London, June 30, 2026, 12:02 BST
- Filtronic shares traded roughly 10% higher in London, with delayed quotes showing the stock near 275p and the market cap close to £605 million.
- Shares are up for the last two sessions but still trade around 43% under the 52-week high of 480p.
- The stock is now priced at around 10.9x its FY2026 revenue forecast and trades at about 53x adjusted EBITDA, net of cash.
- Filtronic says its order book already covers 90% of consensus revenue for FY2027, hitting the next order conversion milestone.
LONDON, June 30 (Reuters) – Filtronic plc (LON:FTC) shares moved higher on Tuesday. But the bigger point for investors is the disconnect between the radio-frequency equipment firm’s valuation and the profits it has posted to date.
Filtronic was bid at 270p and offered at 280p on Barclays’ delayed feed at 12:02 BST, putting the shares up 10.6% from the prior close. AJ Bell recorded the last trade at 274.9p with 1.86 million shares exchanged by 11:39 BST. The London Stock Exchange holds regular trading from 8:00 a.m. to 4:30 p.m. on weekdays.
The move brings the AIM-listed shares closer to a £605 million market cap, according to AJ Bell. This follows a choppy June that saw prices swing from a 52-week high of 480p down to around 114p. Hargreaves Lansdown lists 219.94 million shares outstanding.
| Filtronic market snapshot | Latest available data |
|---|---|
| AJ Bell last trade | 274.9p |
| Barclays delayed | 270p bid / 280p offer |
| Previous close | 250p |
| Barclays day high | 285p |
| AJ Bell market cap | £604.62 mln |
| AJ Bell 52-week high | 480p |
The stock bounced after heavy losses that came after Filtronic’s June 23 update. According to Shareprices.com, shares dropped from 340p on June 23 to 230p by June 26, then finished at 250p Monday. The site showed more than 5 million shares traded Monday and 7.6 million on Friday, both topping Tuesday’s pace by late morning.
| Date | Close | Daily move | Volume |
|---|---|---|---|
| June 23 | 340p | down 10.53% | 3.48 mln |
| June 24 | 310p | lost 8.82% | 3.33 mln |
| June 25 | 280p | dropped 9.68% | 4.05 mln |
| June 26 | 230p | sank 17.86% | 7.56 mln |
| June 29 | 250p | recovered 8.70% | 5.06 mln |
Shares fell even after Filtronic reported adjusted EBITDA for the year to May 31 will come in slightly above market expectations, and revenue should match forecasts. The company is guiding for at least £55.5 million in FY2026 revenue, adjusted EBITDA of at least £11.1 million, £13.4 million of cash, and £11.3 million in net cash excluding property leases.
At those figures, the stock’s equity value is about 10.9x projected FY2026 revenue. Taking out the £11.3 million net cash from AJ Bell’s market cap brings enterprise value to roughly £593 million. That works out to about 53x the guided EBITDA. So investors see shares trading below May levels, but still reflecting a bigger order cycle than seems in place now.
| Valuation check | Calculation | Result |
|---|---|---|
| Market cap against FY2026 revenue target | £604.62 mln / £55.5 mln | 10.9x |
| Enterprise value to FY2026 EBITDA forecast | £593.32 mln / £11.1 mln | 53.5x |
| Market cap versus stated plant revenue capacity | £604.62 mln / £200 mln-plus | about 3.0x |
| Share price latest vs 52-week high | 274.9p vs 480p | -42.7% |
Filtronic said June 23 it picked up a smaller $0.5 million (£0.4 million) design contract from a U.S. satellite tech customer. The company had already landed an $8 million (£6 million) deal from the same client in March. Filtronic said the latest win could lead to more work and manufacturing later on.
Chief Executive Nat Edington said the update pointed to a “strong order book” and that the company is heading into FY2027 with “real momentum and confidence.” The announcement also noted that 90% of consensus revenue for FY2027 is already covered by the order book, supported by multi-year orders from Filtronic’s main customer. Advfn
The main customer remains key for the valuation. In a trading update last week, Filtronic said FY2026 will see further work with SpaceX as part of the $62.5 million next-gen GaN E-band deal already announced. The RNS filings said first shipments are due in FY2027, with revenue expected across FY2027 and FY2028.
Filtronic said in its 2024 strategic partnership release that UK-based Filtronic is keeping up with SpaceX’s production ramp, quoting Starlink engineering VP Mike Nicolls. The partnership means Filtronic is supplying E-band components for Starlink. SpaceX stands to get warrants that could be worth as much as 10% of Filtronic’s share capital, depending on orders.
Filtronic has worked to bring down its exposure to one big customer. The company said reliance on its largest customer dropped again for FY2026. Filtronic pointed to fresh contracts in U.S. and European space and defence markets. Its new Sedgefield site, which the company funded itself, is fully open and can support over £200 million in yearly revenue, according to the June update.
| Investor issue | Data point |
|---|---|
| Near-term earnings base | FY2026 adjusted EBITDA seen at no less than £11.1 mln |
| Capacity target | Sedgefield facility built to handle over £200 mln in yearly revenue |
| Order visibility | Order book for FY2027 covers 90% of consensus revenue |
| Next scheduled catalyst | FY2026 results on tap for Aug. 4 |
Filtronic’s two-day rebound trimmed some of June’s drop, but losses remain. The stock returned 8.70% on Monday, while the FTSE AIM 100 slipped 0.09%, according to AJ Bell data.
