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AAC Clyde Space (OMX: AAC)

Last close As at 01/11/2024

SEK35.80

▲ 0.95 (2.73%)

Market capitalisation

SEK199m

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 — Volatility affecting progress

Industrials | Flash note

AAC Clyde Space — Acquisition of Spacemetric

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
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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)

20

Forecast gearing ratio (%)

N/A

Share Price Performance

Price Performance
% 1M 3M 12M
Actual 2.2 (18.4) 9.6
Relative 6.7 (15.8) (14.1)
52 week high/low SEK58.0/SEK31.1

Financials

Positive progress continues with the successful launch of the European Space Agency’s Arctic Weather Satellite using AAC’s scientific weather payload and power systems, the first customer for the Cyclops Earth observation satellite constellation and the acquisition of Spacemetric to expand SDaaS capabilities. However, Q2 was affected by external issues: a supplier issue on a key contract, the delayed start of revenue service of some in-orbit satellites and delays in contracts being signed. Management has therefore reduced sales expectations for the year to SEK350–400m, from SEK430–500m (note that the order book is at a record level of SEK660m), while retaining guidance for an EBITDA margin of 5–10% (FY23:0.4%).

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 21.2
2023A 276.6 1.0 (19.3) (416.48) N/A 15.1
2024E 375.0 24.9 (8.1) (135.21) N/A 9.2
2025E 600.0 75.0 44.5 758.97 4.6 2.9

Research

Flash note

Industrials

AAC Clyde Space — Acquisition of Spacemetric

Update

Industrials

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

Industrials

Update

AAC Clyde Space — Volatility affecting progress

Update

Industrials

AAC Clyde Space — Strong order backlog underpins growth prospects

Update

Industrials

AAC Clyde Space — Gathering momentum for FY24 lift-off

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
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