Share Name Share Symbol Market Type Share ISIN Share Description
Solid State LSE:SOLI London Ordinary Share GB0008237132 ORD 5P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  -2.50p -0.61% 407.50p 405.00p 410.00p 410.00p 407.50p 410.00p 50.00 09:41:22
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Electronic & Electrical Equipment 44.1 4.2 49.9 8.2 34.45

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Date Time Title Posts
23/11/201608:17Solid State Supplies - MoJ contract worth Ј34m over 3 years190.00

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DateSubject
05/12/2016
08:20
Solid State Daily Update: Solid State is listed in the Electronic & Electrical Equipment sector of the London Stock Exchange with ticker SOLI. The last closing price for Solid State was 410p.
Solid State has a 4 week average price of 426.13p and a 12 week average price of 438.71p.
The 1 year high share price is 615p while the 1 year low share price is currently 290p.
There are currently 8,454,491 shares in issue and the average daily traded volume is 5,394 shares. The market capitalisation of Solid State is £34,452,050.83.
22/11/2016
21:25
glasshalfull: Evening all, SOLI's results were well flagged and I'm surprised that they dropped by 11% on the opening bell simply by motioning that they had incurred a higher tax rate in H1...a factor that impacts full year earnings by only (-2%) as noted in the update below, where essentially the tax rate increases from 8% to 10% over the full year. PJ mentioned that Stock-o-pedia has earnings forecasts of 42p for 2017. This figure didn't ring true with me, so I also checked Stocko & confirm that PJ is correct. However, WH Ireland - who are the house broker - have certainly not issued guidance in this area. I had previously posted their forecasts prior to this morning's results indicating 36.5p EPS for 2017 & 37.7p EPS for 2018...so absolutely no idea how Stocko came up with this other figure??? If you care to check back with my posts earlier in the year you'll see that in April 2016 WH Ireland had 36.0p pencilled in. Anyway, WH Ireland provided the following update on the effect of the increased tax rate (when the share price was 450p) indicating that SOLI's underlying forecasts were unchanged:- "H1 results are compatible with our core FY17E expectations: we leave revenue, EBITDA and PBT unchanged. However, noting a blended H1 tax rate of circa 15%, higher than our 8% FY assumption and reflecting a reduction in R&D tax credits in the period cf FY15, we move our FY17E tax rate assumption to 10%. This has the impact of a modest reduction in EPS from 36.5p to 35.6p (-2.4%). We leave all FY18E expectations unchanged. We continue to be impressed by SOLIs underlying progress in building a larger niche electronics business serving core markets such as Military, Subsea, Water, Rail and Security....reflected in both increased operating margins and also the forecast 5-year CAGR in EPS through FY17 of 19%. The rating of 12.6x current year earnings coupled with a 3% yield makes the shares looks attractive at current levels." I've updated the figures in the header to reflect previous earnings and the following forecasts. Forecasts (WH Ireland - 22.11.2016) •​31/03/17 - 35.6p - £3.3m PBT (Div 13p) •​31/03/18 - 37.7p - £3.5m PBT (Div 13.5p) --- SOLI remain one of my core holdings. Hope this assists. Kind regards, GHF
21/10/2016
08:28
cockerhoop: By the excellent Richard Beddard in Money Week - 5 IHT avoiding stocks 5. Solid State (SOLI) Market cap: £25m Debt-adjusted p/e: 9 Electronics manufacturer and distributor Solid State has put its shareholders through the emotional wringer. Two years ago the company announced that it was part of a consortium that had been awarded (by its standards) a massive contract with the Ministry of Justice (MoJ) to develop electronic tags for convicted law-breakers. The dream began to turn into a nightmare late last year, as the contract was first delayed, and then terminated when the MoJ decided to use an off-the-peg solution instead. However, while long-term shareholders would have experienced exuberance as the share price took off, and dismay as it later crashed, for any investors considering buying shares now, it’s as though the nightmare never happened. Solid State received a one-off payment to settle the contract, which it immediately spent on Creasefield, a manufacturer of battery packs. Although Creasefield made a small loss in the year to March 2016, Solid State expects it to return to profit this year, helped by co-operation in design, engineering and sales with its existing successful battery business. The battery business is part of Steatite, the manufacturing arm of Solid State. The company also distributes electronic components through Solid State Supplies. Both businesses are in good shape due to decisions taken well over a decade ago. While many manufacturers of electronic equipment chose to relocate their operations in China and other low-cost economies in the 2000s, Solid State chose to specialise instead, focusing on high-value rugged computers, batteries, radios and components especially designed for use in the field. Because of exacting specifications, and the regulations required to handle dangerous materials and sensitive information, it’s preferable and sometimes necessary to manufacture this equipment in the UK. As far as tagging goes, Solid State retains the intellectual property it developed and it is working out what to do with it. But even if the company never makes a profit from tagging, business as usual is no bad thing.
29/4/2016
12:51
glasshalfull: I've bought a few over recent days. Clearly sentiment at rock bottom but I feel this is now reflected in the current share price. Famous last words... Market Cap now only £28m while they had net debt of £4m at the interims following acquisition of Ginsbury, so an EV of c. £32m. SOLI remains a cash generative business & I'd hope that their operating margin improves as benefits of the Ginsbury acquisition kick in this year. While the MoJ debacle has cast a shadow over the stock, this will hopefully be concluded in the near future & I'd hope that SOLI receive appropriate remuneration. WH Ireland certainly suggest this may be the case per undernoted update & in a previous update talked of settlement that could run into several £m. There is also12p dividend pencilled in for 2016/17, for a yield of 3.5% (at 340p) Their broker provided the undernoted update, "Trading at the core business is in line with market expectations (WHI rev £44m, WHI PBT £3.1m, WHI EPS 36.0p) whilst Solid enters the new year with an order backlog of £15.3m versus £14.4m a year ago. The only matter outstanding for the FY16 outcome is the level of settlement to be received from the UK's Ministry of Justice (MoJ) in relation to termination of the £34m offender tagging contract. Negotiations are said to be at an advanced stage and whilst any payment would be treated as an exceptional it would be a cash item boosting Solid's net cash position. We believe the substantial fall in share price since the termination of the electronic tagging contract in February has been overdone with the shares now trading on 9.4x historic earnings (9.2x current year). By way of comparison, closest peer Acal (LSE: ACL) trades on 16x. The investment case is supported by a three-times covered dividend yield of 3.6% at current levels (Acal 2.9%). Potential catalysts for price action include a positive settlement to the MoJ contract and further acquisitions which have historically been earnings enhancing." Regards, GHF
24/11/2015
11:00
glasshalfull: Quite a few skeptics here which is understandable given the course of recent events. I however hold management in high esteem and content with the long term prospects. WH Ireland commentary this morning, "Solid State(SOLI) – Buy (from Market Perform) Interims/ share price reaction overdone Market Cap £36m Price 430p Target 577p (from 500p) Solid surprised the market last month when it announced that delivery expectations for a material contract had been varied resulting in the H2 outlook being significantly below expectations. Whilst the company did not name the customer at the time, we now know it to have been the flagship £34m tagging contract with the MoJ. There is no suggestion that the contract has been lost nor does there appear to be any issue with the fidelity of the product being supplied but there will be an unquantifiable delay until the project is back on track. Sentiment has also been affected by general market conditions which are described as “soft”. This is of course no different to the experience of many in this space or indeed wider UK PLC since summer. Despite this, the company believes it can deliver an improved H2 performance. Whilst short term forecasting is difficult and we have removed all but £1m of MoJ business from our FY17E numbers, we argue that the share price fall has been overdone and the shares are a buy for recovery trading on a P/E of 7.6x our previous EPS expectation (cum MoJ). We have upgraded our target price to 577p per share this morning (500p previously) due to a change in valuation methodology which includes a component of the upside once the MoJ contract recommences." Regards GHF
06/11/2015
10:10
cockerhoop: The house broker has now reduced pre-tax forecasts by 37%, 39%, 37% for Financial Years March 2016, 17,18. Estimates for 2016 are now for pre-tax profit of £3.1m and eps of 33.4p, rising to £3.5m and 35.1p respectively for 2017. At the current share price (455p) that represents a current year multiple of 13.6x. hTTp://www.investorschampion.com/blog/entry/solid-state-aimsoli-broker-note-highlights-the-over-reaction#sthash.puESYWy5.dpuf
02/4/2015
07:40
glasshalfull: Congrats to company on an excellent year. Per WH Ireland, "This mornings pre- close suggests SOLI is on track to at least meet our FY15 PBT number (March year end) albeit revenue will be slightly lower due to the exit from certain high volume, low margin business. At the EPS level, this would represent y-o-y growth of c. 10% and rounds off a hugely successful year for SOLI, one which saw the award of a £34m electronic tagging contract with the MoJ. SOLI has also announced the £2.1m acquisition this morning of Ginsbury Electronics, a specialist in display components monitors, panels, signage and power components to the commercial, retail, industrial and military markets which will sit well in Solid State Supplies. As a result, we put through a modest 3% upgrade in our FY16 EPS figure from 54.5p to 56.0p and, consequently, a 3% increase in our target price from 763p to 784p. This upgrade, coupled with recent share price weakness, means that the shares can be picked up on 11.3x current year earnings, too low in our view with the MoJ business to start to contribute in earnest this year." Kind regards, GHF
24/11/2014
17:52
glasshalfull: I love a quiet thread...3 posts following an astonishing set of results :-) Suffice to say I concur with the above comments & so do WH Ireland who have lifted forecasts & target share price Strong H1; c.10% upgrade to FY and huge dividend hike next year This morning’s H1 results are exceptionally strong, even allowing for the bullish trading update issued on 27 October. Revenue increased by 39% in the period to a record £17.1m whilst WHI PBT (adjusting for share-based payments) was a stunning 240% ahead YoY at £1.67m reflecting improving margins (gross margin +200bps at 32.1%) and demonstrating the operational gearing within the business. The strength of the H1 outcome coupled with a record £18.4m order book leads us to upgrade our FY15 expectations by c.10% at the PBT and EPS line although, to us, the real standout is the change to dividend policy (2.5x cover from 3.0x) which suggests a 3% yield next year. We remain at Buy and lift our price target to 763p which equates to a FY16 P/E of 14x. --- So, 10% upgrade to the current year (now 32.7p EPS) & material uplift to the dividend ... & that's before the a significant proportion of the MoJ deal kicks in. Well done to management & staff. What a lovely company to be invested in. Kind regards, GHF
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