Filtronic (AIM: FTC)

Last close As at 18/05/2024

GBP0.58

−0.50 (−0.85%)

Market capitalisation

GBP126m

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.

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Filtronic_resized

Sector

TMT

Equity Analyst

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 65.7 52.6 417.9
Relative 53.7 39.7 376.2
52 week high/low 60.0p/11.6p

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 0.53 109.4 44.5
2023A 16.3 1.3 0.1 0.06 966.7 95.9
2024E 24.2 4.3 2.8 1.27 45.7 29.1
2025E 35.1 7.9 5.9 2.64 22.0 15.9

Thematics

thematic

TMT

MediaWatch – Rinse and repeat

thematic

TMT

MediaWatch – Still waiting…

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