Filtronic - Edison Group

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

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Flash note

01.11.24

Filtronic — On track to meet FY25 expectations

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Update

03.09.24

Filtronic — Upgrading on follow-on space order

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Update

05.08.24

Filtronic — Scaling up for future growth

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Flash note

23.07.24

Filtronic — Follow-on order from SpaceX

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Sector

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Equity Analyst

Katherine Thompson

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.

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

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Flash note

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19.12.23

Filtronic — Further momentum with £4.5m defence contract

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30.10.23

Filtronic — Making good progress towards FY24 targets

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Flash note

Filtronic — $6.0m win further strengthens space credentials

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Flash note

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22.09.23

Filtronic — Follow-on satellite contract win

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Flash note

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18.09.23

Filtronic — Awarded grant funding for UK defence project

Outlook

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04.08.23

Filtronic — Reaching for the stars

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Flash note

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21.07.23

Filtronic — New contract with the European Space Agency

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Flash note

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23.06.23

Filtronic — Diversification drives growing pipeline

Update

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07.02.23

Filtronic — Component shortages causing delivery delays

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Update

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01.02.23

Filtronic — Expansion of presence in satcom market

Update

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02.08.22

Filtronic — Third consecutive year of EBITDA growth

Outlook

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11.07.22

Filtronic — High-performance RF design and manufacturing

Update

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20.06.22

Filtronic — Recovery continues throughout H222

Update

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08.02.22

Filtronic — Recovery continues into H122

Flash note

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28.10.21

Filtronic — Successful focus on new customer acquisition

Update

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03.08.21

Filtronic — Cash generative in FY21 despite the pandemic

Update

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17.06.21

Filtronic — Improved H2 lifts earnings and year-end net cash

Initiation

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02.06.21

Filtronic — Building a stronger connection

edison tv

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29.04.21

Filtronic – executive interview

thematic

Consumer

21.11.23

Deutsches Eigenkapitalforum (EKF) 2023 consumer and media

thematic

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21.11.23

Deutsches Eigenkapitalforum (EKF) 2023 technology

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07.11.23

MediaWatch – Still waiting…

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28.07.23

MediaWatch – Targeting the opportunities

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25.04.23

MediaWatch – Vision On

Digital Marketing and Internet Media Technology Platform

thematic

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31.01.23

MediaWatch – Screening well

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Consumer

05.10.22

IPO apocalypse

thematic

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10.08.22

ESG, moving beyond the box tick

thematic

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11.05.22

Direct tech investors

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21.04.22

Seven things every investor needs to know about SenSen

thematic

Consumer

24.03.22

Circular economy business models

thematic

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29.09.21

Quantum dots – all the colours of the rainbow

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09.09.21

Micro-LEDs – small is beautiful

thematic

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14.07.21

Five things every investor needs to know about Mynaric

thematic

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16.08.20

Semiconductor winners – European companies with strong positions

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24.06.20

The small satellite market – Small is beautiful

thematic

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08.04.20

European video games: A safe haven in troubled times

thematic

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27.02.20

Blockchain adoption: Implications for the financial services sector

thematic

Consumer

14.08.19

Illuminator: August Update

thematic

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05.08.19

European video games

thematic

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10.07.19

Diversification and scale for online success

thematic

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08.05.19

5G – Strategic importance, but lacking a near-term commercial driver

thematic

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26.02.19

UK video games – Heterogeneous not homogeneous

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24.02.17

Mobile ecosystems

thematic

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08.02.17

Mobile ecosystems

thematic

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13.10.15

Mobile ecosystems

thematic

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23.03.15

NZ – Edison talks tech

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23.03.15

AUS – Edison talks tech

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18.03.15

Mobile ecosystems

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Consumer

11.11.14

Deutsche Börse Eigenkapitalforum 2014 Research Guide

thematic

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15.10.14

Mobile ecosystems

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Energy & Resources

04.03.14

ASX Spotlight Conference – London, 6 March 2014

thematic

Energy & Resources

01.03.13

ASX Small to Mid Caps Conference – London, 7 March 2013

thematic

TMT

24.09.10

The third pillar

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10.09.10

The real disruptor

thematic

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27.08.10

Merger mania is back