Judges Scientific Share Discussion Threads

[milesy] 09/4/2019 16:56

French fund manager AMIRAL GESTION SAS now declared a 3% holding.

[tomps2] 04/4/2019 13:03

JDG have now posted their corporate video on their website. This gives a brilliant overview of where they've come from, where they're at, and where they're headed. The punchline, 'we've grown shareholder value by 28 times in the 13 years since we incorporated!' Very impressive!



Further, to see (or understand!) each of the 14 companies acquired by Judges, click on the link to the specific company, and you'll find a short 1-2 mins video of the company and management.

[xajorkith] 01/4/2019 18:16

Have bought in here below 2700p this last week, so pleased to see JP Morgan adding, following ODIN Global's recent increase.

Forecast eps conservative imv, with much improved margins, ROC, and FCF likely to re-rate these higher over the medium term.

[tomps2] 26/3/2019 09:49

JDG FY18 results presentation on morning of results 19.3.19.
By David Cicurel, CEO & Brad Ormsby, CFO with questions answered by Mark Lavel COO.

A really clear overview of the business, these results and where future growth will come from.

[cockerhoop] 25/3/2019 21:42

Weak sterling is a positive for JDG's. They've recently stated they're hedged for 2019 but beyond that normal currency head & tailwinds apply. Saying that they operated perfectly well when sterling was much stronger.

[cockerhoop] 20/3/2019 13:06

WHI now go 2019 184.7p fully diluted, 2020 189.8p

Net Cash rising to £10m for 2019, £20m in 2020 so plenty of firepower if they can find further acquisitions.

[milesy] 20/3/2019 12:23

New high pending...

[stevenlondon3] 02/2/2019 18:57

It looks more possibly to have been a cross deal.

[cornishman33] 01/2/2019 20:59

A couple of massive sales today of about £1.8m each, but the shares back to a three month high. No corresponding buys shown. Director sale perhaps? Maybe an explanation by rns will reveal the reason next week.

[cockerhoop] 11/1/2019 11:53

Expecting a trading statement & notice of results soon, hopefully next week.

[cockerhoop] 21/11/2018 13:22

So is that 173.5p & 174.7p from WH Ireland for FY2018 & FY2019?

[jane deer] 21/11/2018 12:12

WH Ireland seem to be increasing FY 2018 EPS by 12% and FY2019 by 10% (leaving 19 flat on 18).

I bought these shares today for the first time. See if that makes sense. As you say JAF: two successive upgrades but share price down. Multiples do not look excessive. What held me off buying before was JDG's sterling sensitivity - but I now feel that risk is also priced in. No doubt weak sterling is helping the numbers recently.

[nchanning] 21/11/2018 12:12

WH Ireland now predicting £13.4 million in adjusted profit for the full year, which should also put Judges firmly into a net cash position with £35 million of bank facilities to make acquisitions .

[cockerhoop] 21/11/2018 11:52

JAF,

As I mentioned after the Interims release it looked like another upgrade would be required. Be interesting what the new forecasts are, not sure we'd have seen a statement if less than 10% improvement.

[nchanning] 31/10/2018 16:29

Cash generated from operations (2017 10.9 million) may be a fairer way to value Judges Scientific given that EPS includes a significant non cash charge from amortisation of acquired intangibles (2017 4.59 million ) . After minimal capex spending this puts JDG on a historic price/free cash flow ratio of 13.8 . 2017 cash generated from options of 10.5 million had a H1/H2 split of 4.5/6.4 million . 2018 H1 results showed 6.3 million cash generated and an ahead of full year expectations outlook , perhaps suggesting that previous H2 weightings may in fact be achievable despite earlier doubts . This could lead to full year cash generation around the 14/15 million level . Continued sterling weakness and significant headroom in banking facilities to make further acquisitions give further room to outperform . Given that capex is likely to be less than a million pounds this could easily see Judges on a Price/Free Cash flow ratio around 10.0 when full year results are released in March . For a company that would have just grown its free cash flow by almost 50% without a major acquisition this is a fantastic buying opportunity

[cockerhoop] 31/10/2018 14:53

johnv,

You're using old f/c figures

Recent upgrades to 154.9p & 158.8p of which they did 82.1p in H1. I think they'll do 160p+ for the FY18.

[johnv] 31/10/2018 14:31

According to the earnings forecasts we have eps for this year at 133,4p then 138.9 next year implying earnings grow of 1% then 4%. This doesnt justify a forward pe of 20.

[buywell3] 25/9/2018 14:23

Well said

I think the buy and hold strategy will work for both JDG and SDI

Todays buy does seem a blinder acquired for 3 times profits, circa £1M turnover and no debt plus it is in a great space with products that SDI can grow and improve.

Two of these a year should work fine

[cockerhoop] 25/9/2018 12:16

I bought a few at 18p, but didn't fully commit because of the historic share dilution. Being sympathetic you can argue that they didn't have the cashflow or record for debt finance so was their only way to expand.
The company was also lowly rated so there wasn't a large disparity between the purchased company and SDI's rating which led to significant dilution.

Now the situation appears fundamentally different, they are more highly rated, are able to fund small acquisitions from cashflow.

My understanding is that there is much less competition for companies with earning of less tham £1m Ebitda as proved by today's purchase so SDI do now have an advantage over JDG in that these small cheap acquisitions still move the dial. JDG are looking for slightly bigger fish to make a step change in earnings but these are pricier.

That said I've held JDG since 2008 and am a happy holder.

[lullabite] 25/9/2018 11:40

Thoughts on sdi ? Anyone holds some ? Seems like they are trying to replicate judges strategy , they had some bad years back in 2014