Cliff Note #78 - Firan Technology Group | $FTGFF / FTG.TO
Cliff Note #78 - Firan Technology Group | $FTGFF / FTG.TO
Long-term visibility for this avionic parts manufacturer provides opportunity for significant valuation expansion
We decided to add Firan Technology Group (FTGFF) to our index on Tuesday 13th of February. We wanted to share this information with you as quickly as possible, and, therefore, initially, we shared only a brief summary. Here is the full report.
Themes:
BigCapMicrocap - GARP - InfoArb - Long-Term Industry Growth Trends
Data:
Founded: 1983
Exchange: Toronto
Price: CAD$4.74
Shares Outstanding: 23.8M
Market Cap: CAD$113M
TTM Revenue: CAD$135M
LT Debt: CAD$9M
Current Portion of LT Debt: CAD$1.2M
Cash: CAD$6.6M
P/E trailing 12 months: 16.3x
P/E 2024 est: 14.4x
EV/S trailing 12 months: 0.86x
EV/S on 2024 revenue est: 0.79x
What they do:
Printed circuit boards and equipment for cockpits
Product Sales Breakdown: 70% Circuit Boards; 30% Aerospace Equipment
Industries served: Aerospace (both commercial and defense), Defense
In the company’s words:
FTG Aerospace designs and manufactures illuminated cockpit panels, keyboards, bezels, sub-assemblies and assemblies for original equipment manufacturers (“OEMs”) of avionics products as well as for airframe manufacturers.
FTG Circuits is a leading manufacturer of high technology/high reliability printed circuit boards within the global marketplace.
Circuit boards house different electronic components. These boards can be shipped directly to an OEM that will install electronic components or to companies that actually build out the boards. These companies are called electronic manufacturing service companies.
Important Acquisitions in 2023 in the circuits segment:
*Circuits Minnetonka - $30M in revenue.
*Haverhill: $3M to $4M in revenue