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Filtronic (AIM: FTC)

Last close As at 20/11/2024

GBP0.75

▲ 1.00 (1.35%)

Market capitalisation

GBP165m

Filtronic is a designer and manufacturer of advanced radio frequency (RF) communications products supplying a number of market sectors, including mobile telecommunications infrastructure, public safety, defence and aerospace.

While it continues to serve customers in its established markets (5G backhaul, defence and aerospace and public safety networks), Filtronic is seeing increasing demand for its transceiver modules in new applications such as LEO satellite communications, low latency banking networks, 5G test equipment and quantum computing.

Latest Insights

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TMT | Flash note

Filtronic — On track to meet FY25 expectations

TMT | Update

Filtronic — Upgrading on follow-on space order

TMT | Update

Filtronic — Scaling up for future growth

TMT | Flash note

Filtronic — Follow-on order from SpaceX
Filtronic_resized
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Sector

TMT

Equity Analyst

Katherine Thompson

Key Management

  • Jonathan Neale

    Chairman

  • Michael Tyerman

    CFO

  • Nat Edington

    CEO

Balance Sheet

Forecast net cash (£m)

6.7

Forecast gearing ratio (%)

N/A

Share Price Performance

Price Performance
% 1M 3M 12M
Actual 10.3 8.7 368.8
Relative 14.2 11.4 333.8
52 week high/low 79.5p/15.5p

Financials

Filtronic continues to benefit from the agreement signed with SpaceX in April; it has received a follow-on production order for E-band solid state power amplifier (SSPA) modules with shipment expected in CY25. As management anticipates this pushing FY25 revenue ahead of market expectations, we have upgraded our FY25 and FY26 revenue and EPS forecasts to reflect the new contract and the related vesting of warrants. While the maximum level of warrants has been earned from E-band product orders, we believe there is still potential for more orders at this frequency, in addition to the opportunity to supply products at different frequency bands.

Y/E May Revenue (£m) EBITDA (£m) PBT (£m) EPS (fd) (p) P/E (x) P/CF (x)
2023A 16.3 1.3 0.1 0.06 1250.0 124.0
2024A 25.4 4.9 3.4 1.43 52.4 33.1
2025E 39.9 9.3 7.1 3.02 24.8 17.6
2026E 41.1 9.5 6.9 2.93 25.6 17.3

Research

Update

TMT

Filtronic — Upgrading on follow-on space order

Update

TMT

Filtronic — Scaling up for future growth

TMT

Flash note

Filtronic — On track to meet FY25 expectations
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Thematics

thematic

TMT

MediaWatch – One step forward, two steps back

thematic

TMT

MediaWatch – Encouragements and frustrations

thematic

TMT

MediaWatch – Glimpses of positivity

thematic

TMT

MediaWatch – Rinse and repeat
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