FTC

Filtronic PLC

Telecommunications First-pass screen £640m

420/1000 Overall fit

AI beneficiary 35% 30

Operating leverage 25% 68

Valuation 25% 30

Downside protection 15% 48

First-pass take

High-growth RF infrastructure company (121% revenue growth FY2025), not AI-beneficiary. Operating leverage evident (profit +272%) but offset by heavy reinvestment (40% headcount growth, £4m capex). Critical flaw: 83% SpaceX revenue concentration severely limits downside protection despite £10.8m net cash. No valuation data in announcement.

Flags

no-valuation-datacustomer-concentrationspacex-dependenthigh-growthcyclicalfx-risknot-ai-strategy