Share Name Share Symbol Market Type Share ISIN Share Description
Sdi Group Plc LSE:SDI London Ordinary Share GB00B3FBWW43 ORD 1P
  Price Change % Change Share Price Shares Traded Last Trade
  -9.40 -11.48% 72.50 2,499,880 16:20:43
Bid Price Offer Price High Price Low Price Open Price
72.00 73.00 82.20 68.30 82.20
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Electronic & Electrical Equipment 17.43 2.12 2.10 34.5 70
Last Trade Time Trade Type Trade Size Trade Price Currency
17:38:01 O 22,300 69.86 GBX

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Trade Time Trade Price Trade Size Trade Value Trade Type
2020-02-24 18:38:0169.8622,30015,578.78O
2020-02-24 17:15:0068.5166,32045,435.83O
2020-02-24 17:08:5972.5078,80057,130.00O
2020-02-24 16:28:2372.751,369995.95O
2020-02-24 16:27:3772.5010,0007,250.00O
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Sdi (SDI) Top Chat Posts

Sdi Daily Update: Sdi Group Plc is listed in the Electronic & Electrical Equipment sector of the London Stock Exchange with ticker SDI. The last closing price for Sdi was 81.90p.
Sdi Group Plc has a 4 week average price of 68.30p and a 12 week average price of 64p.
The 1 year high share price is 93p while the 1 year low share price is currently 39.50p.
There are currently 97,203,951 shares in issue and the average daily traded volume is 159,722 shares. The market capitalisation of Sdi Group Plc is £70,472,864.48.
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?
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)
pireric: Will update the header over the weekend. On the calcs Ron; H1 the year prior, they haven't disclosed the organic growth, so actually much harder to figure out than I thought - If I recall, they had some big deals in Q4 of that year though, which makes me think that organic growth will have been at least to a degree H2 skewed even if total growth was flat between the halves Total organic growth for the year prior to last was c. 11%. So quite possible once you start putting in seasonality into that (i.e. H2 likely stronger), that there would have been a 3-5 point swing in growth rate comparatives. Still, to go from 11 to 5 implies pretty much no growth in H2 last year so won't account for the whole slowdown. So looks to have either been some underlying slowdown, or the comparative was much tougher in H2 the year prior than just 3-5 points, or there was some non-recurring revenue in the prior year H2 (which does somewhat correlate to what they've mentioned in the past). Stepping back a level, 5% for the year is good and absolutely happy to take that year in year out, but the phasing of 11 in H1 down to 5 for the full year is clearly the small negative within that, esp when now up against a strong 11% organic comparative this year That potentially poses a challenge for the share price over the next 6 months IF we were to believe SDI don't do any acquisitions, but that seems unlikely. And combined with a pretty low rating here, I think it's fine on balance, but probably do need an acq to get the share price recognised again.
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://
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.
hastings: Here we go, hopefully of interest. The perfect morning for a bike ride to the other side of Cambridge, where I duly arrived with a good 15 minutes to spare. On my arrival, it was good to meet two other private investors who had travelled to the AGM where we were soon joined by the SDI people who had just concluded a board meeting. Fortunately we convened in a room large enough to seat everyone which included representatives from each arm of the Group, including the chap who assists Mike Creedon and Ken Ford in identifying potential acquisitions, (he has in the past worked with Judges too). After the formal business Ken Ford opened the meeting up to questions which saw each of us putting forward various points that also carried on after the meeting was concluded. Rather than say who asked what, I'll just give a summary although given that we weren't together the whole time, there may be one or two aspects that I wasn't privy to. The acquisition was not surprisingly raised and they agreed that it was a good one executed at a good price for SDI. The background is that Applied Thermal Control which is also based in Leicestershire was already aware of Fistreem and had raised its presence to the board. It appears the main player of the Fistreem business is in his seventies now and was looking to exit. No doubt the various pre-nuptials were played out before a tying of the knot, where now complete, there would certainly appear to be potential in terms of synergies going forward as it does indeed look another good fit. In terms of a positive contribution to the Group, Fistreem will be wholly earning enhancing in its first full year, the FD John Abell pointing out that the performance in the remainder of the current year will include acquisition costs, although there will be a small positive benefit. Expanding on the buy model, it was pointed out to us that SDI has a strict criteria for bolt-on-buys particularly where Mike Creedon is concerned, who is keen to not overpay, rather secure a deal at a good price to the company and shareholders. There are it appears plenty of potential targets and SDI has a strong pipeline of these in what is a very fragmented space, many smaller players being out there which wouldn't appeal to the bigger boys, but do make for ideal earning enhancing additions. There have however been a couple of instances where SDI has walked away, which is no bad thing in the grand scale of things. With the banking facility in place (which could be upped if they chose) and positive cash on the balance sheet they can do two or three more similar purchases with this mix, although further ahead they wouldn't rule out a placing to support something larger. On this aspect Ken Ford said that they are extremely mindful of not biting off more than they can chew, so I don't think SDI would ever over reach, more a case of continuing the current way of doing things. There is certainly nothing planned in terms of a placing at present, but both Ken and Mike said that if they were to undertake a raise again in the future, this time there would be some provision in place for private investors to take part alongside the Institutions the latter of which would readily support the process. The various aspects of the company are pleasingly all going well as per the TU, but we also heard more close at hand from a couple of those. ATIK was represented by Steve Chambers who filled us in on the purchase made earlier this year of assets and IP of Quantum Scientific Imaging. The background here was that Quantum's owner had passed away which left the business seemingly without direction thus opening the door for ATIK to acquire the brand. Chambers pointed out that Quantum had a good reputation and served the higher end of the market and now sits nicely alongside its own products. The real positive though is that through Quantum the profile of ATIK's offerings have been raised positively providing for new or expanded markets. Next up for a word was Kate George sales and technical director at Synoptics who filled us in on ProReveal's progress. As far as the NHS goes she says ten per-cent of the total Hospitals that should be conforming with DOH guidelines have now adopted the system and they continue to push with the remainder, but it is difficult dealing with the NHS. Perhaps more positively there are talks now with the actual washing machine manufacturers which with a more recent development has seen a player focused on the cleaning of endoscopes improving the cleaning process which would as part of its operation include ProReveal. Kate also confirmed that the wider Synoptics division is now into a second year of profitability having been for so long operating at break even. As a company, Ken Ford confirmed that they will only release news when it is required or noteworthy, adding that they are not into trying to fluff the share price up. He's also very relaxed about the latter at present and is intent on building the business to a substantial size, much greater than the current market cap. John Abell added that since he came on board he's been impressed having worked in much bigger organisations and wonders just how Mike managed to do so much on his own, which I think is what many of us have thought, so a good addition to my mind. Going forward, Abell talks of the company now needing to get the earnings per share up, which would then see the share price follow to the benefit of investors. Potential dividends were also raised and Ken Ford said this had been discussed and could be implemented in the future for a progressive path without affecting the buy-build strategy. He does point out that high cover would be a prerequisite and talks of 4-5x being the marker. All in all a good hour well spent where it was nice to be warmly welcomed alongside catching up with a couple of very nice fellow investors.
Sdi share price data is direct from the London Stock Exchange
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