Filtronic - $6.0m win further strengthens space credentials
Filtronic’s strong end to 2023 has continued, with the announcement of a $6m (£4.8m) contract to supply Solid State Power Amplifiers (SSPAs) to a leading supplier of low orbit Earth (LEO) satellite equipment. The contract provides evidence of Filtronic’s capability and growing standing within the space market, in our view. Meanwhile, the company’s £4.5m defence win, announced yesterday, demonstrates continued progress in the business’s traditional defence and telecoms verticals. We are not changing our estimates at this stage but see clearer scope for upside. Continued execution could open the potential for a sustained acceleration in growth with demand for high-end radio frequency systems growing and Filtronic has rare capabilities in this field. The company’s rating is now starting to factor in an acceleration in growth and margin expansion, but given recent progress, this looks entirely merited.Filtronic designs and manufactures customized radio frequency (RF), microwave and millimeter-wave components and subsystems. Co. operates two business segments: Filtronic Wireless, which designs and manufactures RF filters, microwave subsystems, and ultra wide band antennas for the mobile telecommunications industry; and Filtronic Broadband, which designs and manufactures millimeter-wave products as well as provides build to print manufacturing and testing services for microwave and millimeter-wave products. The product range for the Filtronic Broadband segment includes transceiver modules and multi-chip, surface mountable transceiver packages at microwave, E-band and V-band frequencies.
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