AAC Clyde Space - Delivering a global perspective

AAC Clyde Space (AAC) is entering period of significant development and investment as it tracks towards its targeted sales of SEK2.2bn in 2030. Investment in its own constellations of small satellites should drive a rapid growth in high-margin space data as a service (SDaaS) revenues to account for 60% of targeted sales. The improving margin mix should transform the business model to a self-sustaining, cash-generative position. In the near term the higher levels of required investment are reflected in the market rating, which looks undemanding against our DCF valuation as well as against the recently listed spacetech peers.

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