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AAC Clyde Space (OMX: AAC)

Last close As at 02/07/2024

SEK42.40

▲ −0.80 (−1.85%)

Market capitalisation

SEK245m

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 heritage in small and nano satellites. Over the next five years, c 2,100 nanosats should be launched as technology development extends the applications for low Earth orbit constellations, especially for communications. AAC’s capabilities cover: SDaaS, Space Missions and Space Products.

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

David Larkam

David Larkam

Analyst, Industrials

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 (3.9) (17.4) 41.4
Relative (1.3) (17.6) 19.0
52 week high/low SEK58.0/SEK27.5

Financials

Q124 net sales were down 3.5% to SEK71.4m (management guidance for the year remains SEK430–500m), assisted by the receipt of a SEK13.5m insurance settlement relating to the Kelpie-1 satellite not achieving key performance criteria. EBITDA was SEK12.7m with a 17% margin, benefiting from SEK12.6m from the insurance settlement. The loss for the period reduced from SEK5.9m to SEK3.4m including an impairment of SEK6.5m for a satellite not performing as expected. Net cash generation was SEK12.2m and, after investment in working capital of SEK25.3m, the net cash outflow was SEK22.0m. Cash at the end of the period was SEK38.4m. The order book achieved another record level of SEK654m.

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 39.9
2024E 465.4 32.9 12.4 208.91 20.3 6.7
2025E 647.6 79.6 52.7 874.60 4.8 2.6

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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