Judges Scientific N — Financial Overview, Stock Price, Market Cap

Financial Performance

5Y price score: (78)

10Y return: 208.5%

DATE RANGE:

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3480.0

52-week range

6100.0

3,550

Your model inputs

Required return / cost of capital

FCFF terminal growth rate

Your fair value & Margin of safety

To calculate fair value based on cost of capital and terminal growth assumptions above, please select free cash flow forecast.

Forecast:

Valuation

Free Cash Flow Yield

5.4 %

Dividend Yield TTM

3.3 %

Market cap

236.5

Price / Earnings TTM

(355)

Price / Book TTM

2.8

PEG TTM

7.5

Earnings growth and return

LTM

5YR

10YR

Total return (price & dividends)

(38) %

(50.4) %

208.5 %

Free cash flow per share growth

(437.5) %

88.7 %

217 %

Earnings per share growth

(132.3) %

(37.2) %

523.1 %

Founded: 2,002

Employees: 682

Business Summary:Judges Scientific plc designs, manufactures, and sells scientific instruments. The company operates through two segments, Materials Sciences and Vacuum. It offers engineering teaching and research equipment for universities, colleges, schools, and research centers; and research and development systems for 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 fire testing instruments, such as cone calorimeters, large scale calorimeters, NBS smoke chambers and oxygen index test, and related fire testing instruments. In addition, it offers equipment and software used for the computer-controlled testing of soils and rocks; film deposition systems; physical and chemical vapour deposition instruments; open flow cryocoolers for the X-ray diffraction market and 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 used by electrophysiology and imaging researchers; and gas purifiers for metal analysis. Further, the company provides specialized calorimeters used for chemical and battery industries; sample heating and manipulation products for use in vacuum markets for materials research and production; and sheet metalwork services, including components and casting, fabrication, bespoke engineering solutions, as well as laser cutting and CNC machining services. The company operates in the United Kingdom, rest of Europe, North America, China, and internationally. Judges Scientific plc was incorporated in 2002 and is based in London, the United Kingdom.

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Fair Value Reference Estimate

Latest Earnings Call Takeaways

2026 Q2 (Sep 23, 2026)

1) Leadership Transition and Strategy Overview
- CEO Tim Prestidge announced the retirement of CFO Brad Ormsby, who will assist in the transition for 12 months.
- Judges Scientific operates as a buy-and-build group in scientific instruments, focusing on acquiring successful, asset-light businesses with high cash conversion.
- The company emphasizes long-term growth driven by secular trends in scientific research and a large pool of acquisition opportunities.
- The management team is experienced, with a strong focus on innovation and operational excellence.

2) Financial Performance and Segment Results
- Revenue decreased by 21% YoY, with a 13% decline on a like-for-like basis, excluding the Geotek coring expedition from the previous year.
- Adjusted earnings per share fell 72%, reflecting high operational leverage in a challenging market.
- Despite the downturn, cash conversion remained strong at 90%, and the interim dividend was increased by 10% to GBP 0.36 per share.
- Eight of the company’s businesses reported growth during the first half, supported by internal initiatives and market dynamics in sectors like semiconductors and battery development.

3) Market Challenges and Headwinds
- The company faced significant external headwinds, including uncertainties in U.S. research funding and delays in offshore wind investments.
- The new Chinese tax exemption processes caused order delays, impacting overall revenue.
- The absence of the Geotek coring expedition in 2026 was anticipated and contributed to the revenue decline.
- Management acknowledged the need for careful execution in the second half to mitigate risks associated with high-value orders.

4) Operational Improvements and Growth Plans
- Judges Scientific is focused on controlling costs, having reduced expenses by GBP 2 million in underperforming businesses while investing in innovation and talent elsewhere.
- There is a strong emphasis on decentralized decision-making, allowing individual businesses to define their growth strategies.
- The company is optimistic about order intake momentum, with recent trends showing improvement, particularly in industrial applications.
- The management team remains committed to a disciplined acquisition strategy, with a healthy pipeline of opportunities despite a lack of acquisitions in the first half.

5) Guidance and Future Outlook
- The company maintains guidance in line with market expectations for the full year, anticipating a significant weighting of revenue in the second half.
- Management highlighted resilient markets in industrial sectors but acknowledged ongoing challenges in scientific research funding.
- The outlook remains cautious, with execution risks identified, particularly regarding high-value orders and geopolitical uncertainties.
- The management expressed confidence in the long-term drivers of the business model and the ability to weather current challenges.

Bottom line: Judges Scientific is navigating a challenging market environment with a focus on operational efficiency and strategic growth. Despite a significant decline in revenue and earnings, the company is optimistic about improving order intake and maintaining its dividend policy, positioning itself for recovery in the latter half of 2026.