Sdi Dividends - SDI

Sdi Dividends - SDI

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Stock Name Stock Symbol Market Stock Type Stock ISIN Stock Description
Sdi Group Plc SDI London Ordinary Share GB00B3FBWW43 ORD 1P
  Price Change Price Change % Stock Price High Price Low Price Open Price Close Price Last Trade
  0.30 0.33% 89.90 90.10 89.60 89.60 89.60 15:55:41
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Industry Sector

Sdi SDI Dividends History

Announcement Date Type Currency Dividend Amount Period Start Period End Ex Date Record Date Payment Date Total Dividend Amount

Top Dividend Posts

fillspectre: Another big share volume and the share price above 90p as well. Looks like the 90p level isn't going to be just gained and then rapidly lost. Do we (the collective board) think the Autumn/Winter/Spring period 2019/20 has at least one more acquisition in it for SDI? Chell was a biggy but they usually make more than one acquisition through this period - only to bed them all in over Summer/ Early Autumn. Fils
edscoville: Apologies if already posted by others and I missed it, Finncap have re-rated at 75p following the acquisition. SDI Group (SDI) : Corp Acquisition – 7% accretive in first full year Key data Share price (p) 67.0 Target price (p) 75.0 Market cap (£m) 65.1 Enterprise value (£m) 66.7 SDI has announced the acquisition of Chell Instruments; paying c.£4.3m for the business (FY 2018 EV/Sales and EV/EBIT of 0.9x and 5.5x) funded from cash and a new debt facility with net debt at year-end now expected to be c.£5.0m. SDI has shown that it can source and execute another accretive acquisition in what was a competitive tender bid process. We expect the acquisition to be c.7% accretive to EPS in FY 2021 and raise our target price by 25% to 75p to reflect the accretion as well as rolling forward our target year, implying an EV/EBITDA of 11.9x and adjusted P/E of 17.3x.
melody9999: Here is the conclusion Riv SDI Group is smaller than Judges Scientific and is cheaper on a range of metrics, including Slater’s PEG ratio - a classic measure of how much investors are paying for the promise of future growth - and it is when viewed as a ‘growth at a reasonable price’ stock that SDI looks most attractive as an investment. In terms of financial strength, acquisition track record, free cash flow generation and overall quality, it does not quite live up to JDG’s exacting standards - yet - but management appears to have done a good job so far, and the group has ample time and opportunity to prove itself. That said, history is littered with value-destroying acquisitions. Buy and build strategies can go wrong, so it is not without risk. One point that clearly differentiates the two companies is their attitudes towards shareholder dilution. While Judges keeps a tight rein over its share count, SDI has nearly quadrupled its number of shares in issue over the past five years. In fairness, the funds raised have helped drive the company’s strategy and consequent share price growth. It would be positive to see SDI kick on from here and continue to scale up with minimal further dilution. Another positive sign would be to see the board increasing their own holdings in the company. SDI is bigger than it was five years ago, with a stronger balance sheet, a more diversified revenue stream across multiple geographies and has a more liquid shareholder base. Its subsidiary companies continue to establish a track record of profitable growth, which should translate into more free cash flow. All of these factors make SDI an attractive acquirer, which bodes well for its stated strategy and gives this stock the potential to be a high QM compounder.
elglanto: Thanks for the answer. While I do agree that the share price increased quite a bit as well as the earnings, the revenue per share actually decreased since 2015 (however, the net earnings still grew). Also, pireric mentionned that: "The increase in shares was necessary because the company was coming from a very low market cap, and so taking on leverage at those levels to make the acquisitions probably would not have been available or have made sense" While I do understand this point from the earlier days, SDI issued shares earlier this year for another aquisition. However I would think that now, having some leverage would have been fine and could have lead to more value for the shareholders in the future than with a share dilution that I more see as a short term solution. What would be your opinion on that? Finally, there is another UK company named Judges Scientific PLC which is also in the Buy and Build strategy in the scientific domain. Judge has now a much larger size than SDI and therefore more "acquisition power". So as anyone here studied the possibility that Judge might prevent or limit SDI growth/acquisitions?
solooiler: Bought some. has it at around 14.5 times pe which looks very good value. And share price is breaking north of recent trend range point to 60p and new highs imho GLA
pireric: The increase in shares was necessary because the company was coming from a very low market cap, and so taking on leverage at those levels to make the acquisitions probably would not have been available or have made sense. So the other alternative would have been to not do the acquisitions at all But think the share price chart speaks for itself in showing that the acquisitions have clearly been value enhancing. I'm therefore not all that bothered by it as this has outperformed the vast majority of stocks over the past few yrs
pireric: Good post - looking back through JDGs organic growth trends is quite interesting in that most years we are talking about around mid single digits So I've come around to the mindset that I'm absolutely fine with low to mid single digits here as what really drives the share price growth story is the inorganic aspects. I.e. SDIs growth I imagine will be more like 25-50% organic going forward on average depending on how much M&A per year That said, of course we'd like to see at least mid single digit to reflect that there are real operational improvements happening at the holding companies, and I think that's where JDG has really excelled in recent years. While it has done less M+A than 3-5 years ago and that really worked for shareholders, organic growth on revenues, but more importantly at the profits level has been really impressive. Hence I definitely appreciate the anecdotal holding company operational improvements SDI is giving at results releases (e.g. around capacity increases at Atik)
eagle eye: Some notes from the Mello Chiswick presentation last week. The speaker was Mike Creedon, the CEO and the attendance was about 60+ people, so standing room only. SDI has been a turnaround since 2010 when Ken Ford and Mike Creedon joined the company. Mike was CEO and CFO in the early years to save costs. Now the company has scale, an FD has been appointed plus two NEDs. The objective is not just to buy businesses at a multiple of 4 to 6 times, but to generate organic growth. Last year organic growth was 11% supplemented by 20% through acquisition. The share price has risen from 7p in 2015 to currently stand in the 50's. The market cap of £50m now attracts a different level of institution which is good. The CEO has a hands on approach, visiting the UK businesses every fortnight. Discussing some of the acquisitions: Astles Control Systems came via the private equity route. It has been chemical etching since 1946, so is old fashioned technology. It's a dirty business as it involves chemical treatment in a wide range of applications including engraving grids for microscopic slides and gun sights. It has good margins and was a cash cow for the previous owner. It had sales of circa £2m and EBIT of £600K when purchased. It was purchased for £3.4m (with further earn-out of up to £1.3m). One of the stars is Atik that manufactures cameras. Based in Lisbon, it is a low cost quality manufacturer. It is now looking to triple the size of the factory following a big OEM contract win. The turnover was £1m when acquired, but it's now grown to £4m. Sentek is the second star in the business and recently capacity has been increased. Based in Braintree, it produces many products for Siemens, so serves a growing market. The most recent acquisition is MPB Industries which is based in East Peckham. It is an old fashioned business producing flow meters and process control instrumentation. What's good is that Peter Astle is a mentor to the business and SDI sees good opportunities for growth. Mr Creedon then summarised what SDI looks for: Businesses are usually UK based, selling worldwide and both profitable and cash generative. It should also have a strong financial track record and strong management. It doesn't look to buy cheap, but looks to pay a fair price. There is an opportunity pipeline of around 20 opportunities, but four are real. Mike Creedon runs a tight financial ship, so don't expect him to attend investor events too often. The 2018 Annual Report is very informative, but the company has run out of hard copies. However, it is available to download from their website. Https://
pireric: Updated the header for an upcoming events list. Will post bridge calcs Wednesday* (edited) eve I think. Wanted to make a note of the following numbers more for my future reference more than anything; shows the level of run rate accretion SDI has garnered from its bigger acquisitions over the last couple of years. The average is c. 8%. I'd also note that the Graticules acquisition probably would have been low double digit accretive had it not been partly equity financed. But it's important to grasp IMO. If SDI can do, let's say another 2 acquisitions this calendar year, at the average of this range, that would add a further c. 15% to run rate EPS. I.e. if SDI can do nothing but just make those acquisitions, and it were to hold its valuation multiple, then one might reasonably expect 15% growth in the share price over that period. Bolt on 5-10% organic growth, and suddenly you have a stock that could reasonably compound 20 - 25% per annum. That's pretty much how JDG has also been such a stellar stock on a 10 year view, and it's pretty mechanical. Much easier to do when your EBIT base number is very small as well, which it is (present est c. £4m this year). Any improvements you can make to these businesses to improve their profitability, or sales reach, merely add on top to that annual return. FY20 EPS forecast change chart below. We've only just entered the year, but have already seen a >30% increase since the forecast was first introduced last July
buywell2: When you say here hastings your first post was on Feb 5th 2013 and to be fair SDI did not get going till 2016 from a low of about 9p hastings - 05 Feb 2013 - 12:42:07 - 11 of 1666 SDI - Global & Niche imaging portfolio for scientific & medical users - SDI hxxp:// The share price of SDI was 20p not 8p However I do concur that SDI should deliver further gains in due course As my next post with chart of TA shows hastings6 Apr '19 - 09:30 - 1665 of 1665 Tend to agree with you on the first point pireric, I too can’t really see that happening. As for your concerns on the acquisition pace, whilst I can see your point, I’m not concerned on this front as I think they’d had these companies on their radar for a while and probably still have others in sight. As for bedding in, equally again I’m not concerned as the structure of these businesses effectively carry on as they have been, as SDI don’t go charging in and changing things. They really just enable to run as they have been but seek to leverage them via opening new doors! My guess and it’s only that, is we will see another buy sometime in the next six months, which one would hope is again achieved at a decent price. The Brexit fiasco could of course throw up further opportunities and SDI is extremely well placed to make the most of anything that comes up. The pre-close next month should be interesting and I’m hopeful that we may see a beat on current forecasts. In short, having been here since the 8p days, I’m now very relaxed with my investment and can see the shares delivering further gains in due course.
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