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Judges Scientific

AIM:JDG
Snowflake Description

Outstanding track record with excellent balance sheet.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
JDG
AIM
£215M
Market Cap
  1. Home
  2. GB
  3. Capital Goods
Company description

Judges Scientific plc designs, manufactures, and sells scientific instruments. The last earnings update was 96 days ago. More info.


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JDG Share Price and Events
7 Day Returns
1.8%
AIM:JDG
3.2%
GB Machinery
0.3%
GB Market
1 Year Returns
36.4%
AIM:JDG
-3.7%
GB Machinery
-3.8%
GB Market
JDG Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
Judges Scientific (JDG) 1.8% 12% 23.7% 36.4% 145.6% 68.1%
GB Machinery 3.2% 3.8% 8.3% -3.7% 48.1% 6.1%
GB Market 0.3% 1.8% 2.4% -3.8% 18.5% 4.5%
1 Year Return vs Industry and Market
  • JDG outperformed the Machinery industry which returned -3.7% over the past year.
  • JDG outperformed the Market in United Kingdom of Great Britain and Northern Ireland which returned -3.8% over the past year.
Price Volatility
JDG
Industry
5yr Volatility vs Market

Value

 Is Judges Scientific undervalued based on future cash flows and its price relative to the stock market?

Value is all about what a company is worth versus what price it is available for. If you went into a grocery store and all the bananas were on sale at half price, they could be considered undervalued.
INTRINSIC VALUE BASED ON FUTURE CASH FLOWS
Here we compare the current share price of Judges Scientific to its discounted cash flow analysis.value.

The discounted cash flow value is simply looking at what the company is worth today, based on estimates of how much money it is expected to make in the future.
Raw Data

Below are the data sources, inputs and calculation used to determine the intrinsic value for Judges Scientific.

AIM:JDG Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model 2 Stage Free Cash Flow to Equity
Levered Free Cash Flow Average of 1 Analyst Estimates (S&P Global) See below
Discount Rate (Cost of Equity) See below 8.4%
Perpetual Growth Rate 10-Year GB Government Bond Rate 1.2%

An important part of a discounted cash flow is the discount rate, below we explain how it has been calculated.

Calculation of Discount Rate/ Cost of Equity for AIM:JDG
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year GB Govt Bond Rate 1.2%
Equity Risk Premium S&P Global 6.7%
Machinery Unlevered Beta Simply Wall St/ S&P Global 1.07
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 1.068 (1 + (1- 19%) (7%))
1.086
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
1.09
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 1.23% + (1.086 * 6.65%)
8.45%

Discounted Cash Flow Calculation for AIM:JDG using 2 Stage Free Cash Flow to Equity Model

The calculations below outline how an intrinsic value for Judges Scientific is arrived at by discounting future cash flows to their present value using the 2 stage method. We try to start with analysts estimates of free cash flow, however if these are not available we use the most recent financial results. In the 1st stage we continue to grow the free cash flow over a 10 year period, with the growth rate trending towards the perpetual growth rate used in the 2nd stage. The 2nd stage assumes the company grows at a stable rate into perpetuity.

AIM:JDG DCF 1st Stage: Next 10 year cash flow forecast
Levered FCF (GBP, Millions) Source Present Value
Discounted (@ 8.45%)
2019 13.61 Est @ 14.81% 12.55
2020 15.07 Est @ 10.74% 12.81
2021 16.26 Est @ 7.88% 12.75
2022 17.21 Est @ 5.89% 12.44
2023 17.99 Est @ 4.49% 11.99
2024 18.62 Est @ 3.51% 11.44
2025 19.14 Est @ 2.83% 10.85
2026 19.59 Est @ 2.35% 10.24
2027 19.99 Est @ 2.01% 9.63
2028 20.34 Est @ 1.78% 9.04
Present value of next 10 years cash flows £113.75
AIM:JDG DCF 2nd Stage: Terminal Value
Calculation Result
Terminal Value = FCF2028 × (1 + g) ÷ (Discount Rate – g)
= £20.34 × (1 + 1.23%) ÷ (8.45% – 1.23%)
£285.10
Present Value of Terminal Value = Terminal Value ÷ (1 + r)10
= £285.10 ÷ (1 + 8.45%)10
£126.68
AIM:JDG Total Equity Value
Calculation Result
Total Equity Value = Present value of next 10 years cash flows + Terminal Value
= £113.75 + £126.68
£240.43
Equity Value per Share
(GBP)
= Total value / Shares Outstanding
= £240.43 / 6.22
£38.65
AIM:JDG Discount to Share Price
Calculation Result
Value per share (GBP) From above. £38.65
Current discount Discount to share price of £34.50
= -1 x (£34.50 - £38.65) / £38.65
10.7%

Learn more about our DCF calculations in Simply Wall St’s analysis model .

Current Discount
Amount off the current price Judges Scientific is available for.
Intrinsic value
11%
Share price is £34.5 vs Future cash flow value of £38.65
Current Discount Checks
For Judges Scientific to be considered undervalued it must be available for at least 20% below the current price. Less than 40% is even better.
  • Judges Scientific's share price is below the future cash flow value, but not at a moderate discount (< 20%).
  • Judges Scientific's share price is below the future cash flow value, but not at a substantial discount (< 40%).
PRICE RELATIVE TO MARKET
We can also value a company based on what the stock market is willing to pay for it. This is similar to the price of fruit (e.g. Mangoes or Avocados) increasing when they are out of season, or how much your home is worth.

The amount the stock market is willing to pay for Judges Scientific's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are Judges Scientific's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
AIM:JDG PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2018-12-31) in GBP £1.38
AIM:JDG Share Price ** AIM (2019-06-21) in GBP £34.5
United Kingdom of Great Britain and Northern Ireland Machinery Industry PE Ratio Median Figure of 21 Publicly-Listed Machinery Companies 17.92x
United Kingdom of Great Britain and Northern Ireland Market PE Ratio Median Figure of 787 Publicly-Listed Companies 16.39x

* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.

** Primary Listing of Judges Scientific.

AIM:JDG PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= AIM:JDG Share Price ÷ EPS (both in GBP)

= 34.5 ÷ 1.38

25.08x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Judges Scientific is overvalued based on earnings compared to the GB Machinery industry average.
  • Judges Scientific is overvalued based on earnings compared to the United Kingdom of Great Britain and Northern Ireland market.
Price based on expected Growth
Does Judges Scientific's expected growth come at a high price?
Raw Data
AIM:JDG PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 25.08x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 1 Analysts
-11.7%per year
United Kingdom of Great Britain and Northern Ireland Machinery Industry PEG Ratio Median Figure of 15 Publicly-Listed Machinery Companies 2.47x
United Kingdom of Great Britain and Northern Ireland Market PEG Ratio Median Figure of 573 Publicly-Listed Companies 1.48x

*Line of best fit is calculated by linear regression .

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Unable to calculate PEG ratio for Judges Scientific, we can't assess if its growth is good value.
Price based on value of assets
What value do investors place on Judges Scientific's assets?
Raw Data
AIM:JDG PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2018-12-31) in GBP £4.95
AIM:JDG Share Price * AIM (2019-06-21) in GBP £34.5
United Kingdom of Great Britain and Northern Ireland Machinery Industry PB Ratio Median Figure of 24 Publicly-Listed Machinery Companies 1.95x
United Kingdom of Great Britain and Northern Ireland Market PB Ratio Median Figure of 1,371 Publicly-Listed Companies 1.49x
AIM:JDG PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= AIM:JDG Share Price ÷ Book Value per Share (both in GBP)

= 34.5 ÷ 4.95

6.98x

* Primary Listing of Judges Scientific.

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Judges Scientific is overvalued based on assets compared to the GB Machinery industry average.
X
Value checks
We assess Judges Scientific's value by looking at:
  1. Is the discounted cash flow value less than 20%, or 40% of the share price? (2 checks) ( Click here or on bar chart for details of DCF calculation. )
  2. Is the PE ratio less than the market average, and/ or less than the Machinery industry average (and greater than 0)? (2 checks)
  3. Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
  4. Is the PB ratio less than the Machinery industry average (and greater than 0)? (1 check)
  5. Judges Scientific has a total score of 0/6, see the detailed checks below.

    Note: We use GAAP Earnings per Share in all our calculations including PE and PEG Ratio.

    Full details on the Value part of the Simply Wall St company analysis model.

Future Performance

 How is Judges Scientific expected to perform in the next 1 to 3 years based on estimates from 1 analyst?

  • No analysts cover Judges Scientific, future earnings growth has been estimated based on fundamentals.
The future performance of a company is measured in the same way as past performance, by looking at estimated growth and how much profit it is expected to make.

Future estimates come from professional analysts. Just like forecasting the weather, they don’t always get it right!
Annual Growth Rate
-11.7%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is Judges Scientific expected to grow at an attractive rate?
  • Judges Scientific's earnings are expected to decrease over the next 1-3 years, this is below the low risk savings rate of 1.2%.
Growth vs Market Checks
  • Judges Scientific's earnings are expected to decrease over the next 1-3 years, this is below the United Kingdom of Great Britain and Northern Ireland market average.
  • Judges Scientific's revenue growth is positive but not above the United Kingdom of Great Britain and Northern Ireland market average.
Annual Growth Rates Comparison
Raw Data
AIM:JDG Future Growth Rates Data Sources
Data Point Source Value (per year)
AIM:JDG Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 1 Analysts -11.7%
AIM:JDG Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 1 Analysts 2.3%
United Kingdom of Great Britain and Northern Ireland Machinery Industry Earnings Growth Rate Market Cap Weighted Average 6.8%
United Kingdom of Great Britain and Northern Ireland Machinery Industry Revenue Growth Rate Market Cap Weighted Average 4.7%
United Kingdom of Great Britain and Northern Ireland Market Earnings Growth Rate Market Cap Weighted Average 10.9%
United Kingdom of Great Britain and Northern Ireland Market Revenue Growth Rate Market Cap Weighted Average 4.8%

*Line of best fit is calculated by linear regression .

Industry and Market average data is calculated daily.

Learn more about our growth rate calculations in Simply Wall St’s analysis model.

Analysts growth expectations
Raw Data
AIM:JDG Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (5 months ago) See Below
Future Estimates Average of up to 1 Analyst Estimates (S&P Global) See Below
All numbers in GBP Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
AIM:JDG Future Estimates Data
Date (Data in GBP Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2020-12-31 82 1
2019-12-31 80 1
AIM:JDG Past Financials Data
Date (Data in GBP Millions) Revenue Cash Flow Net Income *
2018-12-31 78 13 8
2018-09-30 77 12 7
2018-06-30 76 12 6
2018-03-31 73 11 5
2017-12-31 71 11 4
2017-09-30 67 9 3
2017-06-30 63 7 3
2017-03-31 60 6 1
2016-12-31 57 5 0
2016-09-30 58 6 1
2016-06-30 59 7 1
2016-03-31 57 7 1

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Judges Scientific's earnings are expected to decrease over the next 1-3 years, this is not considered high growth.
  • Judges Scientific's revenue is expected to grow by 2.3% yearly, however this is not considered high growth (20% yearly).
Past and Future Earnings per Share
The accuracy of the analysts who estimate the future performance data can be gauged below. We look back 3 years and see if they were any good at predicting what actually occurred. We also show the highest and lowest estimates looking forward to see if there is a wide range.
Raw Data
AIM:JDG Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (5 months ago) See Below
Future Estimates Average of up to 1 Analyst Estimates (S&P Global) See Below

All data from Judges Scientific Company Filings, last reported 5 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

AIM:JDG Future Estimates Data
Date (Data in GBP Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2020-12-31
2019-12-31
AIM:JDG Past Financials Data
Date (Data in GBP Millions) EPS *
2018-12-31 1.38
2018-09-30 1.16
2018-06-30 0.95
2018-03-31 0.80
2017-12-31 0.66
2017-09-30 0.54
2017-06-30 0.42
2017-03-31 0.22
2016-12-31 0.01
2016-09-30 0.11
2016-06-30 0.21
2016-03-31 0.17

*GAAP earnings excluding extraordinary items.

Performance in 3 years
In the same way as past performance we look at the future estimated return (profit) compared to the available funds. We do this looking forward 3 years.
  • Unable to establish if Judges Scientific will efficiently use shareholders’ funds in the future without estimates of Return on Equity.
X
Future performance checks
We assess Judges Scientific's future performance by looking at:
  1. Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
  2. Is the annual earnings growth rate expected to beat the average growth rate in earnings of the United Kingdom of Great Britain and Northern Ireland market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the United Kingdom of Great Britain and Northern Ireland market? (1 check)
  4. Is the annual earnings growth rate expected to be above 20%? (1 check)
  5. Is the annual revenue growth rate expected to be above 20%? (1 check)
  6. Is the Return on Equity in 3 years expected to be over 20%? (1 check)
Some of the above checks will fail if the company is expected to be loss making in the relevant year.
Judges Scientific has a total score of 0/6, see the detailed checks below.

Note 1: We use GAAP Net Income Excluding Exceptional Items for our Earnings in all our calculations.

Full details on the Future part of the Simply Wall St company analysis model.

Past Performance

  How has Judges Scientific performed over the past 5 years?

The past performance of a company can be measured by how much growth it has experienced and how much profit it makes relative to the funds and assets it has available.
Past earnings growth
Below we compare Judges Scientific's growth in the last year to its industry (Machinery).
Past Earnings growth analysis
We also check if the company has grown in the past 5 years, and whether it has maintained that growth in the year.
  • Judges Scientific has delivered over 20% year on year earnings growth in the past 5 years.
  • Judges Scientific's 1-year earnings growth exceeds its 5-year average (111.7% vs 43.5%)
  • Judges Scientific's earnings growth has exceeded the GB Machinery industry average in the past year (111.7% vs 13.4%).
Earnings and Revenue History
Judges Scientific's revenue and profit over the past 5 years is shown below, any years where they have experienced a loss will show up in red.
Raw Data

All data from Judges Scientific Company Filings, last reported 5 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

AIM:JDG Past Revenue, Cash Flow and Net Income Data
Date (Data in GBP Millions) Revenue Net Income * G+A Expenses R&D Expenses
2018-12-31 77.87 8.50 31.99
2018-09-30 76.74 7.17 31.18
2018-06-30 75.60 5.84 30.38
2018-03-31 73.48 4.92 30.35
2017-12-31 71.36 4.01 30.33
2017-09-30 67.05 3.28 27.99
2017-06-30 62.75 2.55 25.65
2017-03-31 60.02 1.31 25.64
2016-12-31 57.29 0.08 25.63
2016-09-30 57.91 0.67 23.79
2016-06-30 58.53 1.26 21.96
2016-03-31 57.37 1.02 21.92
2015-12-31 56.20 0.78 21.89
2015-09-30 49.89 0.05 18.80
2015-06-30 43.57 -0.68 15.71
2015-03-31 42.07 0.72 15.67
2014-12-31 40.57 2.12 15.63
2014-09-30 41.59 2.16 14.67
2014-06-30 42.62 2.21 13.70
2014-03-31 39.33 1.74 13.70
2013-12-31 36.04 1.27 13.70
2013-09-30 32.98 1.53 12.12
2013-06-30 29.92 1.79 10.53
2013-03-31 28.98 0.79 10.53
2012-12-31 28.04 -0.20 10.53
2012-09-30 26.33 -0.01 9.25
2012-06-30 24.61 0.19 7.98

*GAAP earnings excluding extraordinary items.

Performance last year
We want to ensure a company is making the most of what it has available. This is done by comparing the return (profit) to a company's available funds, assets and capital.
  • Judges Scientific has efficiently used shareholders’ funds last year (Return on Equity greater than 20%).
  • Judges Scientific used its assets more efficiently than the GB Machinery industry average last year based on Return on Assets.
  • Judges Scientific has significantly improved its use of capital last year versus 3 years ago (Return on Capital Employed).
X
Past performance checks
We assess Judges Scientific's performance over the past 5 years by checking for:
  1. Has earnings increased in past 5 years? (1 check)
  2. Has the earnings growth in the last year exceeded that of the Machinery industry? (1 check)
  3. Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
  4. Is the Return on Equity (ROE) higher than 20%? (1 check)
  5. Is the Return on Assets (ROA) above industry average? (1 check)
  6. Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
The above checks will fail if the company has reported a loss in the most recent earnings report. Some checks require at least 3 or 5 years worth of data.
Judges Scientific has a total score of 6/6, see the detailed checks below.

Note: We use GAAP Net Income excluding extraordinary items in all our calculations.

Full details on the Past part of the Simply Wall St company analysis model.

Health

 How is Judges Scientific's financial health and their level of debt?

A company's financial position is much like your own financial position, it includes everything you own (assets) and owe (liabilities).

The boxes below represent the relative size of what makes up Judges Scientific's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • Judges Scientific is able to meet its short term (1 year) commitments with its holdings of cash and other short term assets.
  • Judges Scientific's cash and other short term assets cover its long term commitments.
Balance sheet
This treemap shows a more detailed breakdown of Judges Scientific's finances. If any of them are yellow this indicates they may be out of proportion and red means they relate to one of the checks below.
Assets
Liabilities and shares
The 'shares' portion represents any funds contributed by the owners (shareholders) and any profits.
  • High level of physical assets or inventory.
  • Debt is covered by short term assets, assets are 2.6x debt.
Historical Debt
Nearly all companies have debt. Debt in itself isn’t bad, however if the debt is too high, or the company can’t afford to pay the interest on its debts this may have impacts in the future.

The graphic below shows equity (available funds) and debt, we ideally want to see the red area (debt) decreasing.

If there is any debt we look at the companies capability to repay it, and whether the level has increased over the past 5 years.
Raw Data

All data from Judges Scientific Company Filings, last reported 5 months ago.

AIM:JDG Past Debt and Equity Data
Date (Data in GBP Millions) Total Equity Total Debt Cash & Short Term Investments
2018-12-31 31.21 15.03 15.73
2018-09-30 31.21 15.03 15.73
2018-06-30 29.14 16.72 14.37
2018-03-31 29.14 16.72 14.37
2017-12-31 24.66 18.26 10.68
2017-09-30 24.66 18.26 10.68
2017-06-30 24.86 15.07 8.94
2017-03-31 24.86 15.07 8.94
2016-12-31 22.75 16.55 7.91
2016-09-30 22.75 16.55 7.91
2016-06-30 21.86 15.85 5.96
2016-03-31 21.86 15.85 5.96
2015-12-31 24.08 12.92 8.53
2015-09-30 24.08 12.92 8.53
2015-06-30 22.94 16.22 8.24
2015-03-31 22.94 16.22 8.24
2014-12-31 23.39 12.81 11.15
2014-09-30 23.39 12.81 11.15
2014-06-30 23.29 13.80 10.13
2014-03-31 23.29 13.80 10.13
2013-12-31 20.89 15.59 10.05
2013-09-30 20.89 15.59 10.05
2013-06-30 13.21 15.80 2.76
2013-03-31 13.21 15.80 2.76
2012-12-31 12.79 7.42 5.42
2012-09-30 12.79 7.42 5.42
2012-06-30 8.99 8.04 3.94
  • Judges Scientific's level of debt (48.2%) compared to net worth is high (greater than 40%).
  • The level of debt compared to net worth has been reduced over the past 5 years (74.4% vs 48.2% today).
  • Debt is well covered by operating cash flow (85.2%, greater than 20% of total debt).
  • Interest payments on debt are well covered by earnings (EBIT is 24x coverage).
X
Financial health checks
We assess Judges Scientific's financial health by checking for:
  1. Are short term assets greater than short term liabilities? (1 check)
  2. Are short term assets greater than long term liabilities? (1 check)
  3. Has the debt to equity ratio increased in the past 5 years? (1 check)
  4. Is the debt to equity ratio over 40%? (1 check)
  5. Is the debt covered by operating cash flow? (1 check)
  6. Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check)
  7. Judges Scientific has a total score of 5/6, see the detailed checks below.
For companies that are loss making and have been so on average in the past we replace the last 2 checks with:
  1. Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
  2. Does cash and short term investments cover growing operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)


Full details on the Health part of the Simply Wall St company analysis model.

Dividends

 What is Judges Scientific's current dividend yield, its reliability and sustainability?

Dividends are regular cash payments to you from the company, similar to a bank paying you interest on a savings account.
Annual Dividend Income
Dividend payments
1.16%
Current annual income from Judges Scientific dividends. Estimated to be 1.34% next year.
If you bought £2,000 of Judges Scientific shares you are expected to receive £23 in your first year as a dividend.
Dividend Amount
Here we look how much dividend is being paid, if any. Is it above what you can get in a savings account? It is up there with the best dividend paying companies?
  • Judges Scientific's pays a lower dividend yield than the bottom 25% of dividend payers in United Kingdom of Great Britain and Northern Ireland (1.96%).
  • Judges Scientific's dividend is below the markets top 25% of dividend payers in United Kingdom of Great Britain and Northern Ireland (5.4%).
Annualized Historical and Future Dividends
It is important to see if the dividend for a company is stable, and not wildly increasing/decreasing each year. This graph shows you the historical rate to count toward your assessment of the stock.

We also check to see if the dividend has increased in the past 10 years.
Raw Data
AIM:JDG Annualized Past and Future Dividends
Data Point Source Value
Past Annualized Dividend Yield S&P Global Market Data See Below
Past Dividends per Share Company Filings/ Annualized Dividend Payments See Below
Future Dividends per Share Estimates Average of up to 1 Analyst Estimates (S&P Global) See Below
United Kingdom of Great Britain and Northern Ireland Machinery Industry Average Dividend Yield Market Cap Weighted Average of 19 Stocks 2.6%
United Kingdom of Great Britain and Northern Ireland Market Average Dividend Yield Market Cap Weighted Average of 706 Stocks 4.3%
United Kingdom of Great Britain and Northern Ireland Minimum Threshold Dividend Yield 10th Percentile 1%
United Kingdom of Great Britain and Northern Ireland Bottom 25% Dividend Yield 25th Percentile 2%
United Kingdom of Great Britain and Northern Ireland Top 25% Dividend Yield 75th Percentile 5.4%

Industry and Market average data is calculated daily.

Note all dividend per share amounts are annualized and not quarterly or other period.

AIM:JDG Future Dividends Estimate Data
Date (Data in £) Dividend per Share (annual) Avg. No. Analysts
2020-12-31 0.48 1.00
2019-12-31 0.44 1.00
AIM:JDG Past Annualized Dividends Data
Date (Data in £) Dividend per share (annual) Avg. Yield (%)
2019-03-19 0.400 1.314
2018-03-20 0.320 1.254
2017-03-22 0.275 1.458
2017-03-21 0.275 1.748
2016-03-23 0.250 1.702
2016-03-22 0.250 1.506
2016-02-25 0.240 1.528
2015-03-30 0.220 1.427
2015-03-27 0.220 1.507
2014-04-03 0.200 1.287
2014-03-28 0.200 0.847
2013-03-22 0.150 0.916
2012-03-30 0.100 1.237
2012-03-29 0.100 1.536
2011-03-30 0.075 1.670
2011-03-29 0.075 1.575
2010-03-26 0.050 1.800
2009-12-31 0.050 3.610

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Whilst dividend payments have been stable, Judges Scientific has been paying a dividend for less than 10 years.
  • Dividend payments have increased, but Judges Scientific only paid a dividend in the past 9 years.
Current Payout to shareholders
What portion of Judges Scientific's earnings are paid to the shareholders as a dividend.
  • Dividends paid are well covered by earnings (3.4x coverage).
Future Payout to shareholders
  • Dividends after 3 years are expected to be well covered by earnings (3.9x coverage).
X
Income/ dividend checks
We assess Judges Scientific's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 1%) - if not then the rest of the checks are ignored.
  2. Is current dividend yield above the bottom 25% of dividend payers? (1 check)
  3. Is current dividend yield above the top 25% of dividend payers? (1 check)
  4. Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
  5. If they have paid a dividend for 10 years has it increased in this time? (1 check)
  6. How sustainable is the dividend, can Judges Scientific afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. Judges Scientific has a total score of 2/6, see the detailed checks below.


Full details on the Dividends part of the Simply Wall St company analysis model.

Management

 What is the CEO of Judges Scientific's salary, the management and board of directors tenure and is there insider trading?

Management is one of the most important areas of a company. We look at unreasonable CEO compensation, how long the team and board of directors have been around for and insider trading.
CEO
David Cicurel
COMPENSATION £218,000
AGE 69
CEO Bio

Mr. David Elie Cicurel serves as the Chief Executive Officer of Judges Scientific plc and Judges Capital Plc. He is also Executive Director of Judges Scientific plc. Mr. Cicurel is responsible for a number of corporate recovery exercises including two UK public companies, International Media Communications plc (later Continental Foods) and ICD, where he orchestrated its recovery and helped groom it for sale and gained exposure to IPT's management team and business environment. He served as the Chairman of ICD from 1992 to 1995. He has been a Non-Executive Director of Pilkington's Tiles Group PLC since June 2004. He serves as an Executive Director at Judges Capital Plc, David Cicurel (Investments) Limited, David Cicurel (Investments) 2002, Dawnay, Day & Co Limited, Starlight Investments Limited, Petal Group Limited, Specialty Catalog Corporation, Hra Europe Sa Nucleus Management Sa, Pilkington's Tiles Group Plc, Overseas company and Judges Scientific plc. Previously, he served as a Director of Mobile Radio Limited. He served as a Non-Executive Director of Directex Realisations Plc (Alternatively, Interactive Prospect Targeting Holdings Plc) until January 26, 2010. Mr. Cicurel served as a Non-executive Director of Vint Industries Limited until September 24, 1990 and Poole Investments plc from June 24, 2004 to September 6, 2007.

CEO Compensation
  • David's compensation has been consistent with company performance over the past year, both up more than 20%.
  • David's remuneration is lower than average for companies of similar size in United Kingdom of Great Britain and Northern Ireland.
Management Team Tenure

Average tenure and age of the Judges Scientific management team in years:

7.4
Average Tenure
55.5
Average Age
  • The average tenure for the Judges Scientific management team is over 5 years, this suggests they are a seasoned and experienced team.
Management Team

David Cicurel

TITLE
CEO & Executive Director
COMPENSATION
£218K
AGE
69

Brad Ormsby

TITLE
Group Finance Director & Executive Director
COMPENSATION
£197K
AGE
42
TENURE
4.2 yrs

Mark Lavelle

TITLE
COO & Director
COMPENSATION
£236K
AGE
59
TENURE
1.5 yrs

Glynn Reece

TITLE
Company Secretary
COMPENSATION
£20K
AGE
60

Sean Gregory

TITLE
Managing Director of Fire Testing Technology Limited
AGE
46
TENURE
20.8 yrs

Gary Edwards

TITLE
Managing Director of Deben UK Limited
AGE
52

Karl Snelling

TITLE
Managing Director of Global Digital Systems Limited
AGE
46
TENURE
10.7 yrs

Ian MacKenzie

TITLE
Managing Director of PE fiberoptics Limited
AGE
69
Board of Directors Tenure

Average tenure and age of the Judges Scientific board of directors in years:

2.8
Average Tenure
62
Average Age
  • The average tenure for the Judges Scientific board of directors is less than 3 years, this suggests a new board.
Board of Directors

Alex Hambro

TITLE
Non-Executive Chairman
COMPENSATION
£39K
AGE
56

David Cicurel

TITLE
CEO & Executive Director
COMPENSATION
£218K
AGE
69

Brad Ormsby

TITLE
Group Finance Director & Executive Director
COMPENSATION
£197K
AGE
42
TENURE
4.3 yrs

Mark Lavelle

TITLE
COO & Director
COMPENSATION
£236K
AGE
59
TENURE
1.6 yrs

Ralph Elman

TITLE
Non-Executive Director
COMPENSATION
£30K
AGE
65

Charles Holroyd

TITLE
Senior Independent Non-Executive Director
COMPENSATION
£16K
AGE
62
TENURE
1 yrs

Ralph Cohen

TITLE
Non-Executive Director
COMPENSATION
£26K
AGE
70
TENURE
4.1 yrs
Who owns this company?
Recent Insider Trading
  • No 3 month insider trading information.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price (£) Value (£)
27. Jul 18 Buy Charles Holroyd Individual 26. Jul 18 26. Jul 18 2,016 £25.00 £49,958
X
Management checks
We assess Judges Scientific's management by checking for:
  1. Is the CEO's compensation unreasonable compared to market cap? (1 check)
  2. Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
  3. Is the average tenure of the management team less than 2 years? (1 check)
  4. Is the average tenure of the board of directors team less than 3 years? (1 check)
  5. Judges Scientific has a total score of 0/6, this is not included on the snowflake, see the detailed checks below.


Note: We use the top 6 management executives and board members in our calculations.

Note 2: Insider trading include any internal stakeholders and these transactions .

Full details on the Management part of the Simply Wall St company analysis model.

News

Simply Wall St News

Is Judges Scientific plc (LON:JDG) A Smart Pick For Income Investors?

Today we'll take a closer look at Judges Scientific plc (LON:JDG) from a dividend investor's perspective. … With a 1.2% yield and a nine-year payment history, investors probably think Judges Scientific looks like a reliable dividend stock. … Judges Scientific has been growing its dividend quite rapidly, which is exciting.

Simply Wall St -

Here's Why We Think Judges Scientific (LON:JDG) Is Well Worth Watching

The good news is that Judges Scientific is growing revenues, and EBIT margins improved by 5.4 percentage points to 14%, over the last year. … The good news, alongside the insider buying, for Judges Scientific bulls is that insiders (collectively) have a meaningful investment in the stock. … The good news is that Judges Scientific is not the only growth stock with insider buying.

Simply Wall St -

Is Judges Scientific plc's (LON:JDG) CEO Salary Justified?

Check out our latest analysis for Judges Scientific How Does David Cicurel's Compensation Compare With Similar Sized Companies? … At the time of writing our data says that Judges Scientific plc has a market cap of UK£192m, and is paying total annual CEO compensation of UK£218k. … A first glance this seems like a real positive for shareholders, since David Cicurel is paid less than the average total compensation paid by similar sized companies.

Simply Wall St -

What Does Judges Scientific plc's (LON:JDG) P/E Ratio Tell You?

We'll look at Judges Scientific plc's (LON:JDG) P/E ratio and reflect on what it tells us about the company's share price. … The formula for price to earnings is: Price to Earnings Ratio = Price per Share ÷ Earnings per Share (EPS) Or for Judges Scientific: P/E of 22.58 = £31.05 ÷ £1.38 (Based on the year to December 2018.) Is A High Price-to-Earnings Ratio Good? … AIM:JDG Price Estimation Relative to Market, May 10th 2019 Its relatively high P/E ratio indicates that Judges Scientific shareholders think it will perform better than other companies in its industry classification.

Simply Wall St -

Is Judges Scientific plc (LON:JDG) A Financially Sound Company?

While investors primarily focus on the growth potential and competitive landscape of the small-cap companies, they end up ignoring a key aspect, which could be the biggest threat to its existence: its financial health. … Understanding the company's financial health becomes. … Let's work through some financial health checks you may wish to consider if you're interested in this stock.

Simply Wall St -

Is It Time To Consider Buying Judges Scientific plc (LON:JDG)?

As a small cap stock, hardly covered by any analysts, there is generally more of an opportunity for mispricing as there is less activity to push the stock closer to fair value? … Is there still an opportunity here to buy. … Today I will analyse the most recent data on Judges Scientific’s outlook and valuation to see if the opportunity still exists

Simply Wall St -

Brief Commentary On Judges Scientific plc's (LON:JDG) Fundamentals

Judges Scientific plc (LON:JDG) is a stock with outstanding fundamental characteristics. … When we build an investment case, we need to look at the stock with a holistic perspective. … In the case of JDG, it

Simply Wall St -

Judges Scientific plc (LON:JDG) Earns Among The Best Returns In Its Industry

Specifically, we'll consider its Return On Capital Employed (ROCE), since that will give us an insight into how efficiently the business can generate profits from the capital it requires. … Return On Capital Employed (ROCE): What is it? … ROCE measures the amount of pre-tax profits a company can generate from the capital employed in its business.

Simply Wall St -

The Judges Scientific (LON:JDG) Share Price Is Up 84% And Shareholders Are Holding On

One imperfect but simple way to consider how the market perception of a company has shifted is to compare the change in the earnings per share (EPS) with the share price movement. … During three years of share price growth, Judges Scientific moved from a loss to profitability. … Dive deeper into the earnings by checking this interactive graph of Judges Scientific's earnings, revenue and cash flow.

Simply Wall St -

Does Judges Scientific plc (LON:JDG) Have A High Beta?

Modern finance theory considers volatility to be a measure of risk, and there are two main types of price volatility. … Every stock in the market is exposed to this volatility, which is linked to the fact that stocks prices are correlated in an efficient market. … Beta is a widely used metric to measure a stock's exposure to market risk (volatility).

Simply Wall St -

Company Info

Description

Judges Scientific plc designs, manufactures, and sells scientific instruments. The company operates in two segments, Materials Sciences Group and Vacuum Group. It offers equipment for engineering education and research used at universities, colleges, schools, and research centers; and research and development systems, primarily for the food, beverage, dairy, edible oil, and pharmaceutical industries. The company also provides LED illumination systems for bioscience and clinical microscopy; tensile testing, motion control, and specimen cooling for microscopy applications; automated measurement systems for a range of fibers; edge-welded metal bellows; and instruments that measure the reaction of various materials to fire, such as cone calorimeters, large scale calorimeters, NBS smoke chambers and oxygen index test, and a range of related fire testing instruments. In addition, it offers equipment and software used for the computer-controlled testing of soils and rocks; open flow cryocoolers for the X-ray diffraction market; crycoolers for cooling applications, such as radio astronomy; test equipment for the characterization of optical fibers; scientific instruments primarily used for electron microscopy sample preparation; scientific equipment for use by electrophysiology and imaging researchers; and gas purifiers for use in metal analysis. Further, the company provides sample heating and manipulation products for use in vacuum markets for materials research and production; and metalwork services. The company operates in the United Kingdom, rest of Europe, North America, and internationally. Judges Scientific plc was incorporated in 2002 and is based in London, the United Kingdom.

Details
Name: Judges Scientific plc
JDG
Exchange: AIM
Founded: 2002
£214,619,014
6,220,841
Website: http://www.judges.uk.com
Address: Judges Scientific plc
52c Borough High Street,
London,
Greater London, SE1 1XN,
United Kingdom
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
AIM JDG Ordinary Shares London Stock Exchange AIM Market GB GBP 22. Jun 2005
OTCPK JSCI.F Ordinary Shares Pink Sheets LLC US USD 22. Jun 2005
Number of employees
Current staff
Staff numbers
483
Judges Scientific employees.
Industry
Industrial Machinery
Capital Goods
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/06/23 20:36
End of day share price update: 2019/06/21 00:00
Last estimates confirmation: 2019/05/10
Last earnings filing: 2019/03/19
Last earnings reported: 2018/12/31
Last annual earnings reported: 2018/12/31


All dates and times in UTC. All financial data provided by Standard & Poor’s Capital IQ.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.