Last close As at 05/08/2026
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Research: TMT
On the back of recent work Filtronic has undertaken to develop products for communication between low Earth orbit (LEO) satellites and ground stations, the company has won a contract worth £3.2m with the European Space Agency (ESA). Filtronic has started work on developing prototypes and expects to deliver the final hardware by 31 March 2025. The contract supports our FY24 estimates and we maintain our forecasts pending FY23 results on 1 August.
Filtronic |
New contract with the European Space Agency |
Contract win |
Tech hardware and equipment |
21 July 2023 |
Share price performance
Business description
Analysts
Filtronic is a research client of Edison Investment Research Limited |
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On the back of recent work Filtronic has undertaken to develop products for communication between low Earth orbit (LEO) satellites and ground stations, the company has won a contract worth £3.2m with the European Space Agency (ESA). Filtronic has started work on developing prototypes and expects to deliver the final hardware by 31 March 2025. The contract supports our FY24 estimates and we maintain our forecasts pending FY23 results on 1 August.
Year end |
Revenue |
EBITDA* |
PBT* |
Dil. EPS* |
DPS |
P/E |
05/21 |
15.6 |
1.8 |
0.1 |
0.14 |
0.00 |
112.6 |
05/22 |
17.1 |
2.8 |
1.5 |
0.53 |
0.00 |
29.0 |
05/23e |
16.6 |
1.3 |
0.1 |
0.13 |
0.00 |
115.0 |
05/24e |
20.7 |
2.1 |
0.9 |
0.41 |
0.00 |
37.7 |
Note: *EBITDA, PBT and EPS are normalised, excluding amortisation of acquired intangibles, exceptional items and share-based payments.
Filtronic has won a new contract with the ESA to develop next-generation space payload communication systems. The contract falls under the ESA’s Advanced Research and Telecommunications Systems (ARTES) programme for ‘Space Deployment of 5G/6G and Sustainable Connectivity’. The ARTES programme is fully supported by the UK Space Agency and aligns with the government’s goal of getting UK suppliers to pay a significant role in future global communications infrastructure.
Filtronic will develop a series of advanced mmWave products to enable broadband connectivity between LEO satellites and receiving ground stations. The company will use existing core IP along with expertise in design and qualification of mmWave telecommunication technology, including the recently developed advanced solid state power amplifiers for the first LEO E-band ground station trials.
The contract is worth €3.7m/£3.2m and Filtronic will start work immediately on the development of design concepts and prototypes through FY24. It expects to deliver the final hardware by 31 March 2025.
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Research: Metals & Mining
Ahead of Wheaton Precious Metals’ (WPM’s) Q223 results, scheduled for 10 August, we have honed our forecasts to reflect, principally (1) Newmont’s suspension of mining at Penasquito since 8 June, (2) updated metals prices, (3) estimated production from Salobo in the light of Vale’s Q223 production and sales report (released on 18 July) and (4) the closure of the Minto mine on 13 May. As a result, we have reduced our Q223 basic EPS forecast by 5 US cents per share to 28 cents per share and our FY23 adjusted basic EPS by 8 cents per share (or 6.1%) to 124 cents per share.