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Filtronic (AIM: FTC)

Last close As at 26/04/2024

GBP0.48

▲ −1.50 (−3.06%)

Market capitalisation

GBP104m

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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TMT | Update

Filtronic — Agreement with SpaceX drives upgrades

TMT | Update

Filtronic — Backlog supports strong growth from H224

TMT | Flash note

Filtronic — New customer win in defence market

TMT | Flash note

Filtronic — $6.0m win further strengthens space credentials
Filtronic_resized
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Sector

TMT

Equity Analyst

Katherine Thompson

Key Management

  • Jonathan Neale

    Chairman

  • Michael Tyerman

    CFO

  • Richard Gibbs

    CEO

Balance Sheet

Forecast net cash (£m)

2.5

Forecast gearing ratio (%)

N/A

Share Price Performance

Price Performance
% 1M 3M 12M
Actual 27.7 102.1 304.3
Relative 25.5 89.9 294.9
52 week high/low 49.0p/11.0p

Financials

Filtronic has signed a strategic partnership and commercial agreement with SpaceX which includes a production order worth £15.8m and warrants that could be exercised for up to 10% of existing share capital. Filtronic announced its first orders from SpaceX in January 2023, although the customer was unnamed at that point. Since then, SpaceX has placed orders totalling $43m (including yesterday’s order) for products to support the build out of its Starlink low Earth orbit (LEO) satellite constellation. The scale of these orders is such that we upgrade our forecasts, with the larger impact on FY25. We raise FY24 EPS by 19% and FY25 by 142%.

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 89.6 36.5
2023A 16.3 1.3 0.1 0.06 791.7 78.6
2024E 24.2 4.3 2.8 1.27 37.4 23.9
2025E 35.1 7.9 5.9 2.64 18.0 13.0

Research

Filtronic_resized

Flash note

TMT

Filtronic — New contract with the European Space Agency
Filtronic_resized

Flash note

TMT

Filtronic — Diversification drives growing pipeline

TMT

Outlook

Filtronic — Reaching for the stars

thematic

TMT

MediaWatch – Targeting the opportunities

thematic

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MediaWatch – Vision On
Digital Marketing and Internet Media Technology Platform

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MediaWatch – Screening well

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Consumer

IPO apocalypse

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ESG, moving beyond the box tick

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Direct tech investors

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Consumer

Circular economy business models

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Quantum dots – all the colours of the rainbow

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Micro-LEDs – small is beautiful

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Semiconductor winners – European companies with strong positions

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The small satellite market – Small is beautiful

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European video games: A safe haven in troubled times

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Blockchain adoption: Implications for the financial services sector

thematic

Consumer

Illuminator: August Update

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European video games

thematic

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Diversification and scale for online success

thematic

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

thematic

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UK video games – Heterogeneous not homogeneous

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Mobile ecosystems

thematic

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Mobile ecosystems

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Mobile ecosystems

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NZ – Edison talks tech

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AUS – Edison talks tech

thematic

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Mobile ecosystems

thematic

Consumer

Deutsche Börse Eigenkapitalforum 2014 Research Guide

thematic

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Mobile ecosystems

thematic

Energy & Resources

ASX Spotlight Conference – London, 6 March 2014

thematic

Energy & Resources

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

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The third pillar

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The real disruptor

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Merger mania is back