Judges Scientific (JDG)

Company name:	Judges Scientific Plc
EPIC:	JDG	Trading Currency:	GBX
Market Sector:	AMQ1	ISIN:	GB0032398678
Market Segment:	ASQ1	Share Type:	DE
WWW Address:	http://www.judges.uk.com/	Description:	ORD 5P
Industry Sector:	ELECTRONIC & ELECTRICAL EQUIPMENT

Price	Price Change [%]	Bid	Offer	Open	High	Low	Volume
6,860.00	10.0 [0.15]	6,800.00	6,900.00	6,850.00	6,850.00	6,850.00	2,494
Market Cap. [m]	Shares In Issue [m]	Beta	EPS	DPS	PE Ratio	Yield	52-Wks-Range
433.61	6.32	-0.20	201.00	66.00	34.13	0.96	8,750.00 - 5,740.00

Judges Scientific Key Figures

(at previous day's close)
Market Cap.	433.61	m
Shares In Issue	6.32	m
Prev. Close	6,850.00
PE Ratio	34.13
Dividend Yield	0.96	%
EPS - basic	201.00	p
Dividend PS	66.00	p
Dividend Cover	3.05
Cash Flow PS	275.27	p
Return On Equity (ROE)	29.65	%
Operating Margin	16.28	%
PEG Factor	2.54
EPS Growth Rate	13.43	%
Dividends PS Growth Rate	20.00	%
Net Debt	27.18	m
Gross Gearing	51.23	%
Quick Assets	38.64	m
Net Working Capital	26.13	m
Intangibles / Fixed Assets	65.64	%
Turnover PS	1,444.26	p
Pre-Tax Profit PS	235.10	p
Retained Profit PS	143.21	p
Cash PS	291.23	p
Net Cash PS	-130.28	p
Net Tangible Asset Value PS *	300.70	p
Net Asset Value PS	686.53	p
Spread	100.00 (1.45%)
* Calculation based on Ordinary Capital figure as contained in last annual report, and the most recent shares in issue figure. Therefore the ratio might be exposed to inaccuracies.

Judges Scientific Balance Sheet

Share Price Performance

Sample Period ^†	High	Low
1 week	7,420.00	6,850.00
4 weeks	8,380.00	6,850.00
12 weeks	8,380.00	6,430.00
1 year	8,750.00	5,740.00

Share Price Chart (5 years)

Judges Scientific Historic Returns

Period ^†	Open	Change	%	Open Avg.	Avg. Daily Vol [m]	Total Vol [m]	VWAP
1 week	7,200.00	-340.00	-4.72	6,850.00	0.01		7,123.39
4 weeks	8,150.00	-1,290.00	-15.83	6,850.00	0.01		7,777.93
12 weeks	7,000.00	-140.00	-2.00	6,430.00	0.01		7,371.93
26 weeks	8,330.00	-1,470.00	-17.65	6,000.00	0.01		7,426.95
1 year	6,070.00	790.00	13.01	5,740.00	0.01		7,187.16
3 years	3,460.00	3,400.00	98.27	3,025.00	0.01		5,628.08
5 years	1,845.00	5,015.00	271.82	1,727.50	0.01		4,677.51
† periods calculated are whole weeks rather than calendar months

Judges Scientific Key Management Ratios

Judges Scientific Investment Ratios

(Market value analysis) at previous day's close
PQ Ratio	33.59
PE Ratio	34.13
Tobin's Q Ratio	5.07
Tobin's Q Ratio (excl. intangibles)	7.44
Dividend Yield	0.96	%
Market-to-Book Ratio	10.14
Price-to-Pre-Tax Profit PS	29.18
Price-to-Retained Profit PS	47.90
Price-to-Cash Flow PS	24.92
Price-to-Sales PS	4.75
Price-to-Net Tangible Asset Value PS	22.09
Price-to-Cash PS	23.56
Net Working Capital PS	413.32
Price Pct to Working Capital PS	16.60	%
Earnings Yield	2.93	%
Average PE	31.83
Years in average	5
PE to PE average	107.21	%

Judges Scientific Financial Ratios

(Leverage Ratios)
Debt Ratio	30.38	%
Debt-to-Equity Ratio	0.44
Debt-to-Equity Ratio (excl. Intgbl)	0.97
Debt-to-Equity Market Value	0.04
Net Gearing	30.54	%
Net Gearing (excl. Intangibles)	41.67	%
Gross Gearing	51.23	%
Gross Gearing (excl. Intangibles)	69.90	%
Gearing Under 1 Year	29.94	%
Gearing Under 1 Year (excl. Intgbl)	40.86	%
Assets/Equity	2.05
Cash/Equity	42.42
(Liquidity Ratios)
Net Working Capital to Total Assets	29.36	%
Current Ratio	1.98
Quick Ratio (Acid Test)	1.45
Liquidity Ratio	0.69
Cash & Equiv/Current Assets	34.88	%
(Solvency Ratios)
Enterprise Value	434.76	m
CFO/Sales	0.19
CFO/Attributable Profit	1.37
CFO/Assets	0.20
CFO/Debt	0.38
Total Debt/Equity Market Value	0.11
Total Debt/Sales	0.50
Total Debt/Pre-Tax Profit	3.07
Total Debt	45.58	m
Total Debt/Net Current Assets	1.74	%
(Dodds - Graham Ratios)
3 yr Compound Earnings Growth	3.16	%
5 yr Compound Earnings Growth	25.10	%
10 yr Compound Earnings Growth	-	%
Earn drops > 5% in 10yrs	7

Beta (60-Mnth)	Beta (36-Mnth)
-0.2014	1.7650

Judges Scientific Operating Ratios

(Profitability Ratios)
Return On Capital Employed (ROCE)	23.84	%
Return On Assets (ROA)	14.83	%
Net Profit Margin	13.89	%
Assets Turnover	1.07
Return On Equity (ROE)	29.65	%
Return On Investment (ROI)	20.76	%
Dividend Payout Ratio	32.84	%
Plowback Ratio	67.16	%
Growth from Plowback Ratio	22.72	%
Net Income Of Revenues	9.92	%
(Asset Utilisation Multiples)
Shareholders Equity Turnover	2.44
Fixed Assets Turnover	2.48
Current Assets Turnover	1.88
Net Working Capital Turnover
Inventory Turnover	6.83
(Other Operating Ratios)
Total Assets-to-Sales	0.94
Debtors-to-Sales	20.11	%
Debt Collection Period	73.41	Days

Judges Scientific Dividends

Announcement Date	Type	Curr.	Dividend Amount	Period Start	Period End	Ex Date	Record Date	Payment Date	Total Dividend Amount
23 Mar 2022	Final	GBX	47.00	31/12/2020	31/12/2021	09/06/2022	10/06/2022	08/07/2022	66.00
24 Sep 2021	Interim	GBX	19.00	31/12/2020	31/12/2021	07/10/2021	08/10/2021	05/11/2021	-
23 Mar 2021	Final	GBX	38.50	31/12/2019	31/12/2020	10/06/2021	11/06/2021	09/07/2021	55.00
22 Sep 2020	Interim	GBX	16.50	31/12/2019	31/12/2020	08/10/2020	09/10/2020	06/11/2020	-
18 Mar 2020	Final	GBX	35.00	31/12/2018	31/12/2019	04/06/2020	05/06/2020	03/07/2020	50.00
21 Nov 2019	Special	GBX	200.00	31/12/2018	31/12/2019	28/11/2019	29/11/2019	10/12/2019	-
18 Sep 2019	Interim	GBX	15.00	31/12/2018	31/12/2019	03/10/2019	04/10/2019	01/11/2019	-
19 Mar 2019	Final	GBX	28.00	31/12/2017	31/12/2018	06/06/2019	07/06/2019	05/07/2019	40.00
18 Sep 2018	Interim	GBX	12.00	31/12/2017	31/12/2018	04/10/2018	05/10/2018	02/11/2018	-
20 Mar 2018	Final	GBX	22.00	31/12/2016	31/12/2017	07/06/2018	08/06/2018	06/07/2018	32.00
19 Sep 2017	Interim	GBX	10.00	31/12/2016	31/12/2017	05/10/2017	06/10/2017	03/11/2017	-
21 Mar 2017	Final	GBX	18.50	31/12/2015	31/12/2016	08/06/2017	09/06/2017	07/07/2017	27.50
20 Sep 2016	Interim	GBX	9.00	31/12/2015	31/12/2016	06/10/2016	07/10/2016	04/11/2016	-
22 Mar 2016	Final	GBX	1.00	31/12/2014	31/12/2015	09/06/2016	10/06/2016	08/07/2016	25.00
25 Feb 2016	Interim	GBX	15.90	31/12/2014	31/12/2015	03/03/2016	04/03/2016	22/03/2016	-
25 Sep 2015	Interim	GBX	8.10	31/12/2014	31/12/2015	08/10/2015	09/10/2015	06/11/2015	-
27 Mar 2015	Final	GBX	14.70	31/12/2013	31/12/2014	11/06/2015	12/06/2015	10/07/2015	22.00
24 Sep 2014	Interim	GBX	7.30	31/12/2013	31/12/2014	09/10/2014	10/10/2014	07/11/2014	-
28 Mar 2014	Final	GBX	13.40	31/12/2012	31/12/2013	04/06/2014	06/06/2014	04/07/2014	20.00
26 Sep 2013	Interim	GBX	6.60	31/12/2012	31/12/2013	09/10/2013	11/10/2013	08/11/2013	-
22 Mar 2013	Final	GBX	10.00	31/12/2011	31/12/2012	05/06/2013	07/06/2013	05/07/2013	15.00
25 Sep 2012	Interim	GBX	5.00	31/12/2011	31/12/2012	03/10/2012	05/10/2012	02/11/2012	-
29 Mar 2012	Final	GBX	6.70	31/12/2010	31/12/2011	06/06/2012	08/06/2012	06/07/2012	10.00
28 Sep 2011	Interim	GBX	3.30	31/12/2010	31/12/2011	05/10/2011	07/10/2011	04/11/2011	-
30 Mar 2011	Final	GBX	5.00	31/12/2009	31/12/2010	01/06/2011	03/06/2011	01/07/2011	7.50
22 Sep 2010	Interim	GBX	2.50	31/12/2009	31/12/2010	06/10/2010	08/10/2010	05/11/2010	-
26 Mar 2010	Final	GBX	3.70	31/12/2008	31/12/2009	02/06/2010	04/06/2010	02/07/2010	5.00
29 Sep 2009	Interim	GBX	1.30	30/12/2008	30/06/2009	07/10/2009	09/10/2009	06/11/2009	-
30 Mar 2009	Final	GBX	2.40	31/12/2007	31/12/2008	03/06/2009	05/06/2009	03/07/2009	3.60
26 Aug 2008	Interim	GBX	1.20	30/12/2007	30/06/2008	05/09/2008	03/09/2008	03/10/2008	-
28 Mar 2008	Final	GBX	2.20	31/12/2006	31/12/2007	04/06/2008	06/06/2008	04/07/2008	3.30
21 Sep 2007	Interim	GBX	1.10	30/12/2006	30/06/2007	03/10/2007	05/10/2007	02/11/2007	-
20 Mar 2007	Final	GBX	2.00	31/12/2005	31/12/2006	06/06/2007	08/06/2007	06/07/2007	3.00
26 Sep 2006	Interim	GBX	1.00	30/12/2005	30/06/2006	04/10/2006	06/10/2006	03/11/2006	-

Judges Scientific Fundamentals

	31 Dec 2018 (GBP)		31 Dec 2019 (GBP)		31 Dec 2020 (GBP)		31 Dec 2021 (GBP)
turnover	77.87	100.00%	82.50	100.00%	79.87	100.00%	91.29	100.00%	m
pre tax profit	10.19	13.08%	13.63	16.52%	9.47	11.86%	14.86	16.28%	m
attributable profit	8.50	10.91%	11.38	13.80%	8.22	10.29%	12.68	13.89%	m
retained profit	6.39	8.21%	-3.74	-4.54%	4.99	6.25%	9.05	9.92%	m
eps - basic (p)	137.50		183.10		177.20		201.00
eps - diluted (p)	135.40		179.80		173.90		198.20
dividends per share	40.00		50.00		55.00		66.00

Judges Scientific Balance Sheet

	31 Dec 2018 (GBP)		31 Dec 2019 (GBP)		31 Dec 2020 (GBP)		31 Dec 2021 (GBP)


	31 Dec 2018 (GBP)		31 Dec 2019 (GBP)		31 Dec 2020 (GBP)		31 Dec 2021 (GBP)
ASSETS
fixed assets	5.52	8.40%	6.11	8.65%	6.68	8.14%	12.44	13.98%	m
intangibles	20.02	30.46%	24.15	34.20%	30.75	37.48%	23.77	26.71%	m
fixed investments	-	-%	-	-%	-	-%	-	-%	m
current assets - other	-	-%	-	-%	-	-%	-	-%	m
stocks	10.50	15.98%	12.54	17.76%	12.59	15.34%	14.13	15.88%	m
debtors	13.95	21.22%	13.69	19.38%	16.49	20.11%	20.23	22.73%	m
cash & securities	15.73	23.93%	14.12	20.00%	15.52	18.92%	18.41	20.69%	m

TOTAL	65.73	100%	70.61	100%	82.03	100%	88.98	100%	m

LIABILITIES
creditors - short	19.24	29.27%	23.28	32.98%	22.17	27.03%	26.64	29.94%	m
creditors - long	15.28	23.25%	18.64	26.39%	26.81	32.68%	18.94	21.29%	m
creditors - other	-	-%	-	-%	-	-%	-	-%	m
subordinated loans	-	-%	-	-%	-	-%	-	-%	m
insurance funds	-	-%	-	-%	-	-%	-	-%	m

TOTAL	34.52	52.52%	41.92	59.37%	48.98	59.71%	45.58	51.23%	m

EQUITY
ord cap, reserves	30.64	46.62%	27.87	39.47%	32.19	39.24%	42.78	48.08%	m
prefs, minorities	0.56	0.86%	0.82	1.16%	0.86	1.05%	0.62	0.69%	m

TOTAL	31.21	47.48%	28.69	40.63%	33.05	40.29%	43.39	48.77%	m

OTHER
NAV Basic	-		-		-		-
NAV Diluted	-		-		-		-

Judges Scientific Cash Flow Statement

	31 Dec 2018 (GBP)	31 Dec 2019 (GBP)	31 Dec 2020 (GBP)	31 Dec 2021 (GBP)
Operating CF	12.80	16.88	12.25	17.40	m
Pre-Financing CF	11.31	15.61	-0.41	14.03	m
Retained CF	4.99	-1.54	1.46	2.86	m

Judges Scientific Brokers

Name	Activity	Type	Mnemonic	Code
Evolution Securities Limited	Market Maker(MMF)	Broker/Dealer	EVO	EVBGGB21MMT
Shore Capital Stockbrokers Ltd	Market Maker(MMF)	Broker/Dealer	SCAP	SHOCGB21
Winterflood Securities Ltd	Market Maker(MMF)	Broker/Dealer	WINS	WNTSGB2LBIC