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AAC Microtec

Space to manoeuvre

Initiation | Aerospace & Defence | 12 Mar 2019

Following the acquisition of Clyde Space in January 2018, ÅAC Microtec is at the forefront of the rapidly growing and revolutionary market for small satellites. As nanosatellite build rates and deployments rise sharply over the next decade, increasing systems supply and platform revenues should be enhanced by operational and service revenues, moving ÅAC to a sustainable financial footing. Near-term growth challenges remain but the company delivered on strong growth guidance for 2018 and achieved a positive EBITDA in Q418. Our capped DCF-based value indicates a price of SEK14.7 per share, despite applying a WACC of 12%.

AAC Microtec

On the launchpad

QuickView | Aerospace & Defence | 23 Aug 2018

Following its acquisition of Clyde Space earlier this year, ÅAC appears to have made solid progress in H118. Sales have expanded for the ongoing businesses and the order intake for the whole group looks encouraging. Satellites are being delivered for deployment in H218 and orders for a number of demonstration projects have been received. A global leader in small satellites, it supplies fully integrated missions and platforms as well as subsystems/components to third-party satellite builders and operators. As such, ÅAC remains well positioned to participate in the expected rapid growth of the market over the next decade.

AAC Microtec

Space to grow

Initiation | Aerospace & Defence | 29 May 2018

ÅAC Microtec has delivered an impressive Q118 performance, the first quarter to include a contribution from Clyde Space since its acquisition in January. Progress of the ongoing business was strong and Clyde's initial two-month contribution appears in line with previous indications for the year. Management has indicated FY18 revenue of SEK85m, which implies further progress. Healthy order intake and the prospect of rapid growth in small satellite deployment should enable the group to leverage its high-quality manufacturing capacity further improving the move into positive EBITDA in Q418. Share price pressure since the merger appears to be largely technical, which may provide an opportunity for new investors.

AAC Microtec

Executive interview- AAC Microtec

Edison TV: | Aerospace & Defence | 21 May 2018

Based in Sweden, ÅAC Microtec is a world leader in small satellite end-to-end solutions following its January 2018 merger with Clyde Space. The company offers a full range of satellites weighing from around 1kg to 50kg. In addition, it supplies a range of technology components to larger satellite manufacturers globally.

AAC Microtec

Small but potential to disrupt

QuickView | Aerospace & Defence | 08 May 2018

Following its effective merger with Clyde Space in the UK that completed in January 2018, ÅAC Microtec now offers a full range of end-to-end satellite solutions using small satellites weighing from around 1kg to 50kg. The nano- and micro-satellite technologies are expected to see substantial growth in utilisation for low earth orbit missions, most likely deployed in constellations. Mission capability is advancing with technological development and the key application for communications markets is nascent. As lower-cost launch capabilities develop, there is expected to be strong growth in the number of satellites deployed. ÅAC has the ambition to dominate the small satellite market through both organic growth and further acquisitions.