Filtronic

Overview
Price performance
Financials
Research
Thematics

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

TMT |
Flash note

01.11.24

Filtronic — On track to meet FY25 expectations

TMT |
Update

03.09.24

Filtronic — Upgrading on follow-on space order

TMT |
Update

05.08.24

Filtronic — Scaling up for future growth

TMT |
Flash note

23.07.24

Filtronic — Follow-on order from SpaceX

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Sector

TMT

Equity Analyst

Katherine Thompson

Director

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.