FTC develops and supplies radio-frequency hardware that unlocks the lower-cost frequencies needed to make bandwidth-heavy applications like SpaceX’s Starlink economically viable. SpaceX has driven revenue growth in FY25 (83% revs), we believe that this account could more than double in annual revenues if new technology being developed by FTC is adopted. In addition, this represents just one of many LEO (low-Earth orbit) opportunities that could each provide material upside. The defence sector offers significant growth too, with momentum expected to build after the UK MOD’s Strategic Defence Review concluded in June. Our forecasts are 30% above cons FY27 adj PBT, despite not requiring any significant contract wins opportunities that we think the market is missing. We initiate with a BUY rec and 205p TP.