Report
Richard Williamson

Filtronic - High-performance RF design and manufacturing

Filtronic completed its disposals of high-volume businesses in early 2020 and now only addresses those market niches where its specialist expertise in designing and manufacturing high-performance radio frequency (RF) components and subsystems operating at frequencies up to 180GHz can command a premium. Management’s strategic priority is to broaden the customer base and product range to take advantage of the doubling in RF manufacturing capacity in FY20. Our estimates, which we recently upgraded following the recent post-close update, show this strategy supporting continued revenue growth in FY22 and FY23.
Underlying
Filtronic PLC

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.

Provider
Edison Investment Research
Edison Investment Research

Edison is an investment research and advisory company, with offices in North America, Europe, the Middle East and AsiaPac. The heart of Edison is our world renowned equity research platform and deep multi-sector expertise. At Edison Investment Research, our research is widely read by international investors, advisors and stakeholders. Edison Advisors leverages our core research platform to provide differentiated services including investor relations and strategic consulting.

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Analysts
Richard Williamson

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