piw
27 Sep 2019
JDG H1 19 analyst presentation JDG H1 19 analyst presentation 189.19, by CEO & CFO, with the COO chipping in for the Q&A. Quoting David Cicurel, CEO quoting Charlie Munger, ‘figure out what works & do it!’ JDG do that. A quality company. piworld.co.uk Judges Scientific (JDG) H1 2019 analyst presentation, September 19 With David Cicurel, CEO & Brad Ormsby, CFO A very comprehensive overview of Judges Scientific, what they do and their KPIs. What’s happened in the period. The
piw
04 Apr 2019
Judges corporate video & companies acquired £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! [link] 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. [link]
piw
26 Mar 2019
JDG FY result presentation 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. piworld.co.uk Judges Scientific (JDG) 2018 full year results presentation By David Cicurel, CEO & Brad Ormsby, CFO, present the group's results for year end 31.12.18 Judges Scientific plc is a United Kingdom-based company, which i
piw
19 Sep 2018
JDG H1 results presentation video 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. [link] 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
6 Investment case – 32:43 Q&A – 34:29
II Editor
29 Mar 2018
NEW ARTICLE: Would you feel safe in the hands of these investors? "LSE:JDG:Judges' head office is round the back of a narrow side street off Borough High Street in London. The door system has broken so a real person lets me in and we tromp up the stairs to a smart, airy, modern office suite acquired at a low ..."[link]
piw
21 Mar 2018
Video: JDG FY results presentation 20.3.17 Full year results presentation for the year ending 31st December 2017 by David Cicural (CEO), Brad Ormsby (CFO) and new COO Mark Lavelle. (c50 mins)[link] Cicural, CEOIntroduction – 00:17About Judges Scientific – 00:39The Judges group- 02:32Key messages from 2017 results – 3:14Introduction of new COO Mark Lavelle – 04:12Brad Ormsby, CFO2017 results highlights – 060Performance – 082Order intake – 09:22Revenue summary – 11:19Profit bridge – 136Balance sheet & cash flow – 13:58Return on total invested capital (ROTIC) – 15:13Diversification – 16:44Financial history – 17:13David Cicural, CEOStrategy – 184Growth drivers – 18:34Acquisitions criteria & delivery – 22:35Oxford Cryosystems – 26:29Summary & outlook – 29:27Q&A – 31:11Tax – 31:14US offices – 32:17ROTIC historical performance – 33:21Armfield – 37:37Increasing the performance – 38:45Cash conversion – 39:33Selling of business’s? – 425Integrating the business’s (to Mark Lavelle, COO) – 43:22Non UK acquisitions? – 46:26
piw
23 Oct 2017
video: JDG at Mello Oct 17 Judges Scientific (LON:JDG) Chief Executive David Cicurel gives an H1 update at Mello.Recorded 16th October 2017.[link] – 00:18HI 2017 highlights – 00:4812½ year Financial history – 5:17Order intake – 06:37Return on total invested capital – 12:20Q&A – 15:20
II Editor
13 Oct 2017
NEW ARTICLE: Here's who should buy Solid State shares "I'm wondering about Solid State. You're running a bit late with this one aren't you Richard?Yep. LSE:SOLI:Solid State reported its full-year results in July for the year ending in March. I'm not sure when it published its Annual Report, but I've ..."[link]
gamesinvestor
30 May 2017
Re: NEW ARTICLE: Judges Scientific: A mi... pharma - I have similar reservations and have been looking at this again over the weekend. Richard's rationale is that the accounting is too conservative in amortising the intangible assets.I'm struggling to get to grips with the relevance of that or not.Like you I look at all the headline figures on the FT and other financial reporting sites and see low ROCE and low margins and a growing set of borrowing.Richard's arguments also relate to the exceptionals and if you exclude these and look at the operating activity this is healthy, however, in the notes on the latest Annual Report it states that they don't take into account any outstanding debts the individual companies carry with third parties --- Eh whatt the F - that seems to make no sense to me.The background of the dealmakers worries me less than the sheer logistics of grouping these companies together and allowing them to remain independent.They say that they buy on a 3-6X valuation basis and that as a group the market then values them at 8X so it's a rerating exercise.One worry I would have is that these small companies might have struggling businesses, that is certainly the case in 2-3 of them and the owners might want to take the opportunity to cash out and put their feet up.Given that they are a group of companies operating independently, they may get a better financial overview and guidance from Judges corporate, but it doesn't appear that they group the sales efforts, so I find it hard to see where the economy of scale is coming from.I'm still watching, but won't be a buyer at £16+Games
pharmaspecialist
31 Mar 2017
Re: NEW ARTICLE: Judges Scientific: A miniat... Interesting article from Richard Beddard. I no longer hold Judges because the return on capital employed (average of 4.8% over the past five years according to Stockopedia) is unsatisfactory but there are different ways of assessing this and Richard has calculated that the return on invested capital is satisfactory so perhaps the figures on Stockopedia are misleading. However, I think it is indisputable that the net debt has roughly quadrupled over the past 5 years to almost £8.7M so you could argue that any growth being achieved is being bought. I would also question whether the backgrounds of the dealmakers at Judges include enough technical and engineering experience to enable them to judge the value of the highly specialised companies they are buying. However, the concept if buying tiny niche companies producing high margin precision engineered components no-one has ever heard of is appealing so perhaps I am being too harsh in my judgement.
II Editor
31 Mar 2017
NEW ARTICLE: Judges Scientific: A miniaturised Berkshire Hathaway "Today, I'm talking myself into investing in LSE:JDG:Judges Scientific. It would mean investing in another investor, a prospect I don't usually relish.What does it do?It doesn't matter.What do you mean it doesn't matter? You never say that. It ..."[link]
IOMINVESTCOM
08 Aug 2016
Cross and Fosh double bet on Judges Scientific [link] AA-rated value experts Anthony Cross and Julian Fosh have doubled their stake in lab-grade measuring systems maker Judges Scientific (JDG) after its shares dropped 25% on a profit warning.The managers increased their holding to more than 10% of the business worth £8.3 million at a share price of £13.40, down from £18.10 over the last two months.The shares are held in their £451 million Liontrust UK Smaller Companies fund, with a smaller stake in Cross’ £424 million UK Micro-Cap fund.Judges Scientific plunged in May after it warned weaker orders would ‘negatively impact’ profit. The sell-off took the shares to the lower end of an 18-month trading range. The group recently said that it was more confident about the remainder of the year but reiterated earnings would disappoint.WH Ireland rates the company a strong ‘buy’ on a price target of £16.
IOMINVESTCOM
25 May 2016
Paul Scott's view [link]
IOMINVESTCOM
11 May 2016
Presentation video Last 51 minutes but well worth listening to David Circurel explain the individual business on how they purchase a new one, running the business within a larger unit.[link]
wineberry
24 Mar 2016
Spreads To anyone thinking of buying this share (strongly recommended by Motley Fool), just beware the very wide bid/offer spread. It's worth doing a dummy buy or sell if you can.
