FTC’s 1Hnov26 was as expected, with flat y/y revenue (£25.3m) and a decrease in EBITDA to £5.1m (1H25: £8.7m), as the company invests to improve its chances of winning opportunities that could be individually transformative. We believe the recent SP appreciation reflects speculation around a potential SpaceX IPO, lifting sentiment across the space-sector. We also think FTC’s significant defence opportunity is under-recognised and offers several catalysts for further SP upside. Therefore, while a lack of news today may weigh on the SP, we reiterate our BUY and would rather own the stock ahead of these catalysts, not after.
