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.
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Jonathan Neale
Chairman
Michael Tyerman
CFO
Richard Gibbs
CEO
Forecast net cash (£m)
2.2
Forecast gearing ratio (%)
N/A
% | 1M | 3M | 12M |
---|---|---|---|
Actual | (10.3) | 47.6 | 182.6 |
Relative | (11.8) | 40.3 | 183.0 |
52 week high/low | 40.5p/11.0p |
Filtronic’s recent investment and focus on high-performance RF design and manufacturing is starting to pay off, with recent new customer wins, development contracts and volume production orders boosting the order backlog. H124 results do not reflect this recent success: revenue was essentially flat and investment in sales and engineering reduced EBITDA. However, the strong backlog gives management confidence that revenue and profit will exceed consensus estimates for FY24 and FY25 and we have upgraded our EPS forecasts by 234% in FY24 and 96% in FY25.
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 | 62.6 | 31.0 |
2023A | 16.3 | 1.3 | 0.1 | 0.06 | 553.3 | 79.3 |
2024E | 23.6 | 3.8 | 2.3 | 1.07 | 31.0 | 26.4 |
2025E | 24.2 | 3.9 | 2.4 | 1.09 | 30.5 | 18.9 |