Rankings Defence, aerospace & space AAC Clyde Space
AAC Clyde Space
61
15070100
A view of the same findings, not a new score. How it works
A good business with a real question mark: the price, a crack, or both.
Biggest deductions
- Margin−9
- Capital allocation−5
- Guidance credibility−5
Strengths
- Record order book+3
- Strategic investor+2
How the score is built
From 100 to 61, step by step: points off for the business, the price and the cracks, back for documented strengths, then three data adjustments.
Start
Score
Hover or select a step to see what drove it. Steps with findings open them below.
Key numbers
As of 3 Nov 2026. Analyst targets tend to be optimistic; read upside as a hint, not a forecast.
- Price
- 103.20 SEK
- Median analyst target
- –
- Upside to median
- –
- Analysts
- none
- Target range
- –
- 52-week change
- +8%
- P/E (trailing)
- n/a
- Forward P/E
- n/a
- PEG
- n/a
Findings
Every deduction and every plus, with its source. Open a step to read them.
Business
Is the company getting stronger, not just bigger? · 4 findings−19 of −30
- −9MarginThe gross margin is high (66% TTM), but the operating margin is −13.5% (EBIT −44m on 327m), and there has been a bottom-line loss every year since 2021 (−39 to −47m, except −6m in 2024). The company's EBITDA was 17.5m in 2025 and 8.0m in H1 2026.
- −3Quality of growthRevenue fell 16% in 2025 (295m vs 353m) and swings greatly from quarter to quarter (143m in Q4 2024 vs 68m in Q1 2026). H1 2026 was +22%. Data & Services (Sedna, VIREON) has grown to 82m TTM from 30m in 2023, though, giving more recurring income.
- −5Capital allocationThere have been many issues and a 1:50 reverse split in 2023. The share count is +15% in a year (Bonnier issues at 84.13 and earn-out shares to Spacemetric). ROIC is −3.6%, and equity is dominated by goodwill and intangibles (P/TBV 4.5 vs P/B 1.1).
- −2MoatThe combination of hardware (Starbuck power, Sirius data handling) and own data services in space (VDES/Sedna, VIREON) is more differentiated than pure cubesat production. The component market is nevertheless competitive, and the ESA programs are won in tenders.
Price
Today's multiples against the company's own history and its peers. · 2 findings−6 of −35
- −4Multiples vs own historyEV/Sales is 2.3 vs 0.7-0.9 in 2023-2024 and 1.6 in 2022, but on par with 2025 (2.6) and 2021 (2.7). P/B is 1.1 vs 0.4-0.9 earlier. The upper part of history, but not extreme.
- −2Peers and absolute levelEV of about SEK 750m corresponds to about 1.6x guidance sales (440-510m) and about 16x guided EBITDA (about 10%). GomSpace trades at about 3.2x guidance. EV is only about 0.6x the order book of 1.2bn, so AAC is relatively cheap in the sector, but still has a bottom-line loss.
Cracks
Cash flow, customers, debt, insiders, guidance and what sits behind the headline numbers. · 4 findings−13 of −35
- −5Guidance credibility2025 guidance was cut from double-digit growth to about −10% because of delays in EPS-Sterna and SKAO, and revenue ended −16%. 2026 guidance (440–510m) requires 260–330m in H2 versus 180m in H1, i.e. a heavy back-end weighting.
- −3Financing and prepaymentsCash rose to 127m at 30/6 (27m in March), almost entirely because of prepayments (operating cash flow 107m in Q2). The money must be spent on deliveries. From Q3 2025 to Q1 2026 FCF was -33 to -39m per quarter, and guidance is merely 'positive operating cash flow' for the full year.
- −3Dependence on institutional programsThe order book is dominated by a few large ESA and EUMETSAT programmes (EPS-Sterna, INFLECION at EUR 10.9m, OHB at EUR 7.6m). Delays in awards and the supply chain have shifted revenue before, and deliveries stretch to 2029.
- −2Management changeCFO Mats Thideman retires at the end of November 2026, in the middle of an H2 in which almost 2/3 of the year's revenue is to be delivered.
Plus
Only documented strengths. · 2 findings+5 of +15
- +3Record order bookThe order book is SEK 1,197m (447m a year earlier), approx. 2.5x the guidance's annual revenue, after the company's largest order ever in March 2026 and the ESA contract INFLECION. That gives multi-year visibility.
- +2Strategic investorBonnier Capital has become the largest owner with 15.3% via two directed issues (second tranche: 590,228 shares at SEK 84.13 = SEK 49.7m, July 2026) and warrants that can give up to about SEK 40m more before 31/12-2026.
Caveats
What the score does not capture, or where the data is weak.
No analysts at stockanalysis (forecast 404). Stockanalysis: 7.79m shares × SEK 110.40 = SEK 860m ≈ DKK 568m, in line with Nordnet's DKK 557m. The large cash flow surplus in Q2 2026 (107m) is probably due to prepayments on EPS-Sterna and INFLECION, so underlying burn is an estimate. Stockanalysis' EBITDA (−22m TTM) differs from the company's EBITDA (positive) because the definitions differ. Insider trades and short data not found. Ownership stakes beyond Bonnier Capital not found.
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