Redeye returns following AAC's Q3 report, which posted 32% y/y revenue growth, though supply chain bottlenecks and project delays resulted in top-line and earnings misses against our estimates. However, with a robust SEK 1.18bn backlog and full-year guidance intact, we view the current friction as temporary growing pains. We maintain our long-term estimates and anticipate a strong +100% y/y growth rebound in Q4, driven heavily by EPS Sterna deliveries. Our fundamental DCF-based valuation (Base Case) remains unchanged at SEK 138, while AAC Clyde Space now scores as ‘Fairly Priced’ on Redeye's new proprietary Value Score, implying a Fair Value of SEK 135 with an upside of ~30%.
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