Filtronic - Edison Group

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

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TMT |
Flash note

23.07.24

Filtronic — Follow-on order from SpaceX

TMT |
Update

21.06.24

Filtronic — FY24 ahead of expectations

TMT |
Update

25.04.24

Filtronic — Agreement with SpaceX drives upgrades

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Update

06.02.24

Filtronic — Backlog supports strong growth from H224

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Sector

TMT

Equity Analyst

Katherine Thompson

Katherine Thompson

Director

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	9.7	54.7	326.1
Relative	10.0	51.5	298.8
52 week high/low	77.0p/14.5p

Financials

Filtronic has received a follow-on order from SpaceX worth $9m/£7.1m. This is the second order Filtronic has received since it signed the strategic partnership with SpaceX in April and results in the vesting of a further 2.17m warrants, taking vested warrants to 4% of the company’s share capital as at the time of signing. We believe that this order is for use in Starlink ground stations. In addition to further follow-on orders of this type, we believe there will be more opportunities for Filtronic to supply products for use in Starlink satellites 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	138.7	56.4
2023A	16.3	1.3	0.1	0.06	1225.0	121.6
2024E	25.4	4.8	3.3	1.50	49.0	33.1
2025E	35.1	7.9	5.9	2.64	27.8	20.2

Research

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Flash note

TMT

18.09.23

Filtronic — Awarded grant funding for UK defence project

Outlook

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04.08.23

Filtronic — Reaching for the stars

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TMT

Flash note

Filtronic — Follow-on satellite contract win

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Flash note

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21.07.23

Filtronic — New contract with the European Space Agency

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Flash note

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23.06.23

Filtronic — Diversification drives growing pipeline

Update

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07.02.23

Filtronic — Component shortages causing delivery delays

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Update

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01.02.23

Filtronic — Expansion of presence in satcom market

Update

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02.08.22

Filtronic — Third consecutive year of EBITDA growth

Outlook

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11.07.22

Filtronic — High-performance RF design and manufacturing

Update

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20.06.22

Filtronic — Recovery continues throughout H222

Update

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08.02.22

Filtronic — Recovery continues into H122

Flash note

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28.10.21

Filtronic — Successful focus on new customer acquisition

Update

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03.08.21

Filtronic — Cash generative in FY21 despite the pandemic

Update

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17.06.21

Filtronic — Improved H2 lifts earnings and year-end net cash

Initiation

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02.06.21

Filtronic — Building a stronger connection

edison tv

TMT

29.04.21

Filtronic – executive interview

thematic

TMT

07.11.23

MediaWatch – Still waiting…

thematic

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28.07.23

MediaWatch – Targeting the opportunities

thematic

TMT

25.04.23

MediaWatch – Vision On

Digital Marketing and Internet Media Technology Platform

thematic

TMT

31.01.23

MediaWatch – Screening well

thematic

Consumer

05.10.22

IPO apocalypse

thematic

TMT

10.08.22

ESG, moving beyond the box tick

thematic

TMT

11.05.22

Direct tech investors

thematic

Consumer

24.03.22

Circular economy business models

thematic

TMT

29.09.21

Quantum dots – all the colours of the rainbow

thematic

TMT

09.09.21

Micro-LEDs – small is beautiful

thematic

TMT

16.08.20

Semiconductor winners – European companies with strong positions

thematic

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24.06.20

The small satellite market – Small is beautiful

thematic

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08.04.20

European video games: A safe haven in troubled times

thematic

TMT

27.02.20

Blockchain adoption: Implications for the financial services sector

thematic

Consumer

14.08.19

Illuminator: August Update

thematic

TMT

05.08.19

European video games

thematic

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10.07.19

Diversification and scale for online success

thematic

TMT

08.05.19

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

thematic

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26.02.19

UK video games – Heterogeneous not homogeneous

thematic

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24.02.17

Mobile ecosystems

thematic

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08.02.17

Mobile ecosystems

thematic

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13.10.15

Mobile ecosystems

thematic

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23.03.15

NZ – Edison talks tech

thematic

TMT

23.03.15

AUS – Edison talks tech

thematic

TMT

18.03.15

Mobile ecosystems

thematic

Consumer

11.11.14

Deutsche Börse Eigenkapitalforum 2014 Research Guide

thematic

TMT

15.10.14

Mobile ecosystems

thematic

Energy & Resources

04.03.14

ASX Spotlight Conference – London, 6 March 2014

thematic

Energy & Resources

01.03.13

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

thematic

TMT

24.09.10

The third pillar

thematic

TMT

10.09.10

The real disruptor

thematic

TMT

27.08.10

Merger mania is back