AAC Clyde Space: Preparing to AACcelerate growth - Edison
AAC Clyde Space continues to make progress, although supplier issues constrained Q321. Management has developed a detailed growth plan to take sales from the SEK500m level targeted for FY24 to c SEK2.3bn by 2030, double our previous long-term model assumptions. We increase our loss estimates for FY21 partly due to accelerated investment and the supply chain delays. Our FY22 EBITDA is reduced by 8% to SEK23.5m. The investment is to support the higher growth, which increases our longer-term estimates. Our DCF valuation increases to SEK7.3 per share.
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