Redeye returns following AAC's Q2 report, which came in line with our expectations and confirms that the growth trajectory flagged after Q1 is now materialising. We make only minor revisions to our estimates, still supported by the EPS-Sterna upgrade, the SEK1.1bn backlog, and reiterated FY26 guidance. We raise our fundamental DCF-based valuation (Base case) to SEK138, while AAC Clyde Space now scores as ‘Fairly Priced’ on Redeye's new proprietary Value Score, implying a Fair value of SEK144.
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