AAC Clyde Space: Strong progress delivered in Q123 - Edison

AAC Clyde Space (AAC) has reported very strong progression in Q123, in part due to booking deferred revenues from FY22. Nevertheless, given the strength of both sales and EBITDA development taken together with a significant increase in the order backlog, our expectations of a transitional year for the company appear to be on track. With several more self-owned space data as a service (SDaaS) satellites expected to be launched in FY23, the development of the high-margin revenue stream should accelerate as the year progresses, improving cash flow. We maintain our estimates for FY23 and FY24, with both our DCF value of SEK8.2/share and a single-digit FY24 P/E of just 6.4x suggesting significant potential for investors.

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Länk till analysen i sin helhet: https://www.edisoninvestmentresearch.com/research/report/aac-clyde-space398372/preview