AAC Clyde Space — Hyperion augments organic progress

Update

Industrials

16.10.20

AAC Clyde Space — Extending its world view

Update

Industrials

02.09.20

AAC Clyde Space — Improving despite COVID constraints

edison tv

Industrials

26.08.20

AAC Clyde Space/Saab/ORBCOMM – executive interview

Update

Industrials

18.05.20

AAC Clyde Space — Starting to climb

Update

Industrials

06.04.20

AAC Clyde Space — GEMS shines amidst the murk

Update

Industrials

25.02.20

AAC Clyde Space — Strong growth anticipated in New Space

Update

Industrials

30.01.20

AAC Clyde Space — Preferred supplier status for constellation

Update

Industrials

16.10.19

ÅAC Microtec — Eutelsat order enhances growth prospects

Update

Industrials

02.08.19

AAC Microtec — Rights success fuels growth

Update

Industrials

09.05.19

AAC Microtec — Low volumes induce quarterly volatility

Flash note

Industrials

18.04.19

AAC Microtec — Fuelling up for growth

Flash note

Industrials

26.03.19

ÅAC Microtec — New CEO to pilot growth strategy

Initiation

Industrials

12.03.19

ÅAC Microtec — Space to manoeuvre

QuickView

Industrials

23.08.18

ÅAC Microtec — On the launchpad

edison tv

Industrials

21.05.18

Executive interview- AAC Microtec

Further insights

insight

Industrials

12.12.18

UK space manufacturing

insight

06.07.18

Satellite broadband

Analyst of the week

Natalya Davies

Analyst

ndavies@edisongroup.com 020 3077 5700

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