Added to YB: 2026-04-28
Pitch date: 2026-04-23
FTC.L [bullish]
Filtronic plc
-5.14%
current return
Author Info
No bio for this author
Company Info
Filtronic plc designs, develops, manufactures, and sells radio frequency (RF) technology in the United Kingdom, Europe, the Americas, and rest of the world.
Market Cap
GBP 651.0M
Pitch Price
GBP 2.82
Price Target
N/A
Dividend
N/A
EV/EBITDA
52.82
P/E
70.57
EV/Sales
11.51
Sector
Communications Equipment
Category
growth
Filtronic (LSE: $FTC): The High-Frequency Architecture of Global Connect
FTC.L: UK mmWave/RF tech co pivoted to space, aerospace & defense from legacy telecom. FY25 rev +121% to £56.3M, adj EBITDA +247% to £17M. SpaceX partnership w/ warrant for up to 15% equity validates GaN E-band SSPA leadership; £47.3M order for FY27-28. Defense contracts w/ Leonardo (Tempest), BAE, QinetiQ. 90% FY26 rev visibility, £14.5M cash, zero debt. 25.8-31.6% ROE. Trades £512-554M mkt cap at 233-254p. Reverse DCF implies 15.2% FCF CAGR over 10yrs vs 17.9-20.1% mmWave market CAGR. Risks: SpaceX concentration, execution on scaling, supply chain. Bull case: LEO constellation growth, payload expansion, 6G, sovereign defense moat.
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