Judges Scientific Share Discussion Threads

[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 15:23

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 13:16

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 12:40

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

[pireric] 24/9/2018 02:42

Both quality. I should own JDG, not sure why I don't.

However, can't really blame SDI for needing to use equity. Came from a tiny market cap base with unproven strategy execution

[cockerhoop] 23/9/2018 13:43

SDI have increased the shares in issue 5 fold over the last 5 years in comparison to 30% at JDG.

[buywell3] 23/9/2018 08:02

Comparisons have been made with this company and Scientific Digital Imaging SDI

Both seem to be doing well albeit with

SDI 1 YEAR CHANGE +79.35% V JDG 1 YEAR CHANGE +36.79%



SDI have performed a bit better and have much less debt on their balance sheet.
No doubt because they are several years behind JDG in their development , acquiring other companies that provide good fits and x selling opportunities.

It is good to see smaller UK based Scientific Engineering companies trading so well as the UK heads towards Brexit.

Well done , England needs more like these.

[davidosh] 23/9/2018 01:12

The full line up for MelloCity on Tuesday at 11am will be PTSG, Dominos Poland, Nichols, Fulham Shore and Judges Scientific all presenting for 40 minutes with lunch and drinks included. I have six places left so reserve a place via

[tomps2] 19/9/2018 09:15

JDG H1 results presentation by CEO David Cicurel and CFO Brad Ormsby - given the morning of results to analysts and investors. They just continue doing what they're very good at! They anticipate to beat forecasts for the full year.



David Cicurel, CEO

Introduction to JDG – 00:18
The Judges group – 02:13
Results key messages – 03:45

Brad Ormsby, CFO

Financial highlights – 05:23
Performance – 07:26
Order intake – 08:29
Revenue summary – 10:22
Profit bridge – 11:29
Balance sheet & cash flow- 12:25
ROTIC – 13:27
Diversification – 14:45
Financial history – 15:20

David Cicurel, CEO

Growth strategy – 16:45
Acquisitions – 26:51
Outlook – 30:06
Investment case – 32:43

Q&A – 34:29

[cockerhoop] 18/9/2018 14:53

Pretty clear we're looking at a substantial forecast beat!

I think we'll see £1.60+.

Whilst they are cautioning against a H2 bias (as in the last 3 years) a stable order book at the end of June followed by a significant improvement in order intake in the 1st 10 weeks of H2 (they did 76.2p H217) suggests they'll at least match H1 imo.

Happy to hold.

[jaf111] 18/9/2018 07:56

happy with these results...