Judges Scientific Share Discussion Threads

[davidosh] 01/11/2012 14:07

Need I say more....Top performance by Judges

[saucepan] 01/11/2012 10:26

The stairway to heaven continues in small increments; fine by me.

[saucepan] 29/10/2012 10:51

Four trades today, seemingly all buys. Tick up imminent, I suspect.

[buetowa] 19/10/2012 06:42

thanks valustar1

[saucepan] 18/10/2012 12:27

valustar1: thanks for that feedback - very interesting.

[valustar1] 18/10/2012 10:46

I know the feeling about Judges getting to be a large part of the portfolio

I had the chance to meet both David Cicurel and Ralph Cohen at Mello on monday and that just reinforced that Judges are the most shareholder focused company I know.

They are rightly very proud of their record at Judges and are very focused on continuing the good work

Although they are constantly looking for new aquisitions they have to be at the right price and they want only quality companies and they are deteremined not to make the wrong deal.

Their experience is that when looking for aquistions the big boys are just looking at the deals with companies that generate EBITA of £1m plus a year.

Below that Judges seem to have less competition so the price is of a lower multiple

David seems very active at looking at deals and I recall from past chats that he gets a chance to look at all the ones in the market. I presume he has built up a vast knowledge database of companies out there and is just waiting for the right deal at the right price.

Although very happy to use debt to make aquisitions David has a very healthy obsession that Judges strong cash flow is used to repay it as soon as possible.

He is still talking about the 29/2/2012 when Judges had net cash!!

Turning to dividends he is looking to make step changes in the amount as the aquistions result in step changes in profit. Seems happy with 6 times cover at present

[kannerwas] 12/10/2012 10:36

I last posted here in March, when I set a target of 850p and said that I wouldn't mind if it took 18 months to get there. I'm delighted that the target has been reached within 7 months.

I think the fairest measure of earnings here is 'diluted adjusted eps', which came in at 33.5p for the half year. Given that the latest acquisitions will contribute fully in the second half, it seems reasonable to hope for earnings of around 70p, on this measure, for the full year. That gives a prospective p/e of just over 12.

For the first time since I bought in, (Dec 09 at 135p), I feel that the shares are no longer clearly undervalued based on earnings already reported, and that further share price appreciation in the near term must be based not on what is already known, but on the very reasonable expectation that the management, which has performed so superbly over the past few years, will continue to do well in future. There is every reason for confidence in management's ability to secure future earnings growth, at a pace which would justify a further re-rating.

I have sold 10% of my holding this morning, mainly because it was getting rather too big in relation to my portfolio as a whole, but remain a very happy holder of the other 90%, looking forward to a price of 1000p. I don't mind if it takes another 18 months to get there.

[saucepan] 11/10/2012 16:15

There seems to be no stopping JDG. It is quietly creeping to new highs again.

[davidosh] 05/10/2012 12:23

If any of you would like to have the chance to meet the excellent David Cicurel of Judges Scientific then why not join us for a Mello dinner...

Just checkout how successful JDG have been since presenting to us three years ago !

The event is a week on Monday in Beckenham just 20 minutes by train from Victoria...

www.freesharedata.com/mello

There will be a full presentation by St Ives too. A fully listed small cap that has just released their year end results and will be doing a presentation and Q&A for us.

[buetowa] 28/9/2012 19:49

Thanks CR will have a look.

JDG - Nice end to the week!

[cockneyrebel] 27/9/2012 11:48

Hi all - if you want to see a few interesting small cap divi payers I've created a thread for small cap AIM divi payers - some potential on this thread imo.

Those who get SCSW will already have seen LPA, TRCS and GTC - they are all on there among others.



Doesn't mean everything on this tread is another JDG but there's some good growth stocks that pat divi's there similar to JDG a few years ago, with a small mkt cap.

All imo/dyor etc.

CR

[bigbigdave] 27/9/2012 11:29

Gents, take a look here...........

[bigbigdave] 27/9/2012 10:51

On the up again, can't keep a good 'un down.

[bigbigdave] 25/9/2012 17:35

Bit in the IC fwiw..........

[cockneyrebel] 25/9/2012 10:27

It's come a long way, there's a few traders in here no doubt too. The co saying things are 'satisfactory' doesn't get the juices flowing for traders or new buyers like the word 'strong' possibly. Had a great run so a litlle consolidation here wouldn't be a bad thing imo.

There's a lot of small AIM co's that look like up and coming potential JDG's, high growth, UK based, paying divis - quite exciting time imo haveing bought these at just over £1 and seen them 8 bag I'm hoping the others can do similar.

CR

[kalkanite] 25/9/2012 10:16

Great set of results imho. Adj EPS of 33.5p, remember GDS was only purchased in March, so H2 having the benefit of their full impact should make final year Adj EPS target of 70p (my guesstimate) not too challenging.

[nellie1973] 25/9/2012 10:00

I don't think there is any slowing of growth to date. Management are realistic and not over hyping their prospects. Look at the chart pattern a slight drop is nothing unusual following a trading statement/results. JDG often increases in value between results.

[cfro] 25/9/2012 09:16

Very funny reaction imo. Obviously some profit takers about.

I do wonder if the market is worried that the super growth is starting to slow?

[ukinvestor220] 25/9/2012 08:06

headline is H1 pretax loss - but that is due to:

As in the past, the Group's figures have been adjusted to remove items which have to be included in the IFRS accounts but which, in the opinion of the Directors, serve to obscure rather than to clarify the Group's trading performance. These items comprise the transaction costs arising on acquisitions (GBP444,000) and two non-cash items, being the amortisation of intangible assets (GBP1.9 million) and a GBP1.35 million charge arising in respect of the Convertible Redeemable shares; the latter charge arose as a result of the further increase in the market value of the Company's Ordinary shares during the reporting period.

The Directors, having recognised that the Group's results are significantly distorted by these accounting quirks, proposed measures designed to accelerate the redemption and/or conversion of the Convertible Redeemable shares; these proposals were adopted by shareholders at the last Annual General Meeting. Several Directors have since used these measures with regard to their respective holdings and, as a result, the current financial year will be the last to be significantly affected by this distortion. After inclusion of these IFRS-related charges, profit before tax is turned into a GBP1.1 million loss (H1-2011: profit GBP226,000) and earnings per share into a 36.4p loss basic and diluted (H1-2011: profits of 2.7p basic and 2.6p diluted).

[penpont] 25/9/2012 07:44

Really pleased with these results.

Could we be looking at a divi in the region of 15p?

[valustar1] 25/9/2012 07:41

Must be banged on JDG beat Kate in the race

[cockneyrebel] 25/9/2012 07:39

diute eps at 33p+ in H1 is higher than the co was suggesting imo and well over half the full year forecasts. Typically understated going fwd as ever.

Very positive and record trading update imo.

CR

[cfro] 25/9/2012 07:35

Look pretty good to me. :-) EPS way ahead at 38.4p.