AAC Microtec - Eutelsat order enhances growth prospects
Ã…AC reported a weaker H119 than expected. However, we still anticipate some growth for the full year despite slower than hoped for recruitment of technicians and engineers but note the deferral of revenues to H219 from some delayed projects and the progress made in orders. The order backlog grew to SEK126m at H119 and has been enhanced by the recent addition of Eutelsat as a customer, with an initial two-satellite order worth over SEK24m with a potential to increase to SEK53.5m. However, the growth path appears to have been deferred by a couple of quarters. The revised expectations leave our DCF derived fair value at SEK8.4 per share and is contingent on securing the right skill sets to ramp up production.AAC Clyde Space AB, formerly AAC Microtec AB, is a Sweden-based company, which is primarily involved in the aerospace industry. The Company operates as a provider of space solutions and systems for commercial, governmental and educational purposes on the global market through its partner network and offices in Sweden, the United States and the United Kingdom. The Company specializes in small, purpose-built satellites, as well as sub-systems and components. The Company's customers include the European Space Agency (ESA), National Aeronautics and Space Administration (NASA), Orbcomm, Kepler Communications, NSLComm, KP Labs and Orbital Micro Systems, among others.
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