Solid State (SOLI)

Solid State SOLI Logo

The AIM listed supplier of specialist industrial/ruggedised computers, electronic components, advanced antenna products, communications systems and battery power solutions to the electronics market.

23-Oct-2017 – 480p – £40.6m

Trading Update For The 6 Months To End September 2017 – Revenue up 12%, open order book stands £18.0m versus £14.8m last time.

Quite a volatile share and maybe one worth a look around the 400p level.

21-Nov-2017 – 382.5p – £33.6m – PER 12.2

Interim Results For The 6 Months To End September 2017 – Revenue up 12% but PBT and EPS down 20%, £1.6m and 16.1p respectively. The open order book is £20.1m, up 38% on last year.

I quite like this and thought it was worth a closer look around the 400p level. For now though I am more tempted to wait and see an improvement in that Operating Margin.

12-Apr-2018 – 378.4p – £32.0m – PER 10.8

Trading Update For The 12 Months To End March 2018 – In-line with PBT circa £3m, Revenue to be slightly ahead at £45.5m, up 15%. Order book up slightly but expecting impact from the Communication business in 2018/19 (a profit warning?).

Not enough here to shift my view from Neutral, especially with that “impact” announcement without any guidance.

3-Jul-2018 – 315p – £26.8m – PER 12.5

Final Results For The 12 Months To End March 2018 – Revenue is up 16% to £46.3m with Adjusted PBT down -4% to £3.0m (margins are down slightly), Adjusted Diluted EPS down -2% to 30.9p with the Dividend flat at 12.0p. The order book is about 10% up on last year and on track to deliver in-line with expectations.

Can’t see this being any more than fairly priced here.

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