Filtronic

LN: FTC

Market Cap£23.9m

Last Close 11.13p

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

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Investment summary

Filtronic’s post-close trading update notes that management expects improved trading during H221 to result in FY21 revenues of c £15.6m, in line with our estimate. It expects a favourable sales mix at higher margins to generate c £1.8m EBITDA, which is slightly ahead of our previous estimate.

Y/E May
Revenue (£m)
EBITDA (£m)
PBT (£m)
EPS (p)
P/E (x)
P/CF (x)
2019A 15.9 0.7 0.1 0.05 222.6 N/A
2020A 17.2 1.2 0.1 0.05 222.6 N/A
2021E 15.6 1.8 0.2 0.07 159.0 N/A
2022E N/A N/A N/A N/A N/A N/A
Content on Filtronic
Filtronic – Building a stronger connection
TMT | Initiation | 2 June 2021
Filtronic_Sedgefield_60_usethis
Filtronic – executive interview
TMT | Edison TV | 29 April 2021
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Share price graph
Balance sheet
Forecast net debt (£m) 0
Forecast gearing ratio (%) 0
Price performance
%
1m
3m
12m
Actual 27.1 27.1 27.1
Relative* 27.3 22.7 9.6
52-week high/low 12.1p/7.2p
*% relative to local index
Key management
Howard Ford Chairman
Rob Smith CEO
Mike Brennan CFO