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Judges Scientific PLC - FY 2017 Results

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Judges Scientific (LON:JDG) reported strong full-year 2017 results posting record high revenues, adjusted operating profit, adjusted earnings per share, and dividends. Overall earnings came stronger than expected driven by healthy organic growth as well as contributions from new acquisitions. The company’s priority in delivering returns to shareholders remains unchanged.

Incorporating full-year 2017 earnings, we slightly revised up our earnings. We estimate 11% and 13% growth for revenue and adj. operating profit for 2018 with adj. EPS at 139p. Our DCF (assuming 10-year sales CAGR 7%, Gross cash flow CAGR 8% and perpetual growth rate 2%) and DDM (assuming 10% dividend growth for next 5 years and 7.7% for perpetuity) derived fair values imply upside of c.42% and 18% respectively from current price.

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