Judges Scientific Share Discussion Threads

[pip_uk] 26/3/2013 15:19

Jumps too a new high with very few shares traded.
Sky`s the limit it would appear.

[cornishman33] 26/3/2013 14:43

Wow! £13 paid. I am beginning to think that JDG is owned by Carlsberg.

[pip_uk] 25/3/2013 14:33

Tick...Tock and up we go to a new high.
Great feeling of comfort with this company.

[davidosh] 25/3/2013 10:46

David Cicurel will also be at the April Mello event in Beckenham on Monday 15th April from 6pm to give a results update for those who like to have an informal meeting and discussion. Just email me if you would like to join about thirty of us for dinner. Manroy who provided an excellent update this morning are likely to be the other company presenting.

[pip_uk] 25/3/2013 10:05

Had to go through a Selftrade Dealer this morning for a modest £700.

[strollingmolby] 24/3/2013 21:39

JDG just goes from strength to strength! I'm sure many of us have met David Cicurel but there is another opportunity coming up soon:

Judges Scientific will be presenting at AIM Investor Focus 2013 on April 17th in London. The event is free for private investors to attend.

Other companies presenting are Mattioli Woods, Portmeirion, RWS Group and WYG.

You can sign up to the event here

[canteatvalue] 24/3/2013 18:58

Any idea how long it normally takes brokers to update their forecasts here? Somehow I think 70p next year here is somewhat pessimistic...

[beckaroo] 22/3/2013 23:44

Good comment in the Daily Mail.



Celebrating the seventh consecutive year of record results, shares of David Circurel's Judges Scientific jumped 22.5p to an all-time high of 1247.5p. Annual pre-tax profits advanced 42 per cent to a record £5.6m on revenues of £28million up from £20.8million. The dividend is lifted to 15p from 10p last time.

Broker WH Ireland has a target price of £14 on the manufacturer of scientific instruments and believes despite the significant outperformance over the past 12 months, the shares still represent a buying opportunity.

The new year has started well and healthy cash-flow generation together with a £3million mid-year equity placing in 2012 leaves the group in a strong financial position.

[supersturrock] 22/3/2013 22:03

So, are we looking at eps this year of maybe 100p+ for a PER of 12.5 ? Not v. demanding rating.

[alphabeta4] 22/3/2013 17:21

Not a bad day really, had had a good run up and held the gains pretty comfortably and added a little more. Agree need a successful acquisition or two for a big jump but the organic growth isn't that bad either and analyst forecasts look undemanding.

[spec7] 22/3/2013 11:49

Well done to everyone here. Great results :-)

[davidosh] 22/3/2013 11:16

David Cicurel will of course be at the Beckenham Mello event in three weeks time on the 15th April so you can all ask him a few questions personally. He has huge respect for private shareholders who have in most cases backed him for many years. He has attended the Mello events eight times and it is our third most profitable investment based on the very first presentation.

[kalkanite] 22/3/2013 10:20

I don't think it is a case of building a data base when it comes to acquisitions for JDG. I attended a Mello central presentation last year when DC was presenting. DC explained that other companies are well aware that JDG will purchase a business if the business, price and reasons for selling are right.

GDS which is a fantastic acquisition at a great price is a good example. The owner had built this business up over the years but wanted to move on to sunnier climates (at least that was my take on it), the company had a queens award and year on year growth to die for. The owner approached JDG to see if they were interested in buying.

DC said that they get dozens of companies each year approaching JDG to see if they are interested in acquiring them, but very few are actually suitable.

JDG purchases niche companies and allow management to carry on running the business with very little interference and then uses the profits to make further excellent acquisitions......reminds me of a chap I read about from Omaha, now what was his name?

I can't think of anyone better to look after my 81p EPS for me.

PS The Mello events are excellent, if you have not attended one I would highly recommend it (and free wine and canopies at the Mello central, whats not to like :-))

[geraldus] 22/3/2013 10:17

Yes valustar1,they haven't bought a pup yet.I wonder if a share split is in the cards?

[valustar1] 22/3/2013 09:38

Regarding acquisitions we know they are looking all the time, and must of built up a large database of companies that fit their model.

Its just the case of waiting for a willing seller at a price Judges want to buy at.

I guess its like buses, you can waiting for ages and then a couple will come along.

If there is one company that will not overpay its Judges!. They are immensely proud of their record on acquisitions and will not compromise it

[canteatvalue] 22/3/2013 09:21

73.5p diluted EPS (the best metric IMO given all the dilution going on) puts this on a 17x trailing PE. I think this is the best metric as it's the closest to 'normalised' profit (and diluted is best as there's a lot of issuance which has occurred here) - the exceptionals really are bizarre charges. The new accounting rules essentially force firms to amortize pseudo-goodwill - it's not reflective of ANY capex and so shouldn't be amortized. The other rule regarding the convertible bond is equally daft. As is usual, the cash flow statement helps investors confirm that the earnings power is in no way affected by these inane charges. Arguably the acq. costs are non-exceptional as this business is highly acquisitive but still I want to do my PEs on normalised earnings if I were to own the business from here on in and these wouldn't recur next year unless the earnings were re-invested in acquisitions.

This is a 39.5% growth on last year's diluted EPS of 52.7p. This is still absolutely exceptional growth (which I doubt Judge's can carry on indefinitely, but I hope they go as long as they can!) but it means that even high PEs gets eroded in no time at all and drive growth in intrinsic value. This has been in my top 2 largest positions for a while now and I see no reason to change that yet.

The one point that does bother me is that it's been a while since an acquisition and currently the balance sheet is back to the state it should be where there's ample room to take another business on. Are they finding it hard to pick up more bargains at the moment?

[pip_uk] 22/3/2013 08:27

Very satisfying outcome, onward and upward is on the cards.

[geraldus] 22/3/2013 07:38

I would say ace.Still nice at the price.

[electronica] 22/3/2013 07:31

Cambium - "Bice"????

Did you mean to type Mice or Dice?

[electronica] 22/3/2013 07:15

Adjusted eps of 81.3p is better than even I expected.

The odd share structure which accounted for most of the exceptionals is now sorted & the last barriers to a 1500p share price target within 6 months have been demolished.

So ........... onwards & upwards!

[pip_uk] 21/3/2013 15:57

Nice steady progress, tomorrow will tell all.

[pip_uk] 20/3/2013 13:00

Thanks for that Electronica, look forward to your views.
I bought back in on Monday and I will now stick with this for some time.
Just great to see a British company that quietly goes about bringing value for the share holders.

[electronica] 20/3/2013 12:44

pip_uk

eps forecast of 73.7p & dps of 15p for FY12 will both be exceeded in my view.

The prognosis for FY13 will be the factor that determines the JDG share price next week - & I'm looking forward to working on the numbers on Friday.

[pip_uk] 20/3/2013 12:39

I hope the results on Friday live up too expectations.