Main menu
Edison Group
  • Home
  • Equities

    Equities

    View All Equities

    Equities by Sector

    Pan African Resources

    MCap

    GBP695m

    Last close

    GBP0.36

    ▲ 0.95 (2.69%)

    Quadrise

    MCap

    GBP28m

    Last close

    GBP0.02

    ▲ −0.17 (−10.00%)

    Sareum Holdings

    MCap

    GBP33m

    Last close

    GBP0.26

    ▲ −1.25 (−4.59%)

  • Sectors

    Sectors

  • Thematics

    Thematics

    View All Thematics

    Latest

  • Audiovisual

    Audiovisual

    View All Audiovisual

    Latest

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

View More

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
Visit Website

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
View All

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
View All

Subscribe to Edison

Get access to the very latest content matched to your personal investment style.

Sign up for free