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Guess we'll find out tomorrow!

I'm assuming the smack down will come from the forward looking guidance not the priors

I'm ready for the smack down.

Yikes.

It does have the feel of insider trading of bad news! Really hope I'm wrong as I've taken a couple of hefty whacks already this year (IGR the worst)...

Why on earth don't management do share buybacks? Far too much cash on the balance sheet

Another keep the lights bail out placing, as I predicted months ago. This will hit the 11p floor price of the broker warrants - 100%. And then there will be another hugely dilutive raise when/if the company lists on the ASX. Poor financial planning from the CFO but not helped by the fact that the public markets are now dead to pre revenue resource tiddlers. Better of private. Shocker and I have no idea why anyone stay invested given what shareholder damage is still to come.

Just read the Interims and the Edison note fully, as I was skiing last week. WOW. Just WOW. One very interesting point I think could have flown under the radar is this from the Edison note:

"Excluding SpaceX, the sales pipeline is made up of opportunities in the space sector (53%), aerospace and defence (39%, all UK at the moment) and communications (8%). Management estimates it is likely to take two to three years to diversify the customer base."

My first observation is this: There is seemingly a monstrous pipeline EXCLUDING SPACEX. Secondly, of that pipeline 53% relates to the space sector. That is huge and to me signals that the company is highly likely in discussions with Amazon about a Project Kuiper supply agreement.

If my hunch is right and that deal gets done and announced, I honestly have no idea how high the share price will go.

FTC truly is the most exciting UK listed company. A world leader (IN TECHNOLOGY TOO!) with extraordinary barriers to entry, in the hottest sector in the world, with potentially two of the largest and most valuable companies in the world as clients, growing at a rate of knots.

I really need to remind myself not to get carried away! Of course, i'm totally biased with this making up 20% of my portfolio and me sitting on circa 60% gains. DYOR.

I think this is more than compensated by a near 50% discount to NAV??

I was using a rough post tax margin estimate...

The p/e here at SRB gets more and more ridiculous by the day... surely the Board will consider some form of shareholder return, as they will have far more cash than they need for operating expenses and capex. Any thoughts on this?

The brokers are essentially asleep at the wheel here...

The forecast numbers in the market are total nonsense. But this does mean smart investors can get ahead of the game before the numbers are laid out in black and white for all to see. I guess a new broker note will follow later this week to really spell it out to people...

I just some very quick maths. 25% margin on £8.5m FY25 revenue = £2.125m additional profit. Add that to the FY25 EPS of circa 6 and you get close to EPS 7.5. P/e just over 10.

Post the new contract win, the FY25 p/e is 10 ish - for the fastest growing profitable UK listed tech company.... HMM

Wow - FTC is on an unprecedented run! The hottest listed UK company by FAR. Suspect we'll see 20% plus today, as the forecasts are absolutely miles off. FY25 p/e of 19 is absolutely laughable really

Amazing. And they've already done 65% of the forecast full year earnings per share....I suspect lots of upgrades to come!

What if FTC bought up a few niche space tech companies? If SpaceX invested, the company could raise a ton of money at a premium.... I'm just saying, the next couple of years will be a time to capitalise on the booming space sector...

Back up she's goes. I suppose you have to allow for profit taking when the share price has risen so much. The valuation here doesn't make any sense to me at all...

Good post, Trotsky! I would like to see SpaceX exercise its warrants (currently 5% but could be 10% if they enter into a new product collab/order with FTC) and have them on the share register. Ultimately, it will be in FTC shareholders' best interests if the company is allowed to grow as the Space Industry grows, rather than get taken out early doors (even if at a 50-100% premium). As you say, the govt could block any bid... If one takes a 5 year view, FTC could potentially be 5 times bigger than it currently is... There will be growing pains no doubt and it would be good to get the SpaceX funding from the warrant exercises and maybe also do a placing to new institutional Space investors. Time to really go for mega growth IMO. For example, FTC could buy some other space companies and leverage its reputation to become a leading global supplier to the space industry. I would like the company to consider a more ambitious long term strategic plan!