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

View More

TMT |
Update

21.06.24

Filtronic — FY24 ahead of expectations

TMT |
Update

25.04.24

Filtronic — Agreement with SpaceX drives upgrades

TMT |
Update

06.02.24

Filtronic — Backlog supports strong growth from H224

TMT |
Flash note

16.01.24

Filtronic — New customer win in defence market

Filtronic_resized

Sector

TMT

Equity Analyst

Katherine Thompson

Katherine Thompson

Director

Key Management

Jonathan Neale

Chairman
Michael Tyerman

CFO
Richard Gibbs

CEO

Balance Sheet

Forecast net cash (£m)

5.2

Forecast gearing ratio (%)

N/A

Share Price Performance

Price Performance
%	1M	3M	12M
Actual	3.5	120.6	383.9
Relative	3.5	111.9	349.1
52 week high/low	77.0p/14.5p

Financials

Filtronic’s year-end trading update confirmed that it expects to report FY24 revenue and adjusted EBITDA ahead of our forecasts. Trading in H2 benefited from strong demand from the space market, which we expect to continue into FY25. The company confirmed it has ramped its production capability to meet this higher level of demand and continues to invest in further capacity expansion to provide flexibility and support for future growth. We have revised our FY24 forecasts to reflect the expected FY24 outturn, which results in a normalised diluted EPS upgrade of 18%. For FY25, we maintain our revenue and profit forecasts but assume a better year-end net cash position of £5.8m (vs our previous £4.0m forecast).

Y/E May	Revenue (£m)	EBITDA (£m)	PBT (£m)	EPS (fd) (p)	P/E (x)	P/CF (x)
2022A	17.1	2.8	1.5	0.53	141.5	57.6
2023A	16.3	1.3	0.1	0.06	1250.0	124.0
2024E	25.4	4.8	3.3	1.50	50.0	33.8
2025E	35.1	7.9	5.9	2.64	28.4	20.6

Research

Outlook

TMT

04.08.23

Filtronic — Reaching for the stars

Filtronic_resized

Flash note

TMT

21.07.23

Filtronic — New contract with the European Space Agency

Filtronic_resized

TMT

Flash note

Filtronic — Awarded grant funding for UK defence project

Filtronic_resized

Filtronic_resized

Flash note

TMT

23.06.23

Filtronic — Diversification drives growing pipeline

Update

TMT

07.02.23

Filtronic — Component shortages causing delivery delays

Filtronic_resized

Update

TMT

01.02.23

Filtronic — Expansion of presence in satcom market

Update

TMT

02.08.22

Filtronic — Third consecutive year of EBITDA growth

Outlook

TMT

11.07.22

Filtronic — High-performance RF design and manufacturing

Update

TMT

20.06.22

Filtronic — Recovery continues throughout H222

Update

TMT

08.02.22

Filtronic — Recovery continues into H122

Flash note

TMT

28.10.21

Filtronic — Successful focus on new customer acquisition

Update

TMT

03.08.21

Filtronic — Cash generative in FY21 despite the pandemic

Update

TMT

17.06.21

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

Initiation

TMT

02.06.21

Filtronic — Building a stronger connection

edison tv

TMT

29.04.21

Filtronic – executive interview

thematic

TMT

07.11.23

MediaWatch – Still waiting…

thematic

TMT

28.07.23

MediaWatch – Targeting the opportunities

thematic

TMT

25.04.23

MediaWatch – Vision On

Digital Marketing and Internet Media Technology Platform

thematic

TMT

31.01.23

MediaWatch – Screening well

thematic

Consumer

05.10.22

IPO apocalypse

thematic

TMT

10.08.22

ESG, moving beyond the box tick

thematic

TMT

11.05.22

Direct tech investors

thematic

Consumer

24.03.22

Circular economy business models

thematic

TMT

29.09.21

Quantum dots – all the colours of the rainbow

thematic

TMT

09.09.21

Micro-LEDs – small is beautiful

thematic

TMT

16.08.20

Semiconductor winners – European companies with strong positions

thematic

TMT

24.06.20

The small satellite market – Small is beautiful

thematic

TMT

08.04.20

European video games: A safe haven in troubled times

thematic

TMT

27.02.20

Blockchain adoption: Implications for the financial services sector

thematic

Consumer

14.08.19

Illuminator: August Update

thematic

TMT

05.08.19

European video games

thematic

TMT

10.07.19

Diversification and scale for online success

thematic

TMT

08.05.19

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

thematic

TMT

26.02.19

UK video games – Heterogeneous not homogeneous

thematic

TMT

24.02.17

Mobile ecosystems

thematic

TMT

08.02.17

Mobile ecosystems

thematic

TMT

13.10.15

Mobile ecosystems

thematic

TMT

23.03.15

NZ – Edison talks tech

thematic

TMT

23.03.15

AUS – Edison talks tech

thematic

TMT

18.03.15

Mobile ecosystems

thematic

Consumer

11.11.14

Deutsche Börse Eigenkapitalforum 2014 Research Guide

thematic

TMT

15.10.14

Mobile ecosystems

thematic

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

thematic

TMT

10.09.10

The real disruptor

thematic

TMT

27.08.10

Merger mania is back