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Filtronic (AIM: FTC)

Currency in GBP

Last close As at 06/12/2023

GBP0.18

▲ 0.25 (1.39%)

Market capitalisation

GBP39m

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 | Flash note

Filtronic — Making good progress towards FY24 targets

TMT | Flash note

Filtronic — Follow-on satellite contract win

TMT | Flash note

Filtronic — Awarded grant funding for UK defence project

TMT | Outlook

Filtronic — Reaching for the stars
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)

1.8

Forecast gearing ratio (%)

N/A

Share Price Performance

Price Performance
% 1M 3M 12M
Actual 12.0 10.6 52.1
Relative 10.6 10.0 54.5
52 week high/low 18.2p/10.8p

Financials

At its AGM on 26 October, Filtronic confirmed that based on trading year to date and its outlook for the remainder of FY24, it is confident of delivering FY24 results in line with market expectations; we maintain our forecasts. Recent contract wins in the space market and ongoing technology development to support E-band frequencies for space applications and W-band frequencies for terrestrial backhaul solutions support growth in the medium term.

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 34.4 14.0
2023A 16.3 1.3 0.1 0.06 304.2 30.2
2024E 20.7 2.2 0.7 0.32 57.0 17.8
2025E 22.7 2.7 1.2 0.56 32.6 14.6

Research

Filtronic_resized

Flash note

TMT

Filtronic — Follow-on satellite contract win
Filtronic_resized

Flash note

TMT

Filtronic — Awarded grant funding for UK defence project

TMT

Flash note

Filtronic — Making good progress towards FY24 targets
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Thematics

thematic

Consumer

Deutsches Eigenkapitalforum (EKF) 2023 consumer and media

thematic

TMT

Deutsches Eigenkapitalforum (EKF) 2023 technology

thematic

TMT

MediaWatch – November 2023: Still waiting…

thematic

TMT

MediaWatch – July 2023
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