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Filtronic (AIM: FTC)

Last close As at 19/04/2024

GBP0.33

▲ −1.80 (−5.14%)

Market capitalisation

GBP73m

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 — Backlog supports strong growth from H224

TMT | Flash note

Filtronic — New customer win in defence market

TMT | Flash note

Filtronic — $6.0m win further strengthens space credentials

TMT | Flash note

Filtronic — Further momentum with £4.5m defence contract
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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)

2.2

Forecast gearing ratio (%)

N/A

Share Price Performance

Price Performance
% 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

Financials

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

Research

Filtronic_resized

Flash note

TMT

Filtronic — Diversification drives growing pipeline

Update

TMT

Filtronic — Component shortages causing delivery delays
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TMT

Flash note

Filtronic — New contract with the European Space Agency

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thematic

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Mobile ecosystems

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