Judges Scientific Share Discussion Threads

[davidosh] 14/10/2015 18:26

David Cicurel will be doing a short results presentation at our next Mello evening in Beckenham on Monday 19th october www.mellomeeting.co.uk

[oregano] 14/10/2015 15:47

Thanks Alph.

[alphabeta4] 09/10/2015 14:50

Momentum Oregano - they had loads of earnings beats so developed a sizeable premium to the sector.
Could be a good longer term play but needs sales to recover Imo which isn't easy if China continues to slow.

[oregano] 02/10/2015 14:17

interest returning after results roadshow, which bodes well. I am unsure why this ever traded above £20, but at £15 they appear respectable value. these guys are focussed on growth rather than yield so I am sure they would rather retain capital to acquire, and if they can pick up businesses on 5x then surely they should.

SCSW will give them a big write up in the next issue I am sure, though unsure whether that makes any difference.

[gengulphus] 25/9/2015 15:22

A line that caught my eye was
' The Board is conscious of the impending withdrawal of the dividend tax credit and will therefore consider paying a substantial second interim dividend before the end of the current tax year to utilise the current tax legislation before the changes come into effect. The Board would then seek to pay a nominal final dividend in the new tax year.'

I am wondering if this means the board are considering a significant return of cash to shareholders, rather than a normal divi increase of around 10%, in advance of changes in the tax regime.

My guess is not, because if they were considering paying significantly more in total than they would under their normal dividend policy, I think they would probably have said so! Instead, I think they're saying that what they would normally pay for the final dividend will mostly be paid as a 2nd interim dividend (which doesn't require AGM approval and so can be paid earlier than a final dividend), leaving just a small remainder to be paid as a final dividend. I.e. just bringing the payment of some of the usual sort of dividend forward.

But it is a guess and I could be wrong!

Gengulphus

[aishah] 25/9/2015 14:38

Have been adding here recently on weakness. Happy to hold post today's update. Full year fcst reaffirmed so take their word for it. Divi up too.

[cockerhoop] 25/9/2015 12:09

Cornishman33,

I read it as bringing forward the 2016 dividend into 2015 for tax purposes. Not mad keen on the idea personally as I'd prefer them to be spending the money on lower rated acquisitions.

I didn't expect a sharp fall as they expect to hit FY expectations and backed it up with tangible evidence in the improving order book. From memory 13.7 weeks of orders is as high as I can recall (I've held since 2009).

Armfield appears another decent buy with it's order book being fuller than the other underlying companies.

[cornishman33] 25/9/2015 11:43

After reading these results this morning I expected a sharp fall in the SP, but it seems the slightly optimistic outlook and the fact that the share price has already fallen ahead of these figures resulted in a small rise.
A line that caught my eye was
' The Board is conscious of the impending withdrawal of the dividend tax credit and will therefore consider paying a substantial second interim dividend before the end of the current tax year to utilise the current tax legislation before the changes come into effect. The Board would then seek to pay a nominal final dividend in the new tax year.'

I am wondering if this means the board are considering a significant return of cash to shareholders, rather than a normal divi increase of around 10%, in advance of changes in the tax regime.

[pugugly] 25/9/2015 06:55

Results out



Worse than I expected - Revenue, profits and dividend UP but only as a result of acquisitions - EPS down "Adjusted* basic earnings per share down 18.3% to 41.1p (H1 2014: 50.3p");

Will need to crunch the rest of the numbers to get a fair analysis and calculate a forward p/e - Assuming same run rate for 2nd half year then eps of some 82p -v- previous market consensus of 102. p/e would increase to some 18 or 19 -v- previous consensus of 13.1 at 1470p.

OK I see chairman says "your Board remains confident in the ability of the Group to meet market expectations for the full year" BUT given slow down in China and the emerging markets I personally suspect that it will prove very difficult to meet the expectations but with the improved order book they should improve on the run rate.

Will need to wait and see how the market opens. .

[droid] 10/9/2015 21:45

I thnik you will find that OXIG had an almost glamour rating whereas Judges' PER of about 15 discounts a lot of currency headwinds etc.

[alphabeta4] 10/9/2015 18:14

Don't want to be negative but isn't there risk of read across from OXIG here?

[cockerhoop] 10/9/2015 09:19

Nor I.....

[dugger12] 10/9/2015 05:15

Does anyone follow this thread ?

[bugle4] 23/7/2015 15:39

3 Of My Favourite Small Caps: Judges Scientific PLC, AFC Energy plc & Boohoo.Com PLC

Shares in Judges Scientific (LSE: JDG) are down by 4.5% today after the scientific instruments specialist released an interim update. Although it expects to meet market expectations for the full-year, Judges Scientific is now guiding towards a year-on-year fall in its half-year earnings, with a build-up in its order book apparently causing organic revenue to be hit. However, it does expect an improved second half of the year, with the interim order book having been built up in recent months.

[gengulphus] 23/7/2015 11:21

A loose translation: The good news is that we're getting orders quite fast, fast enough to fit in with our planned budget for the year.

The bad news is that we're processing the orders and converting them into profits somewhat more slowly than they're coming in. As a result, the earnings in our interim results will be a bit down on last year.

We expect to deal with that in the second half, getting back to the earnings that the market expects for the full year.

Gengulphus

[wiwaxy] 23/7/2015 07:26

Statement slightly confused me - can anyone translate?

[gucci] 26/5/2015 14:19

2200p first stop

[exv] 25/5/2015 12:06

How I think about JDG:

hxxp://expectingvalue.com/shares/judges-scientific-a-textbook-on-value-creation

Might be interesting to prospective/holders.

[cornishman33] 22/5/2015 11:10

Nice rise this morning. This morning's RNS might have helped as I read like a partial trading update. It confirms that the profit forecast for Armfield has been achieved.

'The consideration payable on completion amounted to GBP8.28 million in cash. In addition, there was provision for the payment of an earn-out capped at GBP1.51 million, based upon achievement of a profit threshold of GBP1.96 million in respect of the year to 31 December 2014. Half of the earn-out was payable in cash and half through the issue of new ordinary shares ("Ordinary Shares") in Judges at a price of GBP20.55 per Ordinary Share, based on the prevailing price of Judges' Ordinary Shares on the day the headline terms of the acquisition were agreed.

Accounts for the earn-out period have now been agreed and the Directors of Judges are pleased to announce that the profit threshold was attained.'

Perhaps it was even exceeded. Adding another £2m to the profit is certainly significant and the market seems to like it.

[gucci] 21/5/2015 12:23

looks like we are heading to 2100

[gucci] 12/5/2015 07:49

ready for a breakout here
l2 getting better

[alphabeta4] 11/5/2015 13:55

Thanks - goes without saying really! Would have expected them to come up with something a bit more insightful!
For me these are the same price as the last acquisition (which always then perform well) and suspicion trading conditions should now be more favourable off the weaker dollar and better European growth.

[timp230] 11/5/2015 13:33

Haven't read the article in detail yet, but there isn't anything specific: it talks generally about management's previous track record of successful earnings-enhancing acquisitions and mentions that another deal could come at any time.