Added to YB: 2026-09-15
Pitch date: 2026-09-12
FTC.L [neutral]
Filtronic plc
-3.92%
current return
Author Info
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Company Info
Filtronic plc designs, develops, manufactures, and sells radio frequency (RF) technology in the United Kingdom, Europe, the Americas, and internationally.
Market Cap
GBP 538.9M
Pitch Price
GBP 2.42
Price Target
36.00 (+1369%)
Dividend
N/A
EV/EBITDA
83.98
P/E
137.64
EV/Sales
9.57
Sector
Communications Equipment
Category
value
[$FTC] Priced for a Perfection That Doesn’t Exist
FTC.L (pass): Filtronic is a capable RF subcontractor, but its valuation leaves no room for concentration, margin or deployment risk. The top two customers generate 78% of revenue; adjusted EBITDA fell 34% to £11.3m as strategic pricing secured volume, while SpaceX warrants create dilution of up to ~15%. A base-case DCF using management-linked assumptions and a 20% sustainable EBITDA target yields £0.36 per share, 85% below the £3.90 FY2026 close.
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