AAC Clyde Space - Rapid expansion in New SpAACe

AAC Clyde Space is making strong progress, with healthy contributions from the three recent acquisitions helping to mitigate ongoing supply disruption, which continues to defer project completions. While this means current year revenue performance will be some 10% below our prior estimate, management indicates that the company is still on track to turn EBITDA positive next year and to attain the sales target of SEK500m in FY24. We maintain a cautious approach to valuation for a company yet to become self-financing; our updated capped DCF currently stand at SEK5.5/share.

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