Judges Scientific Share Discussion Threads

[cornishman33] 04/12/2012 16:46

Nice little rise late in the day. Looks like the race is on!

[goatman] 03/12/2012 16:15

Kate pregnant! Share price firming. :o)

[geraldus] 21/11/2012 15:39

Roll on ten pounds, - GLA

[gucci] 21/11/2012 15:02

couldn't resist buying some more

[gucci] 21/11/2012 10:24

me too :-)

[canteatvalue] 21/11/2012 10:09

I think I love this company.

[pugugly] 21/11/2012 07:54

As always -A master of understatement - Looks as though forward p/e could be lower than previous estimates here. Will be interesting to see where the market opens and even more interesting where it closes.

[cockneyrebel] 21/11/2012 07:27

Done it again :-)

Well done JDG.

CR

[cockerhoop] 21/11/2012 07:26

CR et al,

Apparently the palace have called a Press Conference for 11.00 - I think it may be too late :-)

[bigbigdave] 21/11/2012 07:25

Remarkable, is there no end to the rate of growth of JDG?

[cornishman33] 21/11/2012 07:19

Another positive update. The board is confident that adjusted EPS for the full year will exceed current market expectations.

[valustar1] 21/11/2012 07:18

might get us to £10!!

'The Board is confident that adjusted earnings per share for the full year will exceed current market expectations. '

[timp230] 17/11/2012 12:23

CantEatValue

Thanks for your comments, which, on reflection, seem very valid. I see that there is a fundamental difference between a deteriorating asset that will need to be replaced or maintained and goodwill. I'll get back to my numbers.

Cheers

[canteatvalue] 17/11/2012 11:03

timp,

I basically asked this same question myself to management when I met them at the last mello event. At first I was a bit skeptical but having thought about I now agree it's worth counting it as an exceptional, here's my reasoning:

If you spend £10m on a new factory which needs to be replaced in 5 years at the same cost, a £2m charge annually to earnings is needed because it represents a cost that will need to be repaid at some point in the future if the company is to carry on in operations. At the end of 5 years there is an asset that no longer exists (a modern enough factory) which the company needs to spend capex on to replace. This, obviously, is a consumption of cash.

However, in this case the accounting rules require them to add lots of pseudo-assets to the balance sheet (customer relationships etc etc) which under any other rules would just be considered goodwill. Goodwill shouldn't be amortized because, crucially, it doesn't represent an asset that needs to be replaced by future cashflow spending. You can see this in the CFI statement where there's no cash flow out to replace this amortized asset. The asset itself (goodwill and these pseudo-goodwills) is kind of hypothetical, representing the value of the business paid above the value of the net assets because it has future earnings power, and doesn't represent something that needs direct future capex to replace.

Hope this helps in your valuation.

[timp230] 17/11/2012 09:22

Geraldus, perhaps OXIG's rating partly reflects the fact that it's accounts are not full of huge exceptional items which make interpretation somewhat difficult.

As a relative newcomer to JDG, I'm struggling to get my head round their accounts and, in particular, I'm not sure why I should ignore the amortisation charge in forming a view of performance.

If a company spends £5m on a new manufacturing facility to improve profits by, say, £1m per year, you'd expect it to bear a deprecation charge on that new asset and not treat it as exceptional. So if a company acquires another business and spends £5m on goodwill to improve profitability by the same amount, why should the amortisation charge be viewed any differently. In both cases money has been spent up front to secure future profits.

I recognise that a lot of people on this board whose opinions I've come to respect value JDG and its management very highly and the share price performance speaks for itself, so I'd very much welcome their views.

[valustar1] 16/11/2012 11:54

Judges have provided trading updates in the last two years on the 16th and 17th Nov

Maybe this year early next week

[geraldus] 11/11/2012 19:55

Looking at Oxford Instruments today in a similar area,if JDG had the same rating they would be into double figures now.

[cornishman33] 10/11/2012 09:59

No news of a royal baby yet, but JDG are inching closer to £10. WH Ireland forecasting EPS of 64.7p this year and 73.7p next year. That's a PE of about 12 which seems reasonable to me considering JDG's habit of over delivering on forecasts.

[nellie1973] 05/11/2012 17:21

You could offer to paint her CR ! 900p despite the sea of red everywhere ...nice

[cockneyrebel] 05/11/2012 16:54

I'm trying my hardest Electronica but everytime I get near to Kate that William is by her side :-)

CR

[electronica] 05/11/2012 16:19

Awarded myself a little smile as we hit 900p!

Now what was said about our race to hit 1000p before Kate becomes pregnant?

[gucci] 05/11/2012 15:35

great looking chart too

[cockneyrebel] 05/11/2012 14:35

One way to add them to your portfolio ahead of the results if you are a director too I guess, if he can claim his holding hasn't altered?

CR

[cockneyrebel] 05/11/2012 14:33

So DC buys 24K out of his pension, sort of thing I do when I'm keen on a stock and can't get the volume :-)

CR