Filtronic

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

TMT |
Update

03.09.24

Filtronic — Upgrading on follow-on space order

TMT |
Update

05.08.24

Filtronic — Scaling up for future growth

TMT |
Flash note

23.07.24

Filtronic — Follow-on order from SpaceX

TMT |
Update

21.06.24

Filtronic — FY24 ahead of expectations

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Sector

TMT

Equity Analyst

Katherine Thompson

Director

Key Management

Jonathan Neale

Chairman
Michael Tyerman

CFO
Richard Gibbs

CEO

Balance Sheet

Forecast net cash (£m)

6.7

Forecast gearing ratio (%)

N/A

Share Price Performance

Price Performance
%	1M	3M	12M
Actual	30.5	10.8	366.7
Relative	26.9	10.8	320.3
52 week high/low	79.5p/14.5p

Financials

FY24 was a pivotal year for Filtronic, with revenue up 56% and operating margins expanding 12.7pp to 14.2%, as adoption of its technology in the space market accelerated. Orders from Filtronic’s largest customer drove a marked step up in revenue in H224 and support our FY25 forecasts. Building on steps taken in FY24, the company plans to invest in business development, manufacturing and R&D during FY25 to help win business from new customers, to develop new products and to provide sufficient capacity to meet production orders. Our FY25 revenue and EBITDA forecasts are substantially unchanged. For FY26, we introduce forecasts for revenue growth of 14% and EPS growth of 13%.

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	1283.3	127.3
2024A	25.4	4.9	3.4	1.43	53.8	33.9
2025E	39.9	9.3	7.1	3.02	25.5	18.0
2026E	41.1	9.5	6.9	2.93	26.3	17.8

Research

Update

TMT

05.08.24