Scientific Digital Imaging (SDI)

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Scientific Digital Imaging SDI Logo

Designs and manufactures scientific and technology products for use in applications, including life sciences, healthcare, astronomy, consumer manufacturing and art conservation from 2.75% to 3.25%. 2019 trading so far is in-line, expecting to meet expectations

27-Jul-2018 – 40.5p – £36.3m – PER 17.8

Final Results For The 12 Months To End March 2018 – Revenue up 35% to £14.5m (2017: £10.7m) with Adjusted PBT up 70%+ by £991,000 to £2,300,000 (2017: £1,309,000).

I have not looked at this before but it has recently appeared on my Standard Tech Screen. I like the look of this update and may well look to take an opening position here. If not it will go on my Watchlist.

Subsequent Note: As this was a current Standard Tech Screen Qualifier I did some further analysis after reading an updated broker note on Research Tree and changed my view to Neutral – Details below…

25-Sep-2018 – 41.25p – £37.0m – PER 17.1

AGM Trading Update – A good start is about as much as I can glean from this.

I remain Neutral as based on growth forecasts it seems at best fairly priced (to me).

18-Dec-2018 – 34.5p – £30.9m – PER 13.3

Interim Results For The 6 Months To End October 2018 – Record breaking – Revenue up 23%, Adjusted PBT up 32%, outlook for the current year remains comfortably in-line with market expectations.

I considered this fairly priced last time I looked (41p) but this looks quite encouraging. I will keep an eye out for updates (upgrades) here and re-evaluate that 41p fair price.

27-Jun-2019 – 54p – £52m – PER 16.2

Trading Update For The 12 Months To End April 2019 – Expects Revenue of £17.4m, PBT no less than £2m, Net Debt £1.6m.

I am Long here and this looks quite good.

18-Jul-2019 – 49p – £48m – PER 15

Results For The 12 Months To End April 2019 – Revenue up 20% (to £17.4m from £14.5m) of which 5% was organic, Gross margin 66.1% (65.8% last time), Adjusted PBT up 32% (to £3.0m from £2.3m) with Net Debt at £1.6m. Confident of increased Revenue and new acquisitions in 2019/20, encouraged by performance in the new financial year.

I am Long here and this seems in-line ish and still reasonable value. Based on the latest Broker note this morning, in my opinion, this looks about fairly valued on a 2 Year view, need earning enhancing acquisition(s) or significant improvement in organic growth here.

25-Sep-2019 – 52p – £50m – PER 15

Trading Update For The 12 Months To End April 2020 – Comfortable with current forecasts.

I am Long here and this seems like another an in-line update. Would still like to see an earning enhancing acquisition(s) or significant improvement in organic growth.

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