AIM:FTC

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Executive Summary

Filtronic plc designs, manufactures, and sells advanced radio frequency (RF) communications products for mobile telecommunications infrastructure, defence and aerospace, and public safety market sectors in the United Kingdom, Europe, the Americas, and internationally.


Snowflake Analysis

Mediocre balance sheet with limited growth.

Share Price & News

How has Filtronic's share price performed over time and what events caused price changes?


Latest Share Price and Events

Stable Share Price: FTC's share price has been volatile over the past 3 months.


Market Performance


7 Day Return

-10.3%

FTC

-2.3%

GB Communications

5.5%

GB Market


1 Year Return

15.1%

FTC

44.7%

GB Communications

-9.2%

GB Market

Return vs Industry: FTC underperformed the UK Communications industry which returned 44.7% over the past year.

Return vs Market: FTC exceeded the UK Market which returned -9.2% over the past year.


Shareholder returns

FTCIndustryMarket
7 Day-10.3%-2.3%5.5%
30 Day2.9%0.6%10.8%
90 Day6.1%19.1%-0.4%
1 Year15.1%15.1%46.8%44.7%-4.8%-9.2%
3 Year-26.3%-26.3%48.3%39.9%-0.8%-12.9%
5 Year-23.9%-23.9%99.6%80.6%18.1%-8.2%

Price Volatility Vs. Market

How volatile is Filtronic's share price compared to the market and industry in the last 5 years?


Simply Wall St News

Valuation

Is Filtronic undervalued compared to its fair value and its price relative to the market?

16.25x

Price to Earnings (PE) ratio


Share Price vs. Fair Value

Below Fair Value: FTC (£0.09) is trading above our estimate of fair value (£0.06)

Significantly Below Fair Value: FTC is trading above our estimate of fair value.


Price To Earnings Ratio

PE vs Industry: FTC is good value based on its PE Ratio (16.2x) compared to the Communications industry average (20.2x).

PE vs Market: FTC is poor value based on its PE Ratio (16.2x) compared to the UK market (15.2x).


Price to Earnings Growth Ratio

PEG Ratio: FTC is poor value based on its PEG Ratio (1.1x)


Price to Book Ratio

PB vs Industry: FTC is overvalued based on its PB Ratio (2x) compared to the GB Communications industry average (1.9x).


Next Steps

Future Growth

How is Filtronic forecast to perform in the next 1 to 3 years based on estimates from 2 analysts?

14.7%

Forecasted annual earnings growth


Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: FTC's forecast earnings growth (14.7% per year) is above the savings rate (1.2%).

Earnings vs Market: FTC's earnings (14.7% per year) are forecast to grow slower than the UK market (21.5% per year).

High Growth Earnings: FTC's earnings are forecast to grow, but not significantly.

Revenue vs Market: FTC's revenue (13.5% per year) is forecast to grow faster than the UK market (3.6% per year).

High Growth Revenue: FTC's revenue (13.5% per year) is forecast to grow slower than 20% per year.


Earnings per Share Growth Forecasts


Future Return on Equity

Future ROE: Insufficient data to determine if FTC's Return on Equity is forecast to be high in 3 years time


Next Steps

Past Performance

How has Filtronic performed over the past 5 years?

65.6%

Historical annual earnings growth


Earnings and Revenue History

Quality Earnings: FTC has a high level of non-cash earnings.

Growing Profit Margin: FTC's current net profit margins (7.7%) are lower than last year (12.7%).


Past Earnings Growth Analysis

Earnings Trend: FTC has become profitable over the past 5 years, growing earnings by 65.6% per year.

Accelerating Growth: FTC's has had negative earnings growth over the past year, so it can't be compared to its 5-year average.

Earnings vs Industry: FTC had negative earnings growth (-49.8%) over the past year, making it difficult to compare to the Communications industry average (13.9%).


Return on Equity

High ROE: FTC's Return on Equity (12.1%) is considered low.


Next Steps

Financial Health

How is Filtronic's financial position?


Financial Position Analysis

Short Term Liabilities: FTC's short term assets (£12.7M) exceed its short term liabilities (£8.3M).

Long Term Liabilities: FTC's short term assets (£12.7M) exceed its long term liabilities (£2.0M).


Debt to Equity History and Analysis

Debt Level: FTC's debt to equity ratio (12%) is considered satisfactory.

Reducing Debt: FTC's debt to equity ratio has increased from 4.1% to 12% over the past 5 years.

Debt Coverage: FTC's operating cash flow is negative, therefore debt is not well covered.

Interest Coverage: FTC's interest payments on its debt are not well covered by EBIT (1x coverage).


Balance Sheet


Next Steps

Dividend

What is Filtronic's current dividend yield, its reliability and sustainability?


Dividend Yield vs Market

Notable Dividend: Unable to evaluate FTC's dividend yield against the bottom 25% of dividend payers, as the company has not reported any recent payouts.

High Dividend: Unable to evaluate FTC's dividend yield against the top 25% of dividend payers, as the company has not reported any recent payouts.


Stability and Growth of Payments

Stable Dividend: Insufficient data to determine if FTC's dividends per share have been stable in the past.

Growing Dividend: Insufficient data to determine if FTC's dividend payments have been increasing.


Current Payout to Shareholders

Dividend Coverage: FTC is not paying a notable dividend for the UK market.


Future Payout to Shareholders

Future Dividend Coverage: No need to calculate the sustainability of FTC's dividend in 3 years as they are not forecast to pay a notable one for the UK market.


Next Steps

Management

How experienced are the management team and are they aligned to shareholders interests?

4.2yrs

Average board tenure


CEO

Filtronic has no CEO, or we have no data on them.


Board Members

NamePositionTenureCompensationOwnership
Reginald Gott
Executive Chairman4.58yrsUK£60.00k0.21% £39.8k
Michael Tyerman
Finance Director & Executive Director4.17yrsUK£123.00k0.16% £29.6k
Michael Roy Roller
Senior Independent Non-Executive Directorno dataUK£40.00k0.048% £8.9k
Peter Magowan
Independent Non-Executive Director1.58yrsUK£20.00k0.35% £65.6k

4.2yrs

Average Tenure

52yo

Average Age

Experienced Board: FTC's board of directors are considered experienced (4.2 years average tenure).


Ownership

Who are the major shareholders and have insiders been buying or selling?


Insider Trading Volume

Insider Buying: Insufficient data to determine if insiders have bought more shares than they have sold in the past 3 months.


Recent Insider Transactions

Ownership Breakdown

Dilution of Shares: Shareholders have been diluted in the past year, with total shares outstanding growing by 2.4%.


Top Shareholders

Company Information

Filtronic plc's company bio, employee growth, exchange listings and data sources


Key Information

  • Name: Filtronic plc
  • Ticker: FTC
  • Exchange: AIM
  • Founded: 1977
  • Industry: Communications Equipment
  • Sector: Tech
  • Market Cap: UK£18.699m
  • Shares outstanding: 213.70m
  • Website: https://www.filtronic.com

Number of Employees


Location

  • Filtronic plc
  • Filtronic House
  • 3 Airport West
  • Leeds
  • West Yorkshire
  • LS19 7ZA
  • United Kingdom

Listings

TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
FLTC.FOTCPK (Pink Sheets LLC)YesOrdinary SharesUSUSDOct 1994
FTIMUN (Boerse Muenchen)YesOrdinary SharesDEEUROct 1994
FTCAIM (London Stock Exchange AIM Market)YesOrdinary SharesGBGBPOct 1994

Biography

Filtronic plc designs, manufactures, and sells advanced radio frequency (RF) communications products for mobile telecommunications infrastructure, defence and aerospace, and public safety market sectors in the United Kingdom, Europe, the Americas, and internationally. It provides mmWave transceiver modules; RF conditioning equipment, including antenna sharing, cross-band, and in-band combiners, as well as custom filters and combiners; and microwave and mmWave components comprising GaN amplifiers, microwave and mmWave filters and diplexers, E-band power amplifiers, and data links. The company also offers small cell and interference mitigation filters; and E-band transceiver modules for 5G XHaul applications. In addition, it provides contract manufacturing, microelectronic assembling, module and device performance testing, business systems and program management, supply chain, and design services. The company was formerly known as Filtronic Comtek plc and changed its name to Filtronic plc in March 1998. Filtronic plc was founded in 1977 and is headquartered in Leeds, the United Kingdom. 


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2020/06/06 23:10
End of Day Share Price2020/06/05 00:00
Earnings2019/11/30
Annual Earnings2019/05/31


Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.