Filtronic (AIM: FTC)

Last close As at 22/07/2024

GBP0.74

−0.75 (−1.00%)

Market capitalisation

GBP163m

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 — FY24 ahead of expectations

TMT | Flash note

Filtronic — New customer win in defence market

Filtronic_resized

Sector

TMT

Equity Analyst

Key Management

  • Jonathan Neale

    Chairman

  • Michael Tyerman

    CFO

  • Richard Gibbs

    CEO

Balance Sheet

Forecast net cash (£m)

5.2

Forecast gearing ratio (%)

N/A

Share Price Performance

Price Performance
% 1M 3M 12M
Actual 6.1 121.6 336.8
Relative 6.0 115.1 306.4
52 week high/low 77.0p/14.5p

Financials

Filtronic’s year-end trading update confirmed that it expects to report FY24 revenue and adjusted EBITDA ahead of our forecasts. Trading in H2 benefited from strong demand from the space market, which we expect to continue into FY25. The company confirmed it has ramped its production capability to meet this higher level of demand and continues to invest in further capacity expansion to provide flexibility and support for future growth. We have revised our FY24 forecasts to reflect the expected FY24 outturn, which results in a normalised diluted EPS upgrade of 18%. For FY25, we maintain our revenue and profit forecasts but assume a better year-end net cash position of £5.8m (vs our previous £4.0m forecast).

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 0.53 140.1 57.0
2023A 16.3 1.3 0.1 0.06 1237.5 122.8
2024E 25.4 4.8 3.3 1.50 49.5 33.4
2025E 35.1 7.9 5.9 2.64 28.1 20.4