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Brilliant article Nas-k. Sums up FTC very well. The potential is truly mind boggling given the strong barriers to entry.

Hi Sheltie. No mention of FTC but it's becoming clear that the space industry has entered the very fast and profitable growth phase. SpaceX will become the world's most valuable company. FTC is a key supplier for high frequency radio comms and so if the Space Industry booms, FTC 'SHOULD' boom with it ... I'm here for the long haul and am biased tho...

Very very exciting times!

Do we think we'll get some FY26 (which begins 1 June 2025...) earnings expectations from the company/brokers when the Interims are published next Tuesday? It looks like last year the forward earnings were only given in July (post prior year end), so perhaps not... We should also remember that there is still 4 months left of FY25! Even if we don't get FY26 earnings updates, the outlook commentary will be interesting, as the company has been talking about a 'pull forward of orders', which would suggest that further growth isn't guaranteed.

The FY25 p/e is 19.5 and the FY26 p/e is 33.5. Probably about right, unless the company does indeed make noises about growth continuing in FY26, in which case the company will look far too lowly valued.

I listened to an interesting podcast about Musk on the weekend. He hates having external suppliers! From what I can read (and I also watched Tudor Williams presentation - link below), FTC is a major outlier for SpaceX, who are entirely vertically integrated. I had originally invested without any thought that FTC could be a takeover target but I'm beginning to wonder if SpaceX will just buy FTC. Who knows - its such small fry for them, perhaps its too much effort.

I'm off skiing next week but will read and comment on the Interims at some point!

Gold flying today

I got them from Stockopedia. ECEL website is outdated (Sept 24 figures). Im fairly sure Stockopedia is up to date. Also on the NI hit, management are saying it will be dealt with by price rises and therefore one would assume no hit to profit margin. The forecasts for FY25 haven't been lowered and in fact it looks like brokers have upped target price

Hi LorenzoLynch - good post! Fair comments but I think you're a little off with your earnings figure. Also worth noting the very healthy free cash flow over the trailing 12 months of 39.5m...

The forecasts are as follows:

FY24: Rev 357m, profit 16m, EPS 15.1 (giving a p/e of 10.5)

FY25: Rev 373m, profit 19.4m, EPS 18.9 (giving a p/e of 8.38)

It's certainly been a frustrating few months for the shares and down again today but i'm very positive. Good luck!

What do we expect for a company on a forward p/e of 8.5 in a cyclical sector low. Things are tough and yet management are still eeking out profits. The balance sheet is strong. When things recover this will really motor.

Decent in line update off the back of expected very challenging market. I can see another broker upgrade today but no details. Looks like FY25 forecasts not lowered... green shoots at the cyclical low? Seems very decent risk reward, with management seemingly excellent cost controllers

The company has confirmed it's now expected on Tuesday 28 Jan.

Quite amusing to watch the market begrudgingly take SRB up! Even though the share price is rising, it's still basically hated at a p/e of 2.9. If the gold price stays within 20% of current price AND the p/e multiple rerates from HATED to DISLIKED, we'll see £2 plus soon

Where do we think this rally tops out? If we assume a forward p/e of 5 (currently 2.88) then perhaps around £2.30?

I'm sure I saw 22 or 23 Jan trading update on ECELs IR page a week or two ago. Seems to have disappeared- unless I'm inagining that

Looks like Arrowstreet Capital has been short on Warpaint for a little while - Boston based investment bank - had a quick look at its website and it appears they do quant trading too - i wouldnt read anything into it!

Texas not California*

Haha. You have to say that if FTC was listed in the US, the yanks would have bought this up to to 2-3 times the current market cap on the promise of future growth from SpaceX. Obviously, the UK markets are far more cautious! Slow and steady is fine by me, however! FTC should consider opening a California office IMO. The space industry is just about to go gangbusters and FTC could really cement its position. Lots to look forward to in the next few years. Barring SpaceX moving to another supplier (v unlikely) I intend to hold this one indefinitely

No sign of applicable tarrifs yet...

Gold up 1% overnight

Wednesday not tomorrow...