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Solid State - FY25 ahead of expectations; FY26 trading on track

A positive trading update indicating strong year-end trading, boosting it ahead of market expectations, with the outlook firm for existing FY26 forecasts. Order intake is strong, helped by recent communications equipment orders. Mindful of changing tariffs and challenging markets, it is well positioned in defence and security markets, with a flexible supply base and is investing in growth areas. We upgrade FY25E EPS by 8%, with no change to FY26E we maintain our 210p target price. After challenges seen in FY25, Solid State looks to a much stronger level of profit in FY26, which highlights the valuation as looking attractive, with significant growth opportunities to pursue.

Solid State plc

  • 30 Apr 25
  • -
  • Cavendish
Solid State (SOLI LN) - FY25 trading update: Defence driving improving performance - Corporate

Solid State, a manufacturer and distributor of specialist electronic components and systems, has this morning provided a trading update for the year ended 31 March 2025, reporting revenues and PBT ahead of expectations. Following a challenging period affected by major contract delays and destocking in the electronic components sector, revenues for the period are expected to be at least £124m (Zeus est: £122.8m), with adjusted PBT of £4.25m (Zeus est: £4.0m). Looking forward, the company reports an improving outlook in both of its divisions, with demand from the Defence and Security sector particularly strong. Expectations of an improving performance in FY26 are underpinned by an open order book of £108.5m (FY24: £76.6m), which reflects both an underlying improvement and the recently announced major communications order of £19m. With the group reiterating FY26 expectations, despite headwinds from tariff uncertainty and NIC increases, we leave FY26 forecasts unchanged this morning, lifting FY25 numbers in line with guidance.

Solid State plc

  • 30 Apr 25
  • -
  • Zeus Capital
Solid State (SOLI LN) - $25m order leads to 20% uplift in EPS - Corporate

Solid State, a manufacturer and distributor of specialist electronic components and systems, has this morning announced the receipt of a $25m order for communications equipment under a defence order programme for delivery in FY26, alongside confirmation that the Board remains confident of achieving FY25 market expectations. The communications equipment order had previously been expected to be delivered in FY25, the delay of which resulted in a meaningful downgrade to forecasts in November. On the back of this morning’s announcement, we leave our FY25 revenue and profitability expectations unchanged, while increasing our year-end next debt forecast to reflect working capital movements. For FY26, we cautiously increase our revenue estimate by 11%, resulting in a 20% uplift in EPS. This morning’s news is clearly positive and while near-term/cyclical headwinds remain in sectors such as Industrials, we believe that SOLI has the potential to benefit from increased defence spending and will continue to rebuild earnings, while benefitting from a robust balance sheet providing the opportunity to invest in the business for future growth.

Solid State plc

  • 11 Mar 25
  • -
  • Zeus Capital
Solid State - Interim results

Solid State’s H125 results are in line with consensus expectations and management’s guidance for the full year is unchanged. While trading has been affected by contract timing, the underlying growth and margin strategy remains intact, supported by Solid State’s recent acquisitions and investment in a new manufacturing facility.

Solid State plc

  • 11 Dec 24
  • -
  • Edison
Solid State - Interims – Order book rebuilds supporting FY25 forecasts

The interims results are indicative of some tougher market conditions, but most notably the decline in activity reflects the absence of the exceptionally strong defence & security (D&S) revenues shipped in the prior period, which overall was a record period for the group. The group has recently seen a pick-up in order intake, with an increase in order book to £85.5m and is expecting a stronger level of billings in 2H, as such it anticipates trading in-line with recently revised expectations and we maintain our existing profit forecasts, albeit reducing the expected dividend. We maintain our target price at 180p, while currently trading on an 8.2% FCF yield and 7.2x EV/EBITDA. We believe the shares offer strong recovery potential over the next two years once fundamentals re-establish themselves after this year’s setbacks.

Solid State plc

  • 10 Dec 24
  • -
  • Cavendish
Solid State (SOLI LN) - Challenging H1; PBT expectations unchanged

Solid State, a manufacturer and distributor of specialist electronic components and systems, has reported interims this morning for the period to 30 September 2024, in-line with previous guidance, illustrating a challenging period for the group, albeit with some tentative signs of improvement coming into H2. Revenues of £61.8m were down 29.9% against a strong comparator, largely reflecting the non-recurrence of one-off Defence orders in FY24A as well as a 14.6% decrease in Components division revenues, leading to a 65.7% decrease in adj. PBT to £2.5m (H1 24: £7.3m). Following the recent reduction to our forecasts on the back of the delay to large Defence orders last month, we leave our estimates unchanged this morning, with the exception of rebasing our dividend expectations. While the recent downgrade to estimates was disappointing, and the shares have reacted accordingly, we view headwinds as near-term/cyclical rather than structural and believe that SOLI has the potential to rebuild earnings as markets improve, while continuing to benefit from a robust balance sheet and ongoing positive cash generation.

Solid State plc

  • 10 Dec 24
  • -
  • Zeus Capital
Solid State - Defence contract delay affects expectations

The delay of a major contract inevitably has an impact on short-term profitability. Solid State has a strong balance sheet and a growth strategy to develop into a higher value-added electronics components and systems business, as witnessed by the two recent small acquisitions. Post the current hiatus we expect this to drive growth and value creation.

Solid State plc

  • 19 Nov 24
  • -
  • Edison
Solid State (SOLI LN) - Forecasts adjusted following delays to defence orders

Solid State is a specialist value added component supplier and design-in manufacturer of computer, power, and communications products. This morning the group has provided an update reporting delays to the conversion of certain defence orders that were previously anticipated to be received for delivery within FY25E. As flagged in the company’s recent interim trading update, FY25E expectations were premised on the delivery of these orders, which relate to communications equipment for the defence market. With the company having now received notification that the orders will be deferred, believed to be pending the completion of the UK Government’s strategic defence review (expected Summer 2025), we adjust our forecasts to remove the contribution of these orders within both FY25 and FY26, leading to 60% and 46% reductions to our FY25 and FY26 EPS expectations respectively.

Solid State plc

  • 15 Nov 24
  • -
  • Zeus Capital
Solid State - Defence contract delay: FY25E EPS reduced 58%

The group has announced that a prominent defence order that had been expected to occur in FY25, has now been temporarily delayed. As such, it is now expected to fall outside the current year and FY25 is now expected to be materially below existing expectations. We remove the expected effect of this order and therefore downgrade our FY25 EPS forecast by 58% to 5.5p and FY26 EPS down 48% to 7.9p. We reduce our TP from 324p to 180p to reflect the reduction in EPS. The shares have already weakened on the back of the recent trading update, which included some signals of a possible delay, but anticipate a further reaction to this news.

Solid State plc

  • 15 Nov 24
  • -
  • Cavendish
Solid State - H1 trading in line; guidance unchanged

Management’s strategy is to increase Solid State’s internal capabilities, enabling greater product differentiation and value added, particularly in the Systems business. This is expected to increase the addressable market and growth along with offering higher returns, key to the margin target of 12% (FY25 expectation c 8%). Achieving this through organic and inorganic means underpins management’s 20% CAGR target for shareholder returns.

Solid State plc

  • 07 Nov 24
  • -
  • Edison
Solid State (SOLI LN) - Order pipeline underpins unchanged FY25 expectations

Solid State is a specialist value added component supplier and design-in manufacturer of computing, power and communications products. This morning the group has provided an H1 trading update for the period ended 30 September 2024, reporting trading in-line with expectations for the full year, despite headwinds from continued destocking and election-related delays to Defence programmes. As previously flagged, while revenues in H1 25 were negatively affected by the accelerated delivery of orders into FY24, strong order intake in recent months supports expectations of a significant improvement in trading in H2. Although exceptional orders from Defence and Security customers received in the Systems division in FY24 create a challenging comparator for the current year, we are encouraged by today’s confirmation of full year expectations for FY25 and leave our forecasts unchanged on the back of the visibility over the order pipeline for the remainder of the year.

Solid State plc

  • 06 Nov 24
  • -
  • Zeus Capital
Solid State (SOLI LN) - Strategic US acquisition

Solid State is a specialist value added component supplier and design-in manufacturer of computing, power and communications products. On Friday, the group announced the $2.0m acquisition of Q-Par Antennas, a US-based distributor of antenna systems, primarily supplying the US defence and security markets. Q-Par is an existing distributor of Solid State’s antenna products within the US, with sales of SOLI’s products having made up $1.6m of the company’s $2.0m sales in the year to 30 September 2024. While incremental financial benefits from the deal are relatively minor over the forecast period, the acquisition provides the group with security of distribution within the US and, with Q-Par already having approved supplier status with key Defence Prime contractors, a valuable foothold for medium-term US expansion in the antenna market.

Solid State plc

  • 04 Nov 24
  • -
  • Zeus Capital
Solid State (SOLI LN) - Accretive components acquisition

Solid State is a specialist value added component supplier and design-in manufacturer of computing, power and communications products. This morning, the group has announced the acquisition of Gateway Electronic Components, a UK-based manufacturer and distributor of ferrite and magnetic components, for initial consideration of £1.4m. With the acquisition bringing Gateway’s complementary portfolio of own-brand and franchised components onto SOLI’s existing distribution platform, and the acquisition being made at a good price, we view today’s announcement as a positive development, albeit incremental revenues will initially be small in comparison to the group. Adjusting Zeus forecasts for the acquisition, FY2026E PBT/EPS expectations are raised by 1.5%, noting that there is potential for upside to this as cross-selling opportunities are realised.

Solid State plc

  • 02 Oct 24
  • -
  • Zeus Capital
Solid State - Record FY24; medium-term targets retained

Solid State is developing from a component manufacturer into a value-added electronics partner offering engineered solutions. Management expects this to drive additional growth and margin expansion, particularly in target markets, such as healthcare and defence, underpinning management’s objective for a c 20% CAGR in shareholder returns to 2030.

Solid State plc

  • 10 Jul 24
  • -
  • Edison
Hybridan Small Cap Feast 8 July 2024

8th July 2024 @HybridanLLP Status of this Note and Disclaimer This document has been issued to you by Hybridan LLP for information purposes only and should not be construed in any circumstances as an offer to sell or solicitation of any offer to buy any security or other financial instrument, nor shall it, or the fact of its distribution, form the basis of, or be relied upon in connection with, any contract relating to such action. This document has no regard for the specific investment objectives, financial situation or needs of any specific entity and is not a personal recommendation to anyone. Recipients should make their own investment decisions based upon their own financial objectives and financial resources and, if any doubt, should seek advice from an investment advisor. The information contained in this document is based on materials and sources that are believed to be reliable; however, they have not been independently verified and are not guaranteed as being accurate. This document is not intended to be a complete statement or summary of any securities, markets, reports or developments referred to herein. No representation or warranty, either express or implied, is made or accepted by Hybridan LLP, its members, directors, officers, employees, agents or associated undertakings in relation to the accuracy, completeness or reliability of the information in this document nor should it be relied upon as such. Any and all opinions expressed are current opinions as of the date appearing on this document only. Any and all opinions expressed are subject to change without notice and Hybridan LLP is under no obligation to update the information contained herein. To the fullest extent permitted by law, none of Hybridan LLP, its members, directors, officers, employees, agents or associated undertakings shall have any liability whatsoever for any direct or indirect or consequential loss or damage (including lost profits) arising in any way from use of all or any part of the information in this document. This document is sent to you as market commentary only. As market commentary this document does not constitute any of (i) investment research and financial analysis or other forms of general recommendation relating to transactions in financial instruments for the purposes of the UK retained version of section B of annex I to Directive 2014/65/EU ("MIFID II Directive"); or (ii) investment research as defined in the UK retained version of article 36(1) of Commission Delegated Regulation 2017/565/EU made pursuant to the MIFID II Directive; or (iii) non-independent research (as such term is defined in the Financial Conduct Authority's Conduct of Business Sourcebook). This document should not be relied upon as being an independent or impartial view of the subject matter. The individuals who prepared this document may be involved in providing other financial services to the company or companies referenced in this document or to other companies who might be said to be competitors of the company or companies referenced in this document. As a result both Hybridan LLP and the individual members, officers and/or employees who prepared this document may have responsibilities that conflict with the interests of the persons who receive this document. Hybridan LLP and/or connected persons may, from time to time, have positions in, make a market in and/or effect transactions in any investment or related investment mentioned herein and may provide financial services to the issuers of such investments. In the United Kingdom, this document is directed at and is for distribution only to persons who (i) fall within article 19(5) (persons who have professional experience in matters relating to investments) or article 49(2) (a) to (d) (high net worth companies, unincorporated associations, etc.) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (SI 2005/1529) (as amended) or (ii) persons who are each a professional client or eligible counterparty (as those terms are defined in the Financial Conduct Authority's Conduct of Business Sourcebook) of Hybridan LLP (all such persons referred to in (i) and (ii) together being referred to as "relevant persons"). This document must not be acted on or relied up on by persons who are not relevant persons. For the purposes of clarity, this document is not intended for and should not be relied upon by any person who would be classified as a retail client under the Financial Conduct Authority's Conduct of Business Sourcebook. Neither this document nor any copy of part thereof may be distributed in any other jurisdictions where its distribution may be restricted by law and persons into whose possession this document comes should inform themselves about, and observe, any such restrictions. Distribution of this report in any such other jurisdictions may constitute a violation of territorial and/or extra-territorial securities laws, whether in the United Kingdom, the United States or any other jurisdiction in any part of the world. Hybridan LLP and/or its associated undertakings may from time-to-time provide investment advice or other services to, or solicit such business from, any of the companies referred to in this document. Accordingly, information may be available to Hybridan LLP that is not reflected in this material and Hybridan LLP may have acted upon or used the information prior to or immediately following its publication. In addition, Hybridan LLP, the members, officers and/or employees thereof and/or any connected persons may have an interest in the securities, warrants, futures, options, derivatives or other financial instrument of any of the companies referred to in this document and may from time-to-time add or dispose of such interests. This document may not be copied, redistributed, resent, forwarded, disclosed or duplicated in any form or by any means, whether in whole or in part other than with the prior written consent of Hybridan LLP. Hybridan LLP is a limited liability partnership registered in England and Wales, registered number OC325178, and is authorised and regulated by the Financial Conduct Authority and is a member of the London Stock Exchange. Any reference to a partner in relation to Hybridan LLP is to a member of Hybridan LLP or an employee with equivalent standing and qualifications. A list of the members of Hybridan LLP is available for inspection at the registered office, 2 Jardine House, The Harrovian Business Village, Bessborough Road, Harrow, Middlesex HA1 3EX. * A corporate client of Hybridan LLP ** Arranged by type of listing and date of announcement *** Alphabetically arranged **** Potential means Intention to Float (ITF) has been announced, or it is a rumour Dish of the day Admissions: Smurfit Westrock (SWR.L) joined the Standard Segment of the Main Market after the reverse acquisition of Smurfit Kappa. Delistings: What’s baking in the oven? ** Potential**** Initial Public Offerings: ITF announced: 24th June 2024: Rosebank Industries: The Company aims to repeat the successful 'Buy, Improve, Sell' business model which the Rosebank Co-Founders implemented during their time at Melrose. Rosebank proposes to acquire quality industrial or manufacturing businesses whose performance may be improved. The Company’s first day of trading on AIM is expected to be 11th July 2024. The primary offer expected size is approximately £50m. Media speculation: Reverse Takeovers: Change of Market: Dual Listing: Banquet Buffet*** 88 Energy Limited 0.1075p £32.3m (88E.L) The oil and gas exploration and production Company with a North American focus announced the commencement of 2D seismic acquisition program for Petroleum Exploration Licence 93 (PEL 93) over the Owambo Basin, Namibia. 88 Energy has earned an initial 20% working interest in PEL 93 by funding the seismic program. The program has been designed to acquire a minimum of circa 200-line km of 2D seismic data, with completion expected in Q3 2024. Expected program outcomes include estimation of a maiden Prospective Resource and identification of future potential drilling locations. Aptamer Group 0.80p £3.7m (APTA.L) The developer of novel Optimer binders to enable innovation in the life sciences industry provides an update on the partnership initiated in 2022 with Unilever with the aim of treating malodour in personal care products. Following successful Optimer development, the binders have been rigorously tested, showing highly positive results. Based on these results, a patent was submitted on 28 March 2024, to protect the developed Optimer binders and give Aptamer Group precedence for the protection of the intellectual property. Work to test the Optimer binders is ongoing in Unilever's labs. Unilever plans to conduct functionality studies with people in the second half of 2024. This project is expected to be completed over the next two years, and if successful, could result in Aptamer licensing the Optimer binders to Unilever. Biome Technologies 37.5p £1.4m (BIOM.L) The bioplastics and radio frequency technology business provides a trading update. As a consequence of the delays to the Bioplastics division's revenues, the Board now believes that Group revenues for the year ending 31 December 2024 will be materially below current market expectations. The Board anticipates that the reduction in revenue will be partially offset by higher margins and lower overheads and that the Group will now make a small loss before interest, taxation, depreciation, amortisation and share option charges (Underlying LBITDA) for the year ending 31 December 2024. As of 30 June 2024, the Group had an unaudited cash balance of £0.6m (26 April 2024: £0.6m), no bank debt and convertible loan notes outstanding of £1.3m. Huddled Group 2.85p £9.1m (HUD.L) The circular economy e-commerce group announces it has taken a controlling stake of 75% of the equity in Boop Beauty Limited, an e-commerce business specialising in surplus beauty and cosmetic products. Huddled will pay a modest sum for the stake roughly equivalent to the value of stock on hand, with a commitment to inject further capital for growth. With limited capital at its disposal, Boop delivered 558 orders in Q2 2024, with an average order value of circa £39. Huddled believes that with additional investment and support, the business could be well placed for growth. Jangada Mines 1.4p £3.6m (JAN.L) The natural resources development Company with interests in Brazil and elsewhere, notes the announcement released by Blencowe Resources PLC (LON:BRES) in which it holds a c. 10% interest. Blencowe Resources' successful conversion of 600 tonnes of raw material into 30 tonnes of high-quality graphite concentrate marks a significant milestone in its ongoing efforts to advance towards final qualification. This achievement, facilitated by the expertise of Jilin New Technology Graphite Co., reinforces the world-class potential of the Orom-Cross graphite project and takes Blencowe one step closer to a Definitive Feasibility Study. Knights Group 144.75p £124.2m (KGH.L) The legal and professional services business announces its results for the year ended 30 April 2024 (FY24). Revenue increased by 6% to £150m (FY23: £142.1m) and profit before tax increased 28.6% to £14.8m (FY23: £11.5m). Net debt was £35.2m (30 April 23: £29.2m), after a cash outlay of £11.3m relating to acquisitions and a joint venture investment in Convex Corporate Finance Limited. Given the encouraging start to the year with a strong recovery in residential property, the Group is confident of delivering a meaningful improvement in organic growth in the current financial year. Quartix Technologies 160p £77.4m (QTX.L) The supplier of subscription-based vehicle tracking systems, software and services announces that it will publish interim results for the six-month period ending 30 June 2024 (the Period) on Monday 29 July 2024. The Group expects to report revenue, adjusted EBITDA, pre-tax profit and free cashflow for the period of £16.0m, £2.6m, £2.6m and £0.9m respectively. The net cash balance at period-end was £2.6m. Estimates for adjusted EBITDA and pre-tax profit are stated after recognition of approximately £0.5m of costs and provisions which are not expected to recur in the second half of 2024. The majority of these relate to operating and liquidation costs for the Konetik Deutschland GmbH subsidiary. Sabien Technology Group 11.5p £2.7m (SNT.L) The leader in Green Aggregation Strategy provides a trading update on its results for the year ended 30 June 2024 (FY24). Subject to final audit, Sabien expects to recognise revenue of approximately £0.7m (£1.1m in FY23). As of the year-end, the Company had open orders of approximately £0.06m, deferred revenue of £0.11m, and recurring Cloud revenue of £0.08m, all expected to be recognised in the current financial year. Total secured revenue at the start of the year is £0.25m. Solid State £14.65 £166.6m (SOLI.L) The specialist value added component supplier and design-in manufacturer of computing, power, and communications products announces its results for the 12 months ended 31 March 2024 (FY24). Revenue was £163.3m, up 29% (FY23: £126.5m) and adjusted profit before tax was £15.6m, up 44% (FY23: £10.8m). Net debt was £4.7m (FY23: net debt of £8.1m). The Group has maintained a strong orderbook with open orders being £89.2m at 31 May 2024, reflecting a small increase from year end. Year-to-date trading has been broadly in line with management expectations, which supports management confidence over the full year expectations. Strip Tinning Holdings 53,5p £9.8m (STG.L) The supplier of specialist connection systems to the automotive sector announces that following two and a half years with the Company, Adam Levan, Chief Financial Officer, will be resigning from his position on the Board on the 1 August 2024. Adam will remain with the Company until 16 August to oversee an orderly handover. The Company also announces that it has appointed Kevin Edwards to the role of Chief Financial Officer. Kevin will join the Company and Board on 1 August 2024. Kevin is an established finance director with over 25 years' experience working in high growth manufacturing and technology companies, particularly in the automotive sector.

SOLI SNT QTX KGH JAN BIOM

  • 08 Jul 24
  • -
  • Hybridan
Solid State - Full year results in-line following exceptional year in Systems

Solid State is a specialist value added component supplier and design-in manufacturer of computing, power and communications products. This morning, the group has announced full year results for the year ended 31 March 2024, illustrating a stellar year for the group, with Revenue and PBT increasing 29% and 44% respectively on the back of an exceptional year for the Systems division. Revenue in the Systems division increased more than 80% YoY, benefiting from particularly strong demand in Defence and Security sectors, including significant orders for communications equipment through NATO completed within the year. Adjusted PBT increased to £15.6m (WHI est. £14.9m, FY22: £7.2m), reflecting the growth in revenue and operational gearing, which saw operating margin increase to 10.4% from 9.2%. With trading in the year to date reported to be broadly in-line with expectations, we leave FY2025E forecasts unchanged this morning, noting that these reflect the impact of the earlier than expected delivery of a large £10m order within FY24A. Introducing forecasts for FY26E this morning, we highlight excellent prospects for the group across its businesses, notably with the investment in its new “Integrated Systems” facility for the Defence and Security market. We see fair value at 1,650p.

Solid State plc

  • 08 Jul 24
  • -
  • Zeus Capital
Solid State - Record FY24 result: FY25E in-line with expectations

FY24 results show a record year and performance, with profits upgraded twice in the year. The results were slightly ahead of our adj PBT expectations, with net debt lower than expected. The Systems division posted a fantastic result boosted by the delivery of the large contract just prior to the year-end, and therefore FY24 should be seen as a super normal year. The Components division experienced softer trading but remained profitable. The outlook points to FY25 being on track to meet our existing Adj PBT expectations, with a slight upgrade to dividend and reduction in net debt now factored in. We maintain our 1620p target price, the shares are well rated given the gap year of earnings in FY25E but have an attractive investment case building for future years.

Solid State plc

  • 08 Jul 24
  • -
  • Cavendish
Solid State - Capital Markets event shines light on strong prospects and diversification

Solid State is a specialist value added component supplier and design-in manufacturer of computing, power and communications products. Yesterday, the group held a Capital Markets event, providing a deeper dive into its Components and Systems divisions, reinforcing our view that this remains a high-quality business with excellent growth prospects. Following both organic investment and a number of successful acquisitions over the past few years, the group presented its recently rebranded Components division as “Solsta”, a business that benefits from market leading expertise in several growth product areas (IoT, Edge computing, AI), and longstanding customer relationships. In the Systems division, SOLI has considerable experience in producing specialist equipment for demanding environments, a skillset that has supported strong relationships in the Defence and other markets. Key themes to emerge from the event include the group's diverse exposure in Defence, Industrial, Transport and Medical markets, continued investment in the business including key manufacturing and assembly facilities soon to be brought onstream, and positive underlying growth in end markets as a whole. With progressive forecasts underpinned by over 55% order book coverage and strong prospects beyond this, we see fair value for the shares at 1,650p.

Solid State plc

  • 23 May 24
  • -
  • Zeus Capital
Solid State - Anticipating record adjusted PBT in FY24

Solid State’s trading update affirms the sustained strength in demand throughout H224, resulting in record FY24 revenue and adjusted PBT ahead of prior consensus of £155m and £12.5m, respectively. This is attributable to the earlier-than-expected delivery of a NATO contract. As a result, consensus FY24 revenue and adjusted PBT estimates have been raised by c 6% and c 20%, with respective FY25 estimates declining commensurately.

Solid State plc

  • 02 Apr 24
  • -
  • Edison
Solid State (SOLI) - Strong run in to year-end with Systems sales ahead of expectations

Solid State is a specialist value added component supplier and design-in manufacturer of computing, power and communications products. This morning, the group has provided a trading update for the year ended 31 March 2024, reporting the earlier than expected delivery of specific contracts within its Systems division and resulting in the group's FY 2024E revenue and PBT outturn anticipated ahead of our forecasts, with a commensurate decrease in our FY 2025E estimates. The delivery of these contracts caps off an excellent year for the Systems division as a whole, with divisional revenue expected to be c.80% ahead of the prior year, in part driven by high demand in the security and defence sectors. We adjust our forecasts this morning to account for these contracts and we now forecast FY 2024E PBT of £14.9m (from £12.5m), with our FY 2025E PBT estimate falling commensurately to £10.1m. While our headline estimates move lower in FY 2025E, we remain confident in the group's long-term trajectory, with a strong position as a specialist supplier and manufacturer of high-performance products in growth markets - as demonstrated by the group's exceptional growth record to date (23% EPS CAGR since FY 2019A). With prospects underpinned by robust order book cover of over 55% and management reporting strong mid-term opportunities, we continue to see further upside to the shares and maintain fair value at 1,650p.

Solid State plc

  • 27 Mar 24
  • -
  • Zeus Capital
Solid State - Early delivery of order boosts FY24 EPS by 18% to new record

The group’s year-end update flags trading ahead of expectations, achieved by strong growth in its Systems division, with the earlier than expected delivery of a NATO contract just prior to the year-end that pulls forward profit into FY24 making it a record year. Components continue to see a normalisation of orders and slower demand as previously flagged. Order cover is strong and further opportunities in the defence/security sector are leading to investment in Integrated Systems capabilities. Reflecting the early contract delivery, we raise FY24E EPS by 18%, with FY25 reduced by 21%. FY25 expectations are conservatively pitched and provide a firm base on which additional contract opportunities should provide upside.

Solid State plc

  • 27 Mar 24
  • -
  • Cavendish
Solid State - Robust platform for growth trading at a 25%+ discount to peers

Solid State (SOLI) is a specialist, value-added component supplier and design-in manufacturer of computing, power and communications products. We believe that the business is well placed to continue to deliver over the next few years, driven by underlying growth across a number of its core markets, alongside a successful bolt-on acquisition strategy. Interim results in December were positive, continuing an impressive run of form over the last few years. With Custom Power, SOLI's largest acquisition to date, now bedding in well following its acquisition in August 2022, the group has added strength in its key strategic battery offering, continuing an excellent record of earnings-accretive M&A. Our near-term forecasts are supported by a strong order book with longstanding relationships across a diversified customer base, while the robust balance sheet and cashflow profile position the group well for further M&A, as suitable targets arise. The shares now trade at a 25%+ discount to the peer group PER multiple, which we view as unjustified given the quality of the business and its growth prospects. We see fair value for the shares at 1,650p, which would imply a Yr-2 P/E of 20x.

Solid State plc

  • 31 Jan 24
  • -
  • Zeus Capital
Solid State - Returning to trend growth

Solid State has confirmed the strong H124 performance, boosted by a full period contribution from Custom Power combined with the benefit of delivering the NATO contract. Despite the continuing challenges we expect organic growth to resume from the lower trend level of profit excluding the NATO uplift from H224. Following the recent 5% uplift for both revenue and PBT, FY24 guidance and market consensus estimates are unchanged.

Solid State plc

  • 06 Dec 23
  • -
  • Edison
Solid State - nterim results illustrate a strong trading performance; on track for the full year

Solid State is a specialist value added component supplier and design-in manufacturer of computing, power and communications products. This morning, the group has released interim results to 30 September 2023, illustrating strong growth at both the revenue and PBT levels, with the Board reaffirming confidence in meeting full year expectations. H1 2024 revenue increased by 48% to £88.1m, driven in part by a £23.4m contribution from specific contracts within defence and security, with adjusted PBT +38.8% to £7.3m. SOLI reports a strong order intake in the period, resulting in the order book at the end of October standing at a healthy £108.6m and supporting our full year expectations, which we leave unchanged following recent upgrades in October. Looking ahead, we view the group as very well positioned, with supply chains normalising, continued progress in developing new products and geographies, and underlying growth in a number of the group's key markets – defence, internet of things (IoT), medical, and smart batteries being flagged as areas with strong demand/new design wins in H1. With the shares trading at a ca. 20% discount to peers, we see potential for further upside and see fair value at 1,550p.

Solid State plc

  • 05 Dec 23
  • -
  • Zeus Capital
Solid State - Strong interim results – trading in line with FY24 expectations

The group delivered a strong set of interims, boosted by a full contribution from Custom Power (CP) and its large military contract delivery. Organic growth was over 35%, with an improvement in underlying margins, albeit with the margin mix diluted by the military contract delivered. As flagged, H1 order intake saw some customer destocking, although there may be some early signs this could be abating. Even so trading remains resilient. The outlook points to trading in line with recently upgraded FY24 expectations - we maintain existing forecasts. While recent share price recovery has narrowed the valuation gap to its peers, we still see upside to our 1620p TP, with an ambitious team and a strong balance sheet looking for further EPS-enhancing growth opportunities.

Solid State plc

  • 05 Dec 23
  • -
  • Cavendish
Solid State - Strong organic development in H124

Solid State has made an excellent start to FY24 with strong continuing organic growth in H124 enhanced by a full period contribution from Custom Power. As a result, management anticipates better-than-expected revenues and PBT for the full year with market consensus rising by c 5% to £155m and £12.5m, respectively.

Solid State plc

  • 31 Oct 23
  • -
  • Edison
Hybridan Small Cap Feast - 30 Oct 23

30th October 2023 @HybridanLLP Status of this Note and Disclaimer This document has been issued to you by Hybridan LLP for information purposes only and should not be construed in any circumstances as an offer to sell or solicitation of any offer to buy any security or other financial instrument, nor shall it, or the fact of its distribution, form the basis of, or be relied upon in connection with, any contract relating to such action. This document has no regard for the specific investment objectives, financial situation or needs of any specific entity and is not a personal recommendation to anyone. Recipients should make their own investment decisions based upon their own financial objectives and financial resources and, if any doubt, should seek advice from an investment advisor. The information contained in this document is based on materials and sources that are believed to be reliable; however, they have not been independently verified and are not guaranteed as being accurate. 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Any reference to a partner in relation to Hybridan LLP is to a member of Hybridan LLP or an employee with equivalent standing and qualifications. A list of the members of Hybridan LLP is available for inspection at the registered office, 2 Jardine House, The Harrovian Business Village, Bessborough Road, Harrow, Middlesex HA1 3EX. *A corporate client of Hybridan LLP ** Arranged by most recent first *** Alphabetically arranged Dish of the day Joiners: Adsure Services has joined the Access Segment of the AQSE Growth Market today. Leavers: EMIS Group has left AIM today. What’s cooking in the IPO kitchen?** Tekcapital announced intention to spin off and IPO on 2 October: MicroSalt, the developer of salt-producing technology designed to deliver full flavor with less sodium, announces the launch of an exempt public offer of shares to retail investors for up to £2.5m via PrimaryBid as part of its spin out from AIM listed Tekcapital plc (TEK.L). Microsalt announced revenues of US$0.638m in 2022, its first year of retail sales of SaltMe Crisp brand and Microsalt salt shakers in US based supermarkets and through Amazon US. AIM Admission delayed, expected mid-November. . Our daily digest of news from UK listed Small and Mid caps Banquet Buffet*** 88 Energy 0.35p £69.3m (88E.L) The oil and gas exploration and production company with a North American focus announces that it has recently engaged the independent resource certifier, Netherland, Sewell & Associates, Inc (NSAI) following Pantheon Resources Plc declaring a significant contingent resource for the Lower Basin Floor Fan (BFF). The BFF reservoir was the deepest of the multiple hydrocarbon-bearing pay zones intersected during the drilling and logging of the Hickory-1 exploration well. NSAI will assess the BFF reservoir at Project Phoenix for a maiden contingent resource estimate based on Hickory-1 results and nearby offset well results, which may lead to the Hickory-1 being confirmed as a discovery. Aura Energy 15.25p £103.0m (AURA.L) The minerals company with a portfolio of uranium and polymetallic projects provides an overview of activities for the quarter ended 30 September 2023. Tiris Uranium Project continued to advance across all development workstreams, with Front-End Engineering Design (FEED) on track for completion in Q4 2023. The Häggån Project Scoping Study was released, indicating significant scale and optionality with a post-tax net present value range of US$380m-US$1,231m. The Company's cash position as of 30 September 2023 was A$8.55m. Asiamet Resources 0.9p £20.0m (ARS.L) The copper-gold exploration and development company announces an update in relation to its wholly owned, feasibility stage, BKM copper project located in Central Kalimantan, Indonesia. The final version of the Independent Technical Expert report from SRK Consulting has been issued and delivered to the prospective Lead Bank. Several prospective prepayment (offtake) finance providers remain actively engaged with another two groups recently commencing diligence. D4t4 Solutions 160p £63.8m (D4T4,L) The data solutions provider provides a trading update for the six months to 30 September 2023 (H1 FY24). Results are expected to be in line with management expectations, with revenues of approximately £13.0mn, up 60% (H1 FY23: £8.1m) and adjusted profit before tax of approx. £0.2m (H1 FY23: loss of £1.3m). Annual recurring revenue increased during the period to £17.4mn (31 March 2023: £16.7m). The cash balance at the half year end was £14.7m, and the Group remains debt free. Insig AI 20.5p £21.3m (INSG.L) The data science and machine learning company announces the launch of The Transparency and Disclosure Index (TDI). The TDI has been developed following discussions with FTSE 100 and FTSE 250 companies at CEO, CFO and Head of Investor Relations level. It also reflects feedback from data collaboration with the FCA's Techsprint. Using evidence based analysis of more than 200 million machine readable sentences from corporate disclosure documents, the TDI demonstrates what stakeholders and market participants require: how well a company is disclosing non-financial information. Inspecs Group 76p £77.3m (SPEC.L) The global eyewear and lens design house and manufacturer announces a trading update for the nine months ended 30 September 2023. Trading was in line with the Company’s expectations and revenue increased by 4.6% to £159.1m (nine months ended 30 September 2022: £152.1m). The Group has delivered strong cash generation in the Period and, as a result, net debt (excluding leases) decreased by £6.4m to £21.2m. Based on the current order book, the Board remains confident of delivering full year results in line with market expectations. Northern Bear* 57p £10.7m (NTBR.L) The group of companies providing specialist building and support services headquartered in Northern England and serving customers across the UK, provides a trading update for the six months ended 30 September 2023 (H1 FY24). The operating profit, prior to amortisation and one-off costs (in the format used in the last full year results) is expected to be in the range of £1.7m to £1.8m for the period, compared to £1.5m in H1 FY23. As at 30 September 2023, the Group had a net cash position of £0.4m (30 September 2022: net bank debt of £1.9m; 31 March 2023: net cash of £3.2m). Powerhouse Energy Group 0.305p £7.9m (PHE.L) The company pioneering integrated technology which converts non-recyclable waste into low carbon energy, makes reference to its announcement of 21 March 2023. The announcement advised that the Company had agreed Heads of Terms with Hydrogen Utopia International Plc (LON: HUI) for the proposed joint development of a non-recyclable plastic waste-to-hydrogen facility site at County Longford, Ireland. The Company has decided to defer further progress towards committing to the Longford Project while it takes stock of the final position in its negotiations with HUI. Sanderson Design 107.5p £76.8m (SDG.L) The luxury interior design and furnishings group announces a newly signed licensing agreement, in which J Sainsbury's Habitat brand will create a range of tableware and kitchen products based on Sanderson's National Trust collection of fabrics. The agreement covers the UK and Northern Ireland, and the first tableware and kitchen products will be launched in the spring of 2025. Sanderson Design Group will receive a royalty on Habitat's sales, which will be shared with the National Trust to further support their work in line with the Company's Live Beautiful strategy. Solid State 1,165p £132.0m (SOLI.L) The specialist value added component supplier and design-in manufacturer of computing, power, and communications products announces a trading update for the six months ended 30 September 2023 (1H FY23). Revenues were approximately £88.0m (1H FY22: £59.4m). Adjusted profit before tax was at least £7.0m (1H FY22: £4.2m). The open order book at the end of September remained robust at £99.7m (30 September 2022: £112.5m) with circa 60% expected to be delivered in the current financial year. The shorter lead times will enable more efficient conversion of the order book into billings. If you would like to unsubscribe, please email enquiries@hybridan.com with “unsubscribe me”. Hybridan Chefs research@hybridan.com

SOLI BCOW ARS AEE INSG NTBR SDG PHE SPEC TGIF CLBS

  • 30 Oct 23
  • -
  • Hybridan
Solid State (SOLI) - Forecasts upgraded on positive H1 trading update

Solid State is a specialist value added component supplier and design-in manufacturer of computing, power and communications products. This morning, the group has released a trading update for H1 2024 (period ended 30 September 2023) illustrating a strong period for the group, with organic revenue growth of 35%, PBT up 67% and a positive movement in net debt. The better-than-expected performance was attributable to £23m revenue contribution from specific contracts within defence and security – an area in which Solid's Systems division benefits from longstanding relationships and a strong reputation – and a full period contribution from Customer Power, completed August 2022. Order intake for H1 is reported to have been robust, particularly within defence, while the normalisation of Solid's order book at lower levels is to be expected given shorter lead times within the sector. Following a strong H1, we have raised our FY2024E revenue and PBT expectations by 5.4% and 5.0% respectively, leaving FY2025E unchanged at present reflecting the completion of defence contracts within FY2024E. With the share price down 22% from a peak earlier this year and trading at a ca. 30% discount to peers, we see the current price as a compelling entry point for the shares. Our fair value estimate stands at 1,550p.

Solid State plc

  • 30 Oct 23
  • -
  • Zeus Capital
Solid State - Stronger H1 – FY24E marginally ahead – EPS upgrade 5.3%

The group has posted an encouraging H1 trading update, with strong organic revenue growth driven by robust security and defence deliveries as well as a full contribution from Custom Power. Shorter component lead times continue to shorten customer ordering patterns. We are upgrading FY24E EPS by 5.3% to 85.4p, no change to FY25E at this point. We increase our TP in-line with EPS to 1620p, with the shares currently attractively rated on a FY25E P/E of 13.0x, being a 18% discount versus DSCV. We see plenty of upside as potential M&A opportunities accelerate future growth.

Solid State plc

  • 30 Oct 23
  • -
  • Cavendish
Solid State - AGM Statement: Trading in line with expectations

Solid State is a specialist value added component supplier and design-in manufacturer of computing, power and communications products. This morning, the group has released an AGM update, reporting strong trading across its divisions and confidence in meeting full year expectations for the year ended 31 March 2024. Order intake is reported to be particularly strong in the security and defence sector, with the group also reporting that the previously announced NATO contracts - together totalling £17.1m – for supply communications equipment have now been substantially delivered. The group continues to make progress in the high growth battery systems market, enhanced through the acquisition of US based Custom Power in August 2022, and with integration progressing well. The order book remains strong at £101.1m (July 2023 £116.2m), with c.65% of this expected to be delivered in the current financial year, and reflecting both the delivery of the NATO contracts and a normalisation of supply chains following the pandemic.

Solid State plc

  • 06 Sep 23
  • -
  • Zeus Capital
Solid State - Positive AGM update – trading in line with upgraded forecasts

The group’s AGM statement highlights that trading performance has remained robust with a good start made to FY24. It continues to see strong growth in the security & defence sector, with good growth opportunities in medical. The Custom Power acquisition is bedding in well and enhancing growth, with US/UK collaboration driving forward integration gains and product opportunities. Improved H1 cashflow will continue to reduce net debt, with the order book and working capital progressively reflecting the normalisation of supply chains. Overall, the Board is confident of meeting recently upgraded forecasts. We maintain our 1535p TP, offering good upside to the FY25E P/E valuation at 15.6x, which indicates a 21% discount to discoverIE, its closest peer. We continue to see strong growth prospects, with good scope to leverage its strong balance sheet to deliver EPS-enhancing acquisitions.

Solid State plc

  • 06 Sep 23
  • -
  • Cavendish
Solid State - Positive trading momentum carried into FY24

Solid State confirmed record revenues and adjusted PBT in FY23. The positive momentum is continuing into FY24 with a consequent increase in guidance for revenue growth of c 15% and adjusted PBT of c 10%. As a result, consensus estimates for FY24 revenue have increased by 11% to £147m and adjusted PBT has been raised by c 5% to £11.9m.

Solid State plc

  • 10 Jul 23
  • -
  • Edison
Solid State - Full year results marginally ahead; positive Q1 trading performance

Solid State is a specialist value added component supplier and design-in manufacturer of computing, power and communications products. This morning, the group has released full year results to 31 March 2023, marginally better than our forecasts, and with Custom Power continuing to perform in line with management's expectations since it was acquired in August 2022. Trading since year-end is reported to have been strong, and with good order visibility, revenue is expected to increase by 15%+ and PBT by c.10% in the current financial year. Following the results, we have raised our FY 2024E revenue and PBT expectations by 8.7% and 4.4% respectively, while our EPS estimate remains unchanged, reflecting a higher anticipated tax charge. With the shares remaining at an unjustified discount to peers, and with the Board targeting CAGR in TSR of 20%+, we see valuation multiples presently ascribed as undemanding. Our estimate of fair value stands at 1,550p.

Solid State plc

  • 04 Jul 23
  • -
  • Zeus Capital
Cenkos: Solid State Plc -- Strong FY23, raised FY24E outlook

Solid State has released strong results for FY March 2023. The company has also issued a positive outlook statement which reflects a strong order book, and good progress on customer contracts including the NATO defence contracts announced in November 2022. We raise our FY24E revenue and PBT forecasts and maintain a BUY rating.

Solid State plc

  • 04 Jul 23
  • -
  • Cavendish
Solid State - Results slightly ahead of forecast – modest FY24 EPS upgrade

FY23 results were slightly ahead of expectations, with a strong finish to the year. Growth came partly from the transformational Custom Power acquisition, with organic growth a very creditable 30%. The current year has started well. The order book supports a robust H1 (helped by the timing of the large NATO order) and year as a whole. Notwithstanding ongoing market challenges, management guides to YoY revenue growth in excess of 15% and 10% YoY growth in adj PBT. We conservatively raise our FY24 EPS forecast by 1.6% to 81.1p. The shares trade at a discount to its peers, offering strong growth and a rerating opportunity. We maintain our TP at 1,535p.

Solid State plc

  • 04 Jul 23
  • -
  • Cavendish
Cenkos: Solid State Plc -- Solid Supply Chain

Solid State has a track record of delivering consistent growth in revenue and earnings, supported by secular organic growth drivers and a successful strategy of targeted acquisitions. We examine the customer industries, the company's technology specialisms and the financial performance drivers. Solid State is well positioned to continue delivering growth and shareholder value creation over the medium-term. We initiate coverage with a BUY.

Solid State plc

  • 31 May 23
  • -
  • Cavendish
Solid State - Expecting record adjusted PBT in FY23

Solid State’s trading update confirms that trading continued strongly during H223, resulting in record revenues of c £125m and adjusted profit before tax of at least £10.5m in FY23. Consensus PBT estimates for FY23 and FY24 have not been changed, but consensus revenue estimates have been raised by 4% and 2%, respectively, for FY23 and FY24.

Solid State plc

  • 05 Apr 23
  • -
  • Edison
Solid State - Year-end update – trading marginally ahead of expectations

Solid State is a specialist value added component supplier and design-in manufacturer of computing, power and communications products. This morning, the group has released a year-end update pointing to results for the year to 31 March 2023 marginally better than our forecasts. Revenue in the year increased by c.47% to c.£125m (WHI est. £120.6m), resulting in adj. PBT of at least £10.5m (WHI est. £10.4m) and with the order book standing at £120.1m as at 31 March 2023 (30 September £117.8m). Custom Power is reported to be performing in line with management's expectations, although as a result of supply chain challenges, the stretch target in order to achieve the higher acquisition earn-out hurdle is unlikely to be reached, thus reducing the acquisition consideration for Solid State by $5.0m. On the back of today's update, we adjust our revenue and margin expectations accordingly, leading to a 1% increase in our 2-year EPS forecasts, while our year-end net debt estimate is reduced to reflect the lower deferred acquisition consideration. Our estimate of fair value for the shares remains at 1,550p.

Solid State plc

  • 04 Apr 23
  • -
  • Zeus Capital
WH Ireland: Solid State (SOLI) - Interims – continuing positive momentum; 2-year EPS estimates +8.1% and +2.8%

Solid State is a specialist value added component supplier and design-in manufacturer of computing, power and communications products. This morning, the group has released interim results to 30 September 2022, illustrating another positive period of trading, reporting both strong demand and operating margin expansion. Importantly, the integration of Custom Power, which was acquired in early August and has provided a step change in the geographic diversification of the business, is proceeding to plan. With Solid State pointing to strong trading in Q3 and the order book increasing by a further 4.7% to £117.8m since the end of September, including the two recently announced NATO defence contracts, the Board now anticipates the year-end outturn to be ahead of current market expectations. As such, on the back of today's results, we raise our 2-year EPS expectations by 8.1% and 2.8% respectively. An inline peer group Yr-2 PER multiple of 19.2x would imply fair value for the shares at 1,550p.

Solid State plc

  • 06 Dec 22
  • -
  • Zeus Capital
Solid State - Record customer demand

Solid State’s H123 results show strong revenue growth (51% y-o-y) and order intake (up 32% vs end-FY22) reflecting 31% organic growth in constant currency, as well as the acquisition of United States-based Custom Power and currency tailwinds. Trading since the period end has been ahead of management expectations, so consensus EPS estimates have been raised by 9% and 3% for FY23 and FY24, respectively.

Solid State plc

  • 06 Dec 22
  • -
  • Edison
Solid State - Interim results – upgrades to FY expectations

Solid State has reported a strong set of H1 results reflecting a solid performance against a harsh backdrop of challenges affecting the global supply chain, with revenue growth of 51% and adj. PBT growth of 60%. The period included the transformational acquisition of Custom Power alongside an oversubscribed placing. Strong trading post-period end alongside a contract win and significant follow-on order announced last month, show good momentum into H2 and lead us to upgrade forecasts for FY23 and FY24. Our unchanged target price of 1,535p offers 18% upside.

Solid State plc

  • 06 Dec 22
  • -
  • Cavendish
WH Ireland: Solid State (SOLI) - Follow on £9.8m NATO Defence Contract provides further order coverage for FY 2024E

Solid State is a specialist value added component supplier and design-in manufacturer of computing, power and communications products. Following on from last week's announcement of a £7.3m contract through the NATO Support and Procurement Agency to supply communications equipment to a defence customer (expected to be delivered in the current financial year), this morning, the group has announced a follow on contract worth £9.8m due for delivery in the year to 31 March 2024.

Solid State plc

  • 22 Nov 22
  • -
  • Zeus Capital
WH Ireland: Solid State (SOLI) - £7.3m NATO contract win highly supportive of full year expectations

Solid State is a specialist value added component supplier and design-in manufacturer of computing, power and communications products. This morning, the group has announced via RNS Reach a contract to supply communications equipment by the NATO Support and Procurement Agency (NSPA) through its Systems division, with the contract value of £7.3m expected to be delivered within the current financial year (to 31 March 2023).

Solid State plc

  • 14 Nov 22
  • -
  • Zeus Capital
Solid State - Exceptionally strong start to year

FY23 has started extremely well for Solid State with strong revenue growth and order intake supported by the acquisition of US-based Custom Power, which completed in August. Following management guidance that FY23 PBT should be marginally ahead of market expectations, consensus PBT estimates have been nudged up by 2% for FY23 and 3% for FY24.

Solid State plc

  • 26 Oct 22
  • -
  • Edison
Solid State (SOLI) – Positive H1 trading update; 2-year EPS expectations raised 4.4% and 2.6%

Solid State is a specialist value added component supplier and design-in manufacturer of computing, power and communications products. This morning, the group has released a positive H1 update for the six months to 30 September 2022, pointing to a very strong start to the year both for the underlying business and for Custom Power during the two months of ownership. While revenue has benefitted from the increase in the US$, strength in underlying demand has continued, with H1 2023E constant currency organic revenue growth anticipated of c.30%, while the LFL combined order book of the enlarged group moved c.12% higher to £112.5m (book to bill 1.14:1.00, CP $21m). While mindful of the current backdrop, we have raised our 2-year revenue forecasts by 8.9% and 3.6% respectively, with our EPS estimates increasing by 4.4% and 2.6%, and see scope for these to be raised further in due course. Our estimate of fair value for the shares stands at 1,400p.

Solid State plc

  • 26 Oct 22
  • -
  • Zeus Capital
Solid State - Half year update – flags FY PBT slightly ahead of expectations

The half year update is encouraging, with strong revenue growth (CER growth of ~30%) and order intake assisted by the accretive acquisition of Custom Power, which is trading well. The 13% stronger dollar boosts revenues, although partly offset by higher dollar input costs, resulting in a 6.1% increase to EBITDA. Higher H2 interest costs are expected, giving a £0.1m increase to FY23 adj. PBT to £9.4m. The shares continue to trade at a 21% discount to its peers, with our 1535p price target offering significant upside as the group continues to drive its value-add proposition.

Solid State plc

  • 26 Oct 22
  • -
  • Cavendish
WH Ireland: Solid State (SOLI) - AGM update points to continued positive progress

Solid State is a specialist value added component supplier and design-in manufacturer of computing, power and communications products. The group has this morning released a positive AGM update, pointing to further progress since full year results in July. Demand remains strong across all target markets with H1 2023E constant currency organic revenue growth of over 25% and the LFL combined order book of the enlarged group +8.6% at £106.8m (Custom Power £16.8m). Custom Power is reported to have traded well in the first month since completion of the acquisition, with integration into the power business unit on track. While supply chain constraints have begun to stabilise, both these and inflationary challenges will need to continue to be carefully managed as they have been over the last 18-months or so. With an outturn anticipated ‘at least in-line with analyst expectations', we leave our forecasts unchanged for the time being, with the scope for these to be raised in due course. We see fair value for the shares at 1,400p.

Solid State plc

  • 07 Sep 22
  • -
  • Zeus Capital
Solid State - Five-year growth target achieved

Solid State delivered record revenues and profits during FY22, with adjusted EPS rising by 29% year-on-year to 70.6p. This is well ahead of management’s own five-year target of doubling EPS to more than 60p by 2022, giving a CAGR in total shareholder return of above 20% over the five-year period. Management is now seeking to replicate or better that achievement over the next five years to 2027.

Solid State plc

  • 29 Jul 22
  • -
  • Edison
WH Ireland: Solid State (SOLI) - Full year results in-line and strong Q1 trading; upside risk to forecasts

Solid State is a specialist value added component supplier and design-in manufacturer of computing, power and communications products. Full year results this morning read well and are in line with our upwardly revised forecasts. Both Systems and Components divisions performed well, with very positive contributions in the year from Willow Technologies and Active Silicon acquisitions. Looking ahead, Q1 FY23 trading is reported to be strong, with billings up 31% on a like for like basis and the order book as at 31 May, excluding Custom Power, at £89.7m illustrating year on year underlying growth of 75.9%. While global supply chain and inflationary challenges will need to continue to be managed, management has shown its capacity to navigate these well over the last 18-months or so. At this early stage in the year, we leave our forecasts unchanged, with the risk very much toward the upside. We believe that the 25%+ discount to the peer group PER multiples is unjustified and see fair value for the shares at 1,400p.

Solid State plc

  • 27 Jul 22
  • -
  • Zeus Capital
Solid State - FY results in line – strong prospects from CP & organic growth

FY22 results were in line and flagged in trading updates. They show solid organic growth and recovery, also gaining a full-year contribution from the acquisitions of Active Silicon and Willow. The record order book provides strong momentum for the current year despite continuing market challenges. The recent acquisition of Custom Power is a game-changer, adding scale, geographic diversity and some important multinational OEM customer accounts. The acquisition is 6% EPS accretive before medium-term synergies. No change to forecasts or 1535p target price. The current rating offers good upside as growth and acquisitive activity presents further opportunities.

Solid State plc

  • 27 Jul 22
  • -
  • Cavendish
Solid State - Step change in Power capabilities

Solid State is acquiring Custom Power, a California-based battery systems manufacturer and energy solutions provider, for up to $45.0m (c £36.0m) in cash. It is raising up to £27.2m (gross) through a placing and open offer at 1,025p/share to partly finance the acquisition. Management believes that the acquisition will be earnings enhancing in its first full year (FY24).

Solid State plc

  • 14 Jul 22
  • -
  • Edison
WH Ireland: SOLID STATE (SOLI) Custom Power acquisition – delivering against the key strategic

Solid State Custom Power acquisition – delivering against the key strategic pillars

Solid State plc

  • 13 Jul 22
  • -
  • Zeus Capital
Solid State - Custom Power EPS-enhancing acquisition & placing complete

The group is set to acquire Custom Power (CP) for up to $45m (£36m), to be part financed by a placing and open offer raising £28.25m (revised upwards), plus debt. Custom Power is an attractive business based in California, USA that looks to be a transformational deal, as it helps internationalise the group and enhances the group’s position in the battery and power technology market where growth is accelerating and expected to give a CAGR>10%. CP has attractive customer niches in aerospace, defence and medical that complement the group’s existing market positions. Following a string of contract wins and two upgrades for FY22 following positive trading updates, this deal is 6.0% earnings enhancing in FY24, marking a step change in its growth strategy. We raise our PT from 1485p to 1535p, based on a P/E of 21.2x in FY23, followed by 19.9x in FY24 and offering significant upside to current levels.

Solid State plc

  • 13 Jul 22
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  • Cavendish
Solid State - EPS-enhancing acquisition of Custom Power & placing

The group is set to acquire Custom Power (CP) for up to $45m (£36m), to be part financed by a placing and open offer raising £27.0m, plus debt. Custom Power is an attractive business based in California, US that looks to be a transformational deal, as it helps internationalise the group and enhances the group’s position in the battery and power technology market where growth is accelerating and expected to give a CAGR>10%. CP has attractive customer niches in aerospace, defence and medical that complement the group’s existing market positions. Following a string of contract wins and two upgrades for FY22 following positive trading updates, this deal is 7.1% earnings enhancing in FY24, marking a step change in its growth strategy. We raise our PT from 1485p to 1535p, based on a P/E of 21.0x in FY23, followed by 19.7x in FY24 and offering significant upside to current levels.

Solid State plc

  • 12 Jul 22
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  • Cavendish
Hybridan Small Cap Feast 20/06/2022

Joiners: No Joiners Today. Leavers: Tungsten Corp and Sensyne Health have both left AIM. Hibernia REIT has left the Main Market. What’s cooking in the IPO kitchen? Visum Technologies seeking admission to The AQSE Growth Market. The Company's business is to own and operate an "on-ride" video and photographic camera system that it sells and/or licenses to customers (being theme parks, ride manufacturers, souvenir imaging providers, and other leisure operators). Due 30 June. LifeSafe Holdings, a fire safety technology business with innovative fire safety products, intends to join AIM. LifeSafe has developed what the Directors believe to be market disrupting, eco-friendly fire safety protection products to both protect (via fire extinguishers) and detect (via carbon monoxide, smoke and heat alarms) fires. At the centre of the Group's product range is the FER1000 extinguishing fluid, which has been developed by LifeSafe to extinguish five different types of fire: electrical, paper, textiles, cooking oil, and petrol and diesel. The Group's best-selling product using this patent pending extinguishing fluid is the StaySafe 5-in-1 fire extinguisher. It was launched on Amazon Prime in the UK in August 2021 and subsequently became Amazon Prime's top selling fire extinguisher in the UK in the same month. In n the year ended 31 December 2021, the Group generated revenues of £670k and a loss post taxation of £1.5m. £3m to be raised. Due early July 2022. Altona Rare Earths, the AQSE listed mining exploration Company focused on the evaluation, acquisition and development of Rare Earth Elements mining projects in Africa, intends to join the Main Market. Admission to trading of the Company's Ordinary Shares on the AQSE Growth Market will be cancelled simultaneously with Admission. It is also proposed that on Admission, the Company will change its EPIC from AQSE:ANR to REE. The Company also seeks to raise funds to finance its current and future rare earths mining projects in Southern and Eastern Africa. Due June 2022. Our daily digest of news from UK listed Small and Mid caps Banquet Buffet Agronomics 17.3p £168.7m (ANIC.L) The listed company focused on the field of cellular agriculture, has led the founder's round of Liberation Labs Holdings Inc through an initial investment of US$ 627k for a 47% equity stake. Liberation Labs aims to become the global leader of precision fermentation with purpose-built production facilities for industrial biotechnology. The investment will be made using funds from the company's own resources. Agronomics and CPT Capital LLP, two of the most prominent and active investors in the field of cellular agriculture have come together with Liberation Labs' co-founders Mark Warner, CEO, and Etan Bendheim, CBO, to address the pressing need for modern full-scale precision fermentation facilities. Investment in precision fermentation companies within the cellular agriculture sector has been increasing, with US$1.7bn raised in 2021 alone. In the US, Agronomics' and CPT Capital's portfolio companies, including Perfect Day, The EVERY Company, Motif FoodWorks and Geltor are already generating revenues from their precision fermentation produced proteins, which are on the market in the form of dairy, egg and other proteins such as collagens. As more companies look to commercialise and scale-up, there is a need for large-scale, cost competitive manufacturing capacity. Alien Metals 0.7p £33.3m (UFO.L) The global minerals exploration and development company, has completed the acquisition of 100% of the Vivash Gorge Iron Ore Project in the Pilbara region of Western Australia from ASX-listed Zenith Minerals Ltd (ASX:ZNC) (Zenith), having satisfied all conditions in the Binding Heads of Agreement (See announcement of 30th May 2022). Bill Brodie Good, CEO & Technical Director of Alien Metals, commented: "We are pleased to have completed the acquisition of the Vivash Gorge Iron Ore Project from Zenith Minerals. We thank the team at Zenith for their support in this process and look forward to getting on the ground in the coming quarter. We feel it's a great fit to our iron ore portfolio which adds further potential to the Company's growth in the high grade iron ore sector." Forward Partners 50p £67.3m (FWD.L) The London-based investment firm updated on its full-year expectations for the valuation of its Ventures portfolio. Since its February Update, the Company has experienced downward pressure on the valuations at which it holds its investments and expects valuations to remain under pressure during the course of FY22, driven primarily by changes in the valuation basis where funding rounds have been delayed and by declining share prices of the broader listed peer groups. Whilst acknowledging there is still significant uncertainty the Board now expects to report a mid-to-high twenties percentage point decline in its Ventures portfolio valuation at the half-year, down on the previous market guidance of circa £117m for 31st December 2021. The Company has significant cash reserves (£31m at the FY21 year-end), which together with the Group's existing cost base, are being conservatively managed. Many companies within the portfolio hold strong balance sheets and the Group will continue to carefully deploy existing resources to support growth at its investments. The Group expects to continue to find attractive new investment opportunities in what is becoming a more favourable climate for in-price valuations. Forward's portfolio demonstrated strong performance through 2021, and good momentum in the first half of 2022. The Company reiterates that it remains confident in the longer-term growth prospects of its portfolio, and notes that Venture is an inherently disruptive alternative asset class where performance is weakly correlated with share prices of publicly traded technology companies. Gemfields 17.8p £206.0m (GEM.L) Gemfields announced the results of a ruby auction comprised of seven sequential mini-auctions held in Bangkok during the period 30 May - 17 June 2022. The auction delivered all-time high auction revenues for any Gemfields auction and contained a selection of grades that are typically offered at Montepuez Ruby Mining Limitada's auctions of mixed quality rubies. Following the viewings, the auctions took place via an online auction platform specifically adapted for Gemfields and which permitted customers from multiple jurisdictions to participate in a sealed-bid process. The rough rubies were all extracted from the mining licence held and operated by MRM (which is 75% owned by Gemfields and 25% by Mozambican partner Mwiriti Limitada). The proceeds of this auction will be fully repatriated to MRM in Mozambique, with all royalties due to the Government of the Republic of Mozambique being paid on the full sales prices achieved at the auction. Total auction revenues of USD 95.6m, an all-time high for any Gemfields auction. Average price of USD 246.69 per carat, a new record for any mixed quality ruby auction. Of the 119 lots offered, 112 were sold (94.1%). 63.5% of the carats offered at the auction were sold. The 16 auctions of MRM rubies held since June 2014 have generated USD 827.1m in total revenues. IOG 24.3p £127.1m (IOG.L) The Net Zero UK gas and infrastructure operator focused on high return projects, provides an update on current activities and operational guidance for the remainder of 2022. Andrew Hockey, CEO of IOG, commented: "I am pleased to say that Saturn Banks production continues to be restored as planned, up to 54 mmscf/d gross currently from 30 mmscf/d at the start of June. We are taking the necessary actions both to improve facilities uptime and minimise restart times after any outages. Allowing for planned and unplanned downtime, we expect to produce 45-60 mmscf/d gross on average over 2H22. UK Day-ahead gas pricing remains extremely volatile, trading in a 10p to 224p/therm range this month. Our average realised price to date is 135p/therm and forward prices for this winter are increasingly elevated, closing at over 300p/therm last Friday. We expect 2022 opex to be 10-15p/therm. In parallel, the 24" extension of the Saturn Banks Pipeline System to Southwark has been successfully laid, while drilling of the Southwark East well is at an advanced stage. With Southwark expected onstream in Q4, we aim to exit 2022 with a higher, more diversified production stream. This is part of an exciting growth period ahead, with the Goddard and Kelham appraisal wells following straight after Southwark, plus a Nailsworth final investment decision and seismic re-evaluation results for the Panther/Grafton area both targeted by year end. As the government encourages reinvestment in the North Sea to support energy security, we also have a clear view of value-adding new licence targets, alongside other business development opportunities under active evaluation." OptiBiotix Health 21.3p £18.7m (OPTI.L) The life sciences business developing compounds to tackle obesity, high cholesterol, diabetes and skin care, notes the announcement (14 June 2022) by ProBiotix Health plc (AQSE: PBX), that Steen Andersen has been appointed as Chief Executive Officer (CEO), and that Steen will join the company after completing his notice period with his current employer. The Company has a 44% shareholding in ProBiotix Health. This is part of a long-planned strategy by OptiBiotix and its portfolio companies to appoint experienced industry commercial leaders to each part of the business allowing the Group CEO to focus on identifying, developing and acquiring the new technologies or companies that will provide the Group with a pipeline of products and applications to deliver future growth and market value. This structure gives shareholders exposure to multiple opportunities within the emerging microbiome space and affords the potential to deliver additional value through separate public listing of the businesses and dividend return as achieved with the listing of ProBiotix Health earlier in the year. Plant Health Care 10.3p £31.2m (PHC.L) The provider of novel patent-protected biological products to global agriculture markets, updated concerning the volume manufacture of its Harpin α based products. Signed a long-term production and supply agreement with a leading Europe-based fermentation company, securing low-cost production capacity of Harpin α , the active ingredient in its ProAct ® , Employ ® , and H2Copla ® products , to meet projected global demand. Volume production cost targets have been met, ensuring an improved gross margin for the Company and an attractive Return on Investment for customers. Continuing manufacturing of PREtec peptides within the same facility in support of new product regulatory filings and commercialization of PREtec-based products. Plexus Holdings 4p £4.2m (POS.L) The oil and gas engineering services business and owner of the proprietary POS-GRIP® friction-grip method of wellhead engineering, known for its safety, time and cost saving capabilities, has been awarded a Purchase Order for Plug and Abandonment (P&A) equipment and services from Oceaneering International Services Limited, a division of Oceaneering International Inc., a leading subsea engineering and applied technology company. The order includes tieback and subsea well control equipment together with hydraulic controls and services. The rental equipment will be used to support Oceaneering's vessel-based P&A services for a six-operator joint campaign in the Dutch Sector of the North Sea. This order is estimated to generate revenues of circa £500k for Plexus in calendar year 2023, and has the potential to lead to other similar work in the North Sea and internationally both with Oceaneering and other customers. Redx Pharma 64p £213.4m (REDX.L) The clinical-stage biotechnology company focused on discovering and developing novel, small molecule, highly targeted therapeutics for the treatment of cancer and fibrotic disease, today announces that preclinical data from three of the Company's proprietary compounds will be presented at the Extracellular Matrix Pharmacology Congress (ECM), being held in Copenhagen, Denmark, 23rd-25th June 2022. The two presentations cover data originating from Redx collaborations with prestigious international research institutes, the Garvan Institute of Medical Research (the Garvan), Australia and Ghent University, Belgium. The first presentation will highlight preclinical data from Redx's ongoing collaboration with the Garvan demonstrating the efficacy of targeting fibrosis associated with pancreatic cancer in mouse models with Redx's Porcupine inhibitor, RXC004, and a Redx proprietary ROCK2 selective inhibitor. The second presentation will detail results from a research collaboration with scientists at Ghent University assessing the efficacy of RXC008, a GI-targeted ROCK inhibitor, to suppress fibrosis as measured by histopathology and magnetic resonance imaging (MRI). Solid State 1,090p £93.2m (SOLI.L) The specialist value added component supplier and design-in manufacturer of computing, power, and communications products, has been awarded a contract to help deliver a new One Person Operation CCTV system for Transport for London, as part of the Piccadilly Line Upgrade on the London Underground Network. The new digital system will be utilised on the Piccadilly line, which will benefit from 94 new state-of-the-art Tube trains from 2025. It will allow real time IP video images of the platform edge (the "mind the gap" area) to be transmitted to, and displayed, on in-cab screens for driver awareness. Steatite will be providing custom-designed computers for use on the trains and within the wider station-based system. Carrier boards with specialist display outputs are being designed by Steatite's Imaging business, Active Silicon, to be utilised at the heart of the onboard system. The finished systems will be tested to various rail-standards using Steatite's in-house EMC testing chamber and environmental test facility, allowing de-risking of the project prior to carrying out official certification at an independent test house.

SOLI POS UFO GEM PHC 0RX

  • 20 Jun 22
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  • Hybridan
Solid State - Strong finish to FY22 to deliver record profit

Solid State’s trading update this morning notes that, following an exceptionally strong finish to FY22, it expects the group to announce a 28% increase in revenues year-on-year to a record c £85m and a 33% jump in adjusted profit before tax to c £7.2m, also a record. Consensus FY22 and FY23 adjusted PBT estimates, which were upgraded in February, have been raised by 11% and 12% respectively.

Solid State plc

  • 22 Apr 22
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  • Edison
WH Ireland: Solid State (SOLI) - Trading update – strong finish to the year results in further earnings upgrades

Solid State is a specialist value added component supplier and design-in manufacturer of computing, power and communications products. Following the group's trading update in February, when we raised our 2-year earnings expectations by c.10%, Solid State this morning reports an exceptionally strong end for the year to 31 March 2022 as positive trends in trading continued and well-publicised semi-conductor supply chain challenges were controlled. As a result, FY 2022E group revenue is now anticipated to stand at c.£85m demonstrating growth of c.28% and resulting in adjusted PBT rising by c.33% to c.£7.2m, leading us to raise our FY 2022E EPS forecast by 7.8%. Looking ahead, the order book at £85.5m illustrates growth of 106% in the year and while global supply chain and inflationary challenges will need to continue to be managed, we have raised our FY 2023E EPS expectation by a further 10.8%. Based on these revised estimates, the shares now trade at a c.25% discount to peer group PER multiples, which we believe is unjustified. Ascribing an inline Yr2 PER multiple of 19.0x to Solid State would imply fair value of 1,350p.

Solid State plc

  • 21 Apr 22
  • -
  • Zeus Capital
Solid State - YE trading ahead of expectations – 8.4% EPS upgrade

The group has announced a positive year-end trading update – continuing its recent trend of positive announcements and earnings upgrades. With a strong end to the year, trading remained robust across both Systems and Components divisions, with a strong contribution from acquisitions, with Energy and Aerospace & Defence sectors also performing well. The order book currently stands at a record £85.5m, a YoY increase of 106%. We have raised our FY22 adj EPS by 8.4% to 71.6p, with our price target rising by 8.0% from 1375p to 1485p. The shares remain attractive and deserve a higher rating given their momentum and recent track record of positive updates.

Solid State plc

  • 21 Apr 22
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  • Cavendish
Solid State - Successfully negotiating supply chain issues

Solid State’s trading update this morning notes that the strong performance achieved in both the Systems and the Components divisions during H122 has been maintained so far during H2 despite continued supply chain disruption. Consensus FY22 and FY23 adjusted PBT estimates have both been raised by 10%.

Solid State plc

  • 10 Feb 22
  • -
  • Edison
WH Ireland: Solid State (SOLI) - Trading update – year-end outturn anticipated well ahead of expectations

Solid State is a specialist value added component supplier and design-in manufacturer of computing, power and communications products. Since the group's interims in December, trading is reported to have continued to be positive against the well-publicised semi-conductor supply chain challenges facing the wider sector, with very strong trading at the recently acquired Active Silicon. As a result, group revenue is now anticipated to be slightly ahead, and PBT well ahead, of market expectations for the year to 31 March 2022, leading us to raise our FY 2022E EPS forecast by 10.3%. Looking ahead, while global supply chain challenges will still need to be successfully managed, the order book as at 31 January stood at a highly encouraging, and record, £74.1m (30 November £70.3m) and we have this morning raised our FY 2023E EPS estimate by a similar 9.8%. Based on these upwardly revised estimates, the shares now trade at a c.14% discount to peer group PER multiples, which we believe is unjustified. Ascribing an inline Yr2 PER multiple of 20.7x to Solid State would imply fair value of 1,325p for the shares.

Solid State plc

  • 10 Feb 22
  • -
  • Zeus Capital
Solid State - Positive trading update – 10% EPS upgrade

The group has announced another positive trading update, illustrating continuing positive business momentum, despite the challenges of a difficult trading environment. Activity has remained strong across both businesses, with a positive impact on margins. The order book stands at a record £74.1m, boosted by contract wins, including the recent BAE Systems contract award. After the positive update and with revenue slightly ahead of expectations, we raise our FY22 EPS forecast by 10% and are lifting our TP in line with this, from 1260p to 1375p. Today’s announcement should be well received by the shares, which have drifted recently due to general market weakness. We see decent scope for further expansion of the PE rating over time.

Solid State plc

  • 10 Feb 22
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  • Cavendish
Solid State (SOLI) - Interims – record period despite supply chain challenges; EPS estimates unchanged

Solid State is a specialist value added component supplier and design-in manufacturer of computing, power and communications products. Interim results this morning read well, illustrating both a record six-month period, including very strong performances from both Willow Technologies and Active Silicon acquisitions, and an order book as at 30 November standing at a record £70.3m. While global supply chain challenges will continue to need to be successfully managed, the Board remains confident of meeting full year expectations. As such, we leave our two-year earnings forecasts unchanged, seeing scope for these to be raised in due course, while increasing our full year dividend expectation to 19.0p/+11.8%. Our estimate of fair value for the shares stands at 1,220p.

Solid State plc

  • 14 Dec 21
  • -
  • Zeus Capital
Solid State (SOLI) - Interims – record period despite supply chain challenges; EPS estimates unchanged

Solid State is a specialist value added component supplier and design-in manufacturer of computing, power and communications products. Interim results this morning read well, illustrating both a record six-month period, including very strong performances from both Willow Technologies and Active Silicon acquisitions, and an order book as at 30 November standing at a record £70.3m. While global supply chain challenges will continue to need to be successfully managed, the Board remains confident of meeting full year expectations. As such, we leave our two-year earnings forecasts unchanged, seeing scope for these to be raised in due course, while increasing our full year dividend expectation to 19.0p/+11.8%. Our estimate of fair value for the shares stands at 1,220p.

Solid State plc

  • 07 Dec 21
  • -
  • Zeus Capital
Solid State - Record performance in H122

As flagged in its October trading update, during H122 Solid State realised strong year-on-year growth in revenues (19%) and adjusted profit before tax (28%), with both metrics reaching record levels. Management continues to see potential for upside during H2, dependent on careful management of constraints due to supply chain challenges, and is confident that the group will meet the consensus estimate for FY22 adjusted profit before tax. Consensus estimates remain unchanged for now.

Solid State plc

  • 07 Dec 21
  • -
  • Edison
Solid State - Interims – trading in-line with FY expectations

Interim results were in line with expectations, boosted by the additions of Active Silicon and Willow, but with underlying organic CER growth of 8%. The order book illustrates the effect of lengthening lead times and ordering patterns, with component supply acting as a constraint. No change to forecasts, although the outlook comments that some upside may exist dependant on very careful supply chain management. We also anticipate further M&A opportunities may also offer a catalyst. We retain our existing 1260p price target.

Solid State plc

  • 07 Dec 21
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  • Cavendish
Solid State - Trading on track with potential H2 upside

Solid State’s post-close trading update states that it expects to announce strong year-on-year growth in both revenues (18%) and adjusted profit before tax (27%) for its first half to 30 September 2021. While management sees potential for upside during H2, dependent on successful navigation of supply chain challenges, and is confident that the group will meet the FY22 consensus adjusted profit before tax estimate, the consensus estimates remain unchanged at present.

Solid State plc

  • 22 Oct 21
  • -
  • Edison
Hybridan Small Cap Feast 21/10/2021

Joiners Tungsten West (TUN.L) has joined AIM. Tungsten West is the 100% owner and operator of the historical Hemerdon tungsten and tin mine located near Plymouth in southern Devon. Hemerdon represents the world's third largest tungsten mineral resource, with a JORC (2012) compliant Mineral Resource Estimate of approximately 325Mt at 0.12 WO3. Capital raised on Admission: £39m. Anticipated Mkt Cap: £106.2m. Future Metals NL (ASX:FME, FME.L) (formerly named Red Emperor Resources NL) had joined AIM. No funds being raised. Future Metals is a platinum group metals exploration and development company that holds a 100% interest in the Panton PGM Project in Western Australia. Mkt cap c£35.8m. Leavers Augean and Tiziana Life Sciences have left AIM What’s cooking in the IPO kitchen? Arrow Exploration Corp. (AIM: AXL ; TSXV: AXL), the oil and gas exploration and production company, has conditionally raised approximately £8.8m and is due to complete its dual listing on AIM on 25 Oct. Market cap c£13.1m. Devolver Digital to join AIM, an award-winning digital video games publisher and developer in the indie games space. Recently awarded indie 'Publisher of the Year 2021' by GamesIndustry.biz. Offer TBA. Due early Nov. Life Science REIT to join AIM raising up to £100m. This will be the first London listed real estate investment trust (REIT) focused on UK life science properties providing investors with exposure to an attractive and growing real estate sector. Due mid Nov. Alinda Capital Infrastructure Investments to join the Specialist Fund Segment of the Main Market of the London Stock Exchange raising up to £350m. Due Late November. Nu-Oil and Gas to acquire Guardian Maritime Ltd and Guardian Barriers IP Ltd and join the Main Market (Standard). Guardian is a technology group that supplies products to prevent unauthorised entry into areas that are deemed to have value, with maritime security being the main focus initially. Subject to shareholder approval, admission will take place during Q4 2021. The Company will change its name to Guardian Global Security plc. ProCook, the UK's leading direct-to-consumer specialist kitchenware brand, is considering applying for admission of the Shares to the Main Market (Premium). ProCook's revenue grew by 37% to £53.4m in FY21 (ending 4 April 2021), with Adjusted EBITDA growing by 246% to £13.3m in the same period. Timing TBA Silverwood Brands, an investing company established to identify investment opportunities including, but not limited to, in the foods, organic food, wellness, lifestyle and leisure sectors, targeting admission on the to join the AQSE Growth (Access). Due November 2021. Offer TBA. Kasei Holdings, a technology specialist investor that focuses on cryptocurrencies and blockchain technologies, due to join the AQSE Growth Market 27 Oct. No funds being raised. Following the previously announced intention to demerge trading on the London Stock Exchange plc's Main Market on 2 November. Cash Hostmore plc from Electra Private Equity PLC, Hostmore announces that, subject to approval by Electra shareholders, it is expected that the Demerger will be completed and the Hostmore shares will be admitted to the Premium Segment of the Financial Conduct Authority and to generated from operations over the 3 complete months following the resumption of indoor dining in England on 17 May 2021 (i.e. June to August 2021) was £12.5m. Hostmore is a growing hospitality business with its current operations focused on the American-themed casual dining brand, Fridays, and the cocktail-led bar and restaurant brand, 63rd+1st. Rubix Group Holdings, the market leading pan-European distributor of industrial maintenance, repair and overhaul products and services is considering an initial public offering Main Market (Premium). In the six months ended 30 June 2021, Rubix generated Revenue from Ongoing Operations of EUR1,312m and Adjusted EBITDA of EUR123m (9.4% Adjusted EBITDA Margin from Ongoing Operations), an increase of 10.6% and 19.3% compared to the six months ended 30 June 2020, respectively. Raising proceeds equivalent to approximately EUR850m, and additionally may also include the sale of existing ordinary shares by current shareholders. Timing TBA Firering Strategic Minerals to join AIM, a holding company for a group of exploration and development companies set up to focus on developing assets towards the ethical production of critical metals. The Company's portfolio of assets is located in Côte d'Ivoire and contains projects that the Directors believe to be prospective for lithium and columbite-tantalite. Due Early Nov. Offer TBA Harmony Energy Income Trust to join the Specialist Fund Segment of the Main Market raising up to £230m. The Company's investment objective is to provide investors with an attractive and sustainable level of income returns, with the potential for capital growth, by investing in commercial scale energy storage and renewable energy generation projects, with an initial focus on a diversified portfolio of battery energy storage systems located in Great Britain. The Company has contracted with Tesla Motors Limited in respect of its initial portfolio of battery storage projects, to be acquired on IPO, which will benefit from Tesla's 2-hour duration Megapack systems and Autobidder AI revenue optimisation platform. Due Early Nov. Stelrad Radiator Group, the specialist manufacturer and distributor of steel panel radiators in the UK, Europe and Turkey, is considering an IPO on the Main Market (Premium). Potential secondary and primary (c.£25m) offer. Early Nov. Pantheon Infrastructure to join the Main Market (Premium). PINT will target attractive risk-adjusted total returns comprising capital growth and a progressive dividend through making equity and equity-related investments in private infrastructure assets alongside other leading private asset investment managers. Due Mid Nov. Quantum Exponential to join AQSE. The Company intends to identify investment opportunities in the quantum technology sector primarily in the NATO allied countries. The Company has identified over 175 start-ups which potentially meet their investment strategy with a focus on seed funding for start-ups with second stage funding plans in preparation. Offer and timing TBA. Pod Point, one of the United Kingdom's leading providers of Electric Vehicle charging solutions is considering a Main Market (Premium) listing. As at 30 June 2021, Pod Point had installed more than 89,000 home charge points and over 13,000 commercial units, including those located at workplaces and destination locations (such as shops and leisure attractions). Timing and offer TBA. Softline the global solutions and services provider in digital transformation and cybersecurity, with its headquarters in London, is considering proceeding with a potential initial public offering of global depositary receipts representing its ordinary shares. The Company is considering applying for admission of the GDRs to the standard listing segment of the Official List of the FCA and to trading on the Main Market for listed securities and on Moscow Exchange. The Group had a turnover of US$1.8 bln for the year ended 31 March 2021, employs c.6,000 people globally, and operates in more than 50 countries across emerging markets. Primary proceeds from the Offer are expected to be around US$400m. Due Late Oct. Marks Electrical, a fast growing online electrical retailer, announced its intention to proceed with an initial public offering and to seek admission to trading on AIM. Marks Electrical sells, delivers, installs and recycles a wide range of household electrical products. In the year to 31 March 2021 revenue grew to £56m, up 78% against the previous financial year, while EBITDA increased to £7.45m, at a 13.3% EBITDA margin. The Group has made a strong start to its current financial year to 31 March 2022, with revenue growth of 78% in H1 FY2022, versus 47% growth in H1 FY2021. Offer TBA Admission is expected to take place in early Nov 2021. M7 Regional E-Warehouse REIT intends to apply for admission onto The Property Stock Exchange (Wholesale Segment). On Admission, the company plans to acquire a portfolio of UK retail warehouses worth £120m from M7 Real Estate Investment Partners VIII. The portfolio currently comprises 18 retail warehouse properties across the UK totalling 978,317 sq ft and fully let to 53 occupiers. Rent collections for Q2 2021 stand at 93% and are expected to revert to 100% in the coming quarters. Central Copper Resources, a company focused on delivering a high grade copper project into production and exploration of assets in the Democratic Republic of the Congo (DRC) and in the Republic of Zambia to join AIM. By 2022, CCR intends to be ready to commence the project financing of its Mbamba Kilenda copper project. It pushed back its AIM float on 30th September from end September to late October. The amount to be raised is still yet to be confirmed. Our daily digest of news from UK listed Small and Mid caps Banquet Buffet Alumasc Group 222.5p £80.4m (ALU.L) AGM update from the premium sustainable building products, systems and solutions group. "It is pleasing to report that, following the excellent set of full year results published in September, trading during the first quarter of our current financial year has continued at a good pace, much as expected. While the pent-up demand from lockdown, present in the prior year, has been absent, demand for our products has remained at a healthy level, with physical considerations such as transport frequently proving to be the restraining factors. However, despite the strength in demand, current trading in the construction industry, and industry more generally, continues to be far from normal. It is well documented that the prices of many materials, such as building products and metals, and energy have risen sharply, frequently due to shortages in supply following Covid related actions. These cost increases have largely been accepted by customers but discourage certain projects from commencing on the new, higher cost base.” The Board does not expect the macroeconomic challenges to alleviate in the short term but has confidence in the Group's resilience and agility and the strength of its product and service offering. Accordingly, it remains confident of another strong year and trading continues in line with the Board's expectations. Attraqt 36.5p £73.5m (ATQT.L) The provider of online search, merchandising and personalization solutions for ecommerce, provided a trading update covering the three-month period ended 30 September 2021 (Q3 FY21). Following the progress made both financially and strategically in H1 2021 the Company has seen momentum continue into the second half of the financial year. In Q3, the Company secured almost £1m worth of ARR through new contract wins, facilitated by AI Search, with a leading international jewellery firm, a luxury & designer watch shop, and a major FTSE 250 listed retailer. This further demonstrates the increasingly competitive nature of Attraqt's product set and its ability to capitalise on the structural shift of retailers and brands prioritising investment in online channels, customer experience and platform optimisation. The Company's partnership strategy, a major strategic focus, has continued to deliver strong results. Following the native integration with BigCommerce in September, the Company has seen a number of native integrations go live through this channel. This enables any Big Commerce merchant to deploy Attraqt's search and merchandising tools along with recommendations and personalisation to their storefront without any integration effort. The Board expect that the Full Year performance will be in line with expectations. Blackbird 32.75p £111m (BIRD.L) The technology licensor, developer and seller of the market-leading cloud native video editing platform, Blackbird, today launched its core technology licensing solution, 'Powered by Blackbird', to enable advanced cloud native functionality and drive major efficiencies for video companies. The news comes after the Company announced a 5-year technology licensing deal with a global broadcast company last month. Ceres Power 1135p £2,163m (CWR.L) The specialist in fuel cell and electrochemical technology, has appointed Eric Lakin as Chief Financial Officer (CFO). Eric is expected to join the Company and the Board of Directors in January 2022. Eric has a proven track record in industrial, engineering and technology sectors with extensive experience in building and managing global, multi-disciplinary finance teams through periods of significant change. He joins Ceres from Smiths Group plc, the FTSE100 engineering group where he has spent the last 10 years and he was latterly CFO of Smiths Interconnect, a £330m revenue industrial technology division with R&D and manufacturing locations across multiple countries. Driver Group 55p £28.7m (DRV.L) Trading update from the global professional services consultancy to the construction and engineering industries, providing multi-disciplinary consultancy services including expert witness, claims and dispute resolution services. The Board can confirm that it expects to report underlying PBT for the financial year in line with market forecasts and a healthy net cash position at 30 September 2021 of £6.5m. During 2021 Driver Group has continued to manage the impact of Covid-19 on its activities in the markets in which it operates. This was reflected in overall business performance in H2, which was broadly consistent with the first half, with a continued strong performance in the UK and Europe offset by a weaker result in the Middle East and Asia Pacific regions. However, the overall result masks a material improvement in activity levels and in underlying PBT during Q4, as a result of which Driver Group enters the new financial year with renewed positive momentum. Oracle Power 0.46p £m (ORCP.L) Oracle Power announced the appointment of Dr Naveed Akhtar as an adviser on hydrogen technology, following Oracle's recently announced non-exclusive co-operation agreement with PowerChina International Group Ltd, with the aim of jointly developing a green hydrogen production facility in Pakistan. Dr Akhtar is an expert in the hydrogen energy / fuel cells field with more than 20 years' experience . Dr Akhtar is the founder and CEO of Hy-Hybrid Energy Limited, a specialised fuel cell service provider which advises hydrogen application businesses across Europe. Dr Akhtar will join the Company on an advisory basis as Chief of Technology - Hydrogen , a non-Board position, as Oracle progresses its hydrogen strategy in Pakistan with PowerChina. Reabold Resources 0.19p £16.5m (RBD.L) Reabold, the AIM investing company which focuses on investments in upstream oil and gas projects, announced the signing of a conditional equity exchange agreement between Daybreak Oil and Gas Inc., a US OTC traded oil and gas operator with assets in California. The Transaction will result in Reabold becoming a major shareholder of Daybreak via the issuance of new Daybreak shares to Reabold, in exchange for Daybreak acquiring Reabold California LLC, Reabold's subsidiary which holds, inter alia, Reabold's licence interests in California. Sachin Oza, co-CEO of Reabold, commented: "This transaction creates liquidity for Reabold and forms a new, cash flow producing business with the skills and capability to capitalise on growth opportunities from its existing portfolio, and attractive acquisitions presented by the market dynamics in California." "Our Californian portfolio has been a significant deliverer for Reabold, with 5 discoveries over 5 wells since we began our drilling program. With a dedicated management team with significant in-state expertise now at the helm, we look forward to the next phase of its development as a large shareholder." Solid State 1222.5p £104.6m (SOLI.L) The specialist value added component supplier and design-in manufacturer of computing, power, and communications products, announces a trading update for the six months to 30 September 2021. Solid State expects to announce revenues for the Period of approximately £39m (2020: £33.1m) and adjusted profit before tax for the Period of approximately £3.25m (2020: £2.55m), reflecting strong underlying trading and the contributions from the Willow and Active Silicon acquisitions made in March 2021, which have exceeded management's expectations. The Board is confident that the Company will meet adjusted profit before tax consensus expectations for the year. There is potential upside in the second half of the year, delivery of which is dependent upon careful management of the constraints imposed by supply chain challenges. Tintra 97.5p £12.4m (TNT.L) Further to the announcement of 1 October 2021, the board of directors of Tintra announced that the Company has entered into heads of terms with Sterling Management Centre Ltd in respect of the sale of certain assets of Prize Provision Services Limited. The Buyer (www.sterlinglotteries.co.uk) is a market leader in the lottery space and an external lottery manager registered with the Gambling Commission with over 30 years' experience in running lotteries, raffles, and other charitable gaming and prize-led fundraising activities on behalf of charities, good causes and organisations within the UK. The total consideration for the sale of the Lottery Administration Business will be in the range of £0.25m to £0.6m contingent on a number of factors, some of which form part of matters still to be determined during final negotiation. As part of the heads of terms, the Company will receive from the Buyer an initial cash consideration. In addition to the Initial Consideration, the Company will receive a percentage of the Lottery Administration Business' sales annually for three years from the date of completion. Water Intelligence 1210p £222m (WATR.L) The multinational provider of precision, minimally-invasive leak detection and remediation solutions for both potable and non-potable water provided a trading update for the nine months ended 30 September 2021. The Group continues to perform strongly and by the end of Q3, has surpassed full year 2020 results for revenue, profits and EBITDA. Profit for full year 2021 is now expected to be at the upper end of consensus analyst estimates.

SOLI RBD ALU ATQT BBI CWR DIAL ORCP WATR

  • 21 Oct 21
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  • Hybridan
Solid State (SOLI) - H1 update illustrates another robust period; earnings estimates unchanged

Solid State is a manufacturer of computing, power and communications products, and value added supplier of electronic components. This morning, the group has released a robust update covering the six-month period to 30 September 2021, with the Willow and Active Silicon acquisitions performing ahead of management expectations. The order book as at the end of September stood at a record level of £61.5m, an increase of 48% since the beginning of the financial year and leading to the Board's confidence of achieving our full year expectations. On the back of the update, we leave our two-year earnings forecasts unchanged, seeing scope for these to be raised in due course, while reducing our year-end net debt expectation. Ascribing a 10% discount to the peer group median PER multiple of 22.8x would imply fair value for the shares of 1,220p.

Solid State plc

  • 21 Oct 21
  • -
  • Zeus Capital
Solid State - Half-year update – confidently on track, with possible upside

The group has announced an encouraging half-year update, with a strong increase in revenues profits and order book seen. Unsurprisingly, there have been some supply chain challenges, although these have also resulted in customers placing longer-term orders thus giving the group better visibility as well as necessitating higher levels of stocking. Management indicates it is confident of achieving market FY expectations, with the potential for some upside in H2 dependant on component supply chain availability. While we make no change to forecasts, the buoyant tone will boost sentiment and we raise our price target from 1075p to 1260p. This is a company with good momentum.

Solid State plc

  • 21 Oct 21
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  • Cavendish
Solid State (SOLI) - AGM update demonstrates a continued robust trading performance

Solid State is a manufacturer of computing, power and communications products, and a value added supplier of electronic components. This morning, the group has released an upbeat AGM statement confirming that the positive trends in trading previously reported at the full year results in July have continued in recent weeks. The order book is described as ‘strong' with a good balance across industry sectors and geographies, including a rebound in certain segments that had been impacted by delays relating to COVID-19. Mitigating actions continue to be taken to address well-publicised broader supply chain challenges.

Solid State plc

  • 08 Sep 21
  • -
  • Zeus Capital
Solid State - Record profitability in FY21 despite pandemic

Solid State’s FY21 results were slightly ahead of consensus estimates, which were upgraded in February and again in April. Encouraged by a strengthening order book, management has confirmed its commitment to the goal it set in 2017 of doubling EPS to 60p/share by FY22, so the consensus EPS estimate has been increased by 9%.

Solid State plc

  • 14 Jul 21
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  • Edison
Solid State (SOLI) - Full year results illustrate a strong period of progress; FY 2022E EPS raised by 9.6%

Solid State is a manufacturer of computing, power and communications products, and a value added supplier of electronic components. This morning, the group has released full year results to 31 March 2021, providing a 6.4% beat at the EPS level, driven by a combination of a marginally better than expected PBT outturn and a lower tax rate. Since year-end, the order book at the end of May had increased to £51.0m, while supply chain challenges and component shortages have continued. On the back of the results, we have left our FY 2022E underlying assumptions broadly unchanged, while we assume a lower tax rate for the year, which leads to a 9.6% increase in our earnings expectation. Reflecting the uncertain supply chain backdrop and 5.5% higher YOY tax rate, we introduce what should be highly conservative FY 2023E forecasts; these having scope to be raised in due course. Driven by both the uplift in our FY 2022E earnings forecast and the upward re-rating of our peer group valuation multiples, we see fair value for the shares at 1,145p.

Solid State plc

  • 13 Jul 21
  • -
  • Zeus Capital
Solid State - Full-year results slightly ahead of expectations

Full-year results to 31 March came in slightly ahead of previously upgraded forecasts, a good result during a pandemic year. The acquisitions of Willow and Active Silicon provide technology in key growth areas, with margin and cross selling opportunities. Macro supply chain issues may peg back delivery on a strong order book and recovering demand, with prices being passed through to customers. We increase trading forecasts slightly given uncertainties, with a tax benefit this year resulting in EPS up 8.7% to 60p. We increase our price target by 5% to 1075p. Recovery and possible M&A activity provide scope for upgrades to our conservative forecasts.

Solid State plc

  • 13 Jul 21
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  • Cavendish
Solid State - Continued FY21 outperformance

Solid State has issued a post-close trading update stating that FY21 performance is expected to be ahead of the consensus forecasts, which were upgraded in February to reflect positive trading up to that point. Broker consensus FY21e EPS has been raised by 8%. Consensus FY22 estimates, which were raised twice in March to reflect two separate acquisitions, have not been changed to reflect yesterday’s announcement.

Solid State plc

  • 23 Apr 21
  • -
  • Edison
WHI Morning Comment: Solid State (SOLI) - Trading update – FY 2021E EPS raised +8.4%, FY 2022E EPS unchanged

Solid State is a manufacturer of computing, power and communications products, and value added supplier of electronic components. This morning, the group has released a trading update pointing to the fact that profitability in the year to 31 March 2021 is now expected to be ahead of recently upwardly revised expectations. Principally, this has been driven by both pulled forward demand, partly as a result of increased customer stocking due to certain component shortages, as well as a strong contribution from the group's two recent acquisitions. The year-end net cash position at £3.1m is also ahead of our forecast. Looking ahead, supply chain challenges and component shortages are likely to remain for some months and whilst customer order cycles remain shortened, it is worth noting the double digit increase in the near-term order book from the low point in May. FY 2022E YTD order intake trends are positive. On the back of the update, we have raised our FY 2021E earnings expectations by 8.4% whilst we leave our FY 2022E earnings forecasts unchanged for the time being. Our estimate of fair value for the shares now stands at 1,040p.

Solid State plc

  • 22 Apr 21
  • -
  • Zeus Capital
Solid State - Year-end update – trading ahead of expectations

The group’s trading update points to a strong end to the year, exceeding recently upgraded forecasts. March saw some orders pulled forward as customers mitigated supply chain challenges evident (freight and logistics issues, semiconductor shortages). We therefore upgrade FY21 adjusted EPS by 7.6%, keeping FY22 unchanged. Our price target also increases, in line with the EPS upgrade from 950p to 1020p, offering good upside to the current FY22 P/E rating of 15.2x. This is an encouraging update, continuing its recent trend of upgrades, albeit with some supply chain challenges evident in the wider sector.

Solid State plc

  • 22 Apr 21
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  • Cavendish
Solid State - Acquisition of Willow Technologies

Solid State has acquired Willow Technologies, a manufacturer and value-added distributor of electromechanical products. The initial consideration payable is c £5.5m cash (net), financed from existing resources. Broker consensus FY22 EPS has been raised by 9% to reflect the earnings enhancement in the first full year.

Solid State plc

  • 03 Mar 21
  • -
  • Edison
WHI Morning Comment: Solid State (SOLI) - Acquisition of electro-mechanical component business; FY 2022E EPS +8.0%

Solid State is a manufacturer of computing, power and communications products, and a value added supplier of electronic components. This morning, and just two days on from its acquisition of Active Silicon, Solid State has announced the acquisition of Willow Technologies, including its US subsidiary American Electronic Components (AEC), a manufacturer and value added distributor of electro-mechanical products used in strategically important markets such as EV. The gross initial consideration paid is reported at £10.0m, which net of cash stands at £5.5m, and implies an initial c.10x net forward PER consideration multiple. On the back of this morning's announcement, we have left our recently upwardly revised FY 2021E earnings expectations unchanged and raised our FY 2022E estimate by 8.0%, again with an assumed cash consideration outflow either side of year end. We believe this latest acquisition is another positive strategic move for Solid State, expanding internationally in growth sectors, as well as bringing with it additional own brand product ranges. We view the FY 2022E PER multiple of 14.6x for Solid State as undemanding, with our estimate of fair value for the shares standing at 925p.

Solid State plc

  • 03 Mar 21
  • -
  • Zeus Capital
Solid State - Acquisition of Willow and AEC: 9.4% EPS enhancing

The group has made its second acquisition this week, announcing the acquisition of the Willow Technologies Group for an initial effective consideration of £5.5m. It is a good strategic fit, offering a springboard into the US and enhancing the group’s existing product offering, with good exposure to growth markets. We maintain our FY21 forecasts, with a full contribution in FY22 enhancing EPS by 9.4% to 55.2p. We likewise raise our PT by 9.4% to 950p, pointing to a fair value of 17.2x, attractive compared with the current P/E of 14.4x

Solid State plc

  • 03 Mar 21
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  • Cavendish
WHI Morning Comment: Solid State (SOLI) - Acquisition of digital imaging specialist Active Silicon; FY 2022E EPS +5.9%

Solid State is a manufacturer of computing, power and communications products, and a value added supplier of electronic components. This morning, and one week on from its recent positive trading update, the group has announced the acquisition of Active Silicon, a specialist designer and manufacturer of circuit board level solutions for high-performance digital image capture, processing and transmission. The gross initial consideration stands at £6.3m; however, net of cash this falls to £2.7m, implying a net historic acquisition PER multiple of 9.0x and forward 10.8x based on our forecasts. On the back of this morning's announcement, we have left our recently upwardly revised FY 2021E earnings expectations unchanged and raised our FY 2022E estimate by 5.9%, with an assumed cash consideration outflow either side of the year end. Whilst this acquisition is relatively small, strategically we view it as a very sensible move, expanding Solid's presence through the addition of complementary technologies in a growth segment where Steatite already has an established presence. Ultimately, we view the FY 2022E PER multiple of 15.1x for Solid State as undemanding, with our estimate of fair value for the shares standing at 885p.

Solid State plc

  • 02 Mar 21
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  • Zeus Capital
Solid State - Acquisition of Active Silicon

Solid State has acquired Active Silicon, which designs and manufactures imaging and embedded vision systems that support the capture, processing and transmission of image data in high performance and critical environments. The initial consideration payable is £2.7m cash (net), financed from existing resources. Broker consensus FY22 EPS has been raised by 5% to reflect the earnings enhancement in the first full year.

Solid State plc

  • 02 Mar 21
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  • Edison
Solid State - Acquisition of Active Silicon, 4% EPS enhancing

The group has announced the acquisition, of Active Silicon, a digital image processing and transmission business for an effective cost of £2.7m. It is complementary and additive to the group’s position in opto-electronics and embedded computing. The acquisition is EPS enhancing in its first year, with a 4% upgrade to 50.4p. We also raise our PT by 4% from 835p to 868p, offering decent upside to the current share price. This bolt-on acquisition should be taken well as a useful strategic enhancement to Steatite’s technical capabilities.

Solid State plc

  • 01 Mar 21
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  • Cavendish
Solid State - FY21 set to be another record

Solid State’s trading update states that FY21 adjusted profits are likely to be ahead of consensus estimates and FY20, which was itself a record performance. Noting the potential impact of global semiconductor supply chain issues and continued customer uncertainty related to the coronavirus pandemic, management expects FY22 performance to be comparable with this year.

Solid State plc

  • 23 Feb 21
  • -
  • Edison
WHI Morning Comment: Solid State (SOLI) - Trading update – FY 2021E EPS raised +10.0%, FY 2022E forecasts reintroduced

Solid State is a manufacturer of computing, power and communications products, and value added supplier of electronic components. This morning, the group has released a short trading update, pointing to the fact that profitability in the year to 31 March 2021 is now expected to be ahead of market consensus estimates and above the previous financial year, itself a record performance. This has been principally driven by a stronger mix of revenue for higher value-added products, services and solutions. Whilst mindful of both extended delivery times for semiconductor components and shortened customer order schedules having the potential to cause programme delays in FY 2022E, the Board anticipates a similar trading performance to the current financial year. On the back of this morning's announcement, we have raised our FY 2021E earnings expectations 10.0% higher and at the same time reintroduced FY 2022E forecasts. Reflecting the upgrade to estimates, alongside the expansion of multiples now ascribed to peers, we see fair value for the shares at 885p.

Solid State plc

  • 22 Feb 21
  • -
  • Zeus Capital
WHI Morning Comment: Solid State (SOLI) - FY 2021E EPS raised +10.0%, FY 2022E forecasts reintroduced

Solid State is a manufacturer of computing, power and communications products, and value added supplier of electronic components. This morning, the group has released a short trading update, pointing to the fact that profitability in the year to 31 March 2021 is now expected to be ahead of market consensus estimates and above the previous financial year, itself a record performance. This has been principally driven by a stronger mix of revenue for higher value-added products, services and solutions. Whilst mindful of both extended delivery times for semiconductor components and shortened customer order schedules having the potential to cause programme delays in FY 2022E, the Board anticipates a similar trading performance to the current financial year. On the back of this morning’s announcement, we have raised our FY 2021E earnings expectations 10.0% higher and at the same time reintroduced FY 2022E forecasts. Reflecting the upgrade to estimates, alongside the expansion of multiples now ascribed to peers, we see fair value for the shares at 885p.

Solid State plc

  • 22 Feb 21
  • -
  • Zeus Capital
Solid State - Trading update: H2 ahead of expectations

The group has announced a positive trading update in advance of its March year-end. The update highlights that despite the various challenges of the past year, profit for the year is ahead of market expectations and has creditably exceeded the record profit performance of FY20. As such, we are upgrading our FY21 EPS by 10.2%. Noting some areas of caution, we introduce FY22 forecasts which conservatively factor in slight growth. We raise our price target from 720p to 835p, with a target FY22 P/E of 17.2x, offering decent upside to the current level of 15.9x, and remaining a discount to many peers.

Solid State plc

  • 22 Feb 21
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  • Cavendish
WHI Morning Comment: Solid State (SOLI) - Interim results and order book robust; reintroduction of FY 2021E forecasts

Solid State is a manufacturer of computing, power and communications products, and a value added supplier of electronic components. This morning, the group has released interim results to 30 September, very much in line with the trading update at the end of October and our own expectations, these illustrating both a robust trading performance and good cash generation in the period. The group reports that whilst it has seen a shortening of order schedules, encouragingly, the three month rolling average order intake at the end of November was ahead by 8% compared to the end of September. Reflecting these trends, we reintroduce FY 2021E estimates this morning, looking for PBT of £4.4m and EPS of 43.1p, whilst we leave our FY 2022E forecasts under review for the time being. Solid State benefits from an inherently cash generative business model and is well positioned in our view to emerge as one of the winners in its markets when normal service resumes. On a current year PER of 15.1x, the shares trade at a 23% discount to our peer group multiple, which we believe is unjustified. We see fair value for the shares at 738p.

Solid State plc

  • 09 Dec 20
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  • Zeus Capital
Solid State - H121 broadly comparable with record H120

As flagged in its post-close trading update, Solid State’s revenues and adjusted profits for H121 are similar to those for H120, despite the coronavirus pandemic. While the shortening of client order scheduling related to the uncertainty caused by the pandemic has continued into H221, management notes recent positive trends in order intake and reiterates its view that the FY21 performance will be similar to FY20.

Solid State plc

  • 08 Dec 20
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  • Edison
Solid State - Interim results – a resilient performance

The group has continued to deliver positive results through the pandemic, assisted by a strong opening order book and an outperformance vs the underlying market data. The board is indicating that it is confident of achieving pre-pandemic targets, with profit at a similar level to the prior year. The shares remain on a discount to its peers and our 720p price target is based on a P/E target of 16.5x.

Solid State plc

  • 08 Dec 20
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  • Cavendish
Solid State - Resilience through diversity of markets

Solid State’s post-close trading update states that, despite the coronavirus pandemic, it expects to announce revenues and adjusted profits for H121 that are similar to those for H120, which was a record first-half performance for the group. Although management notes some delays in order intake and a shortening of client order scheduling related to the uncertainty caused by the pandemic, it currently anticipates that FY21 performance will be similar to that for FY20.

Solid State plc

  • 22 Oct 20
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  • Edison
Solid State - Encouraging H1 trading update

The group’s H1 trading update is reassuring, with a strong first half, pointing to a continuation of previously indicated trading patterns. Revenue and profit has been resilient, while cash flow has been strong, returning to normalised patterns having repaid PAYE and VAT and also its final dividend in September. H1 trading benefited from a strong order book heading into the lockdown and due to some delays in order intake over recent months has an order book around 7% less than last year. Management is cautiously optimistic, but still considers that the trading outlook remains uncertain, so guidance remains withdrawn. As such, we look to the December interims to resume forecasts, when order visibility will be clearer.

Solid State plc

  • 20 Oct 20
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  • Cavendish
WHI Morning Comment: Solid State (SOLI) - Continues to trade ahead of expectations, pipeline expansion ongoing

Solid State's update on the four months to March 31st shows that the company, a manufacturer of computing, power and communications products, and value added distributor of electronic components, continues to surprise on the upside. With group revenues relatively stable and the quantum of the order intake YoY reduction on the back of the pandemic shrinking during the recent period, we view this in an encouraging light, particularly against the backdrop of “solid” cash generation as evidenced by cash remaining stable at the year end net cash level of £3.2m. The order book, which is reported to have stood at £39.9m at the year end, was only marginally below this four months on, at the July 31st level of £38.3m, a creditable achievement given that post-Covid some shorter timescales have been seen in UK domestic orders. As previously, our forecasts remain under review for the present. However, with a strong balance sheet and meaningful unutilised bank facilities, we continue to view the group as well-placed to win out as the Covid crisis recedes and indeed to be well-positioned to grow by consolidation as well as by resuming organic growth.

Solid State plc

  • 11 Aug 20
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  • Zeus Capital
Solid State - Diversity of markets gives resilience

As flagged in the April trading update, Solid State’s FY20 results showed a 19.7% growth in revenues and 34.3% jump in adjusted profit before tax. Demand from the medical and food retail sectors is strong but weakness in the oil & gas and commercial aviation sectors related to the coronavirus pandemic is likely to result in lower year-on-year sales during Q2 and early Q321. While management sees potential for a Q4 recovery, the current range of FY21 profit outcomes is wide, so it is not providing guidance.

Solid State plc

  • 02 Jul 20
  • -
  • Edison
WHI Morning Comment: Solid State (SOLI)

Full year results ahead - robust position against uncertain near-term backdrop Solid State is a manufacturer of computing, power and communications products, and value added distributor of electronic components. This morning, the group has released full year results with PBT and EPS slightly better than our upwardly revised forecasts had assumed and reflecting a strong margin performance in the year. As previously flagged, cash generation was particularly strong. The group entered FY 2021E with a strong order book, which is reported to have stood at £37.9m as at 31 May 2020, an increase of some 5.6% from a year earlier. With little in the way of cancellations or deferrals of orders, Q1 2021E revenue has held up well, whilst order intake has been just under 15% lower than the prior year, which suggests a weaker revenue performance in Q2/Q3 but with the tender pipeline implying a potentially stronger Q4. Reflecting the present uncertainty, we leave our forecasts under review for the time being. Fundamentally, and backed by a strong balance sheet, we believe that Solid remains well positioned to come through the current crisis and will emerge as one of the winners when normal service resumes.

Solid State plc

  • 30 Jun 20
  • -
  • Zeus Capital
Solid State - Full-year results

Full-year results were at a record level and slightly ahead of expectations by £0.2m at the adjusted PBT level, or 2.8% better at the EPS level. Cash generation was also stronger than expected, resulting in net cash of £3.2m. The dividend was maintained – a sign of confidence. Good strategic progress was made, helped by the integration synergies of Pacer and new product development programmes. Our forecast and price target remain under review given COVID-19-related uncertainties.

Solid State plc

  • 30 Jun 20
  • -
  • Cavendish
Morning Note – 8 June 2020

Amino Technologies (AMO.L): Corp | Solid State (SOLI): Corp | Surface Transforms (SCE): Corp

Solid State plc Surface Transforms PLC

  • 08 Jun 20
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  • Cavendish
Solid State - Positive trading update

The group has announced a positive trading update for the first two months of the year, with trading ahead of expectations, a higher level of net cash and the intention to declare a final dividend of 7.25p at its forthcoming FY 2020 results. This is a positive outcome, despite the effects of COVID-19. The medical and food retail sectors have seen encouraging growth, offsetting weaker aviation and transport sectors. The shares look good value on a P/E of 12.2x and despite a recent bounce they continue to trade below pre-COVID levels. With decent trading momentum, they look well positioned to outperform.

Solid State plc

  • 08 Jun 20
  • -
  • Cavendish
Solid State - Record adjusted EBIT expected for FY20

Solid State expects to beat the consensus FY20 adjusted profit before tax estimate, which was upgraded in September, resulting in a further consensus upgrade from £4.2m to £4.5m. All of the group’s four sites in the UK remain operational as it is a critical supplier for customers in the medical, food retail, security, transportation and defence sectors, the balance sheet is strong and management has put cash conservation measures in place to cope with the impact of the COVID-19 pandemic.

Solid State plc

  • 16 Apr 20
  • -
  • Edison
WHI Morning Comment: Solid State (SOLI)

Solid State is a manufacturer of computing, power and communications products, and a value added distributor of electronic components. This morning, the group has released an update pointing to a strong performance in the year to 31 March 2020, including a c.10% beat at the PBT level driven by higher margins, with a strong cash performance also, in part reflecting advanced payments. The order book as at 31 March increased by 11% against a year earlier to £39.9m, and whilst more than 85% is presently due for delivery in the current financial year, management is mindful of the potential for some re-scheduling of orders into FY 2022E given the present COVID-19 lock downs. On the back of this morning's update, we have raised our FY 2020E PBT estimate by £0.3m to £4.5m, whilst our year-end net cash estimate increases by £2.3m to £3.0m. Given the present uncertainty, we place our FY 2021E and FY 2022E forecasts under review for the time being, ahead of a further update and prior to the full year results. Fundamentally, and backed by a strong balance sheet, we believe that Solid remains well positioned to come through the current crisis and will emerge as one of the winners when normal service resumes.

Solid State plc

  • 15 Apr 20
  • -
  • Zeus Capital
Solid State - COVID-19 YE trading update

The company has released its year-end trading update, highlighting revenues are in line with expectations, with adjusted PBT 10% ahead of consensus, boosted by a better margin mix. Cash conservation and cost controls are in place to cope with the impact of COVID, but recent cash performance now places them with net cash of £3.0m. The 31 March order book increased 11% to £39.9m, with some order slippage anticipated due to COVID lockdown effects. We remove our forecasts for FY 2021 and price target due to current uncertainties.

Solid State plc

  • 15 Apr 20
  • -
  • Cavendish
WHI Equity Research: Solid State (SOLI)

Powering ahead from solid foundations Solid State is a manufacturer of computing, power and communications products, and value added distributor of electronic components. Interim results in December demonstrated the strength of progress being delivered, putting the group well on track to meet our FY 2020E expectations and moving back into a net cash position for the first time since the acquisition of Pacer in 2018. Solid State benefits from a diverse base of business, operating in market niches, and is positioned well to take advantage of higher margin growth opportunities given their technical expertise. The shares performed extremely well in 2019, driven by earnings upgrades and the positive momentum being demonstrated. Set against this, the presently ascribed valuation multiples remain at a discount to its nearest quoted peers. We see fair value for the shares at 738p.

Solid State plc

  • 11 Feb 20
  • -
  • Zeus Capital
Powering ahead from solid foundations

Solid State is a manufacturer of computing, power and communications products, and value added distributor of electronic components. Interim results in December demonstrated the strength of progress being delivered, putting the group well on track to meet our FY 2020E expectations and moving back into a net cash position for the first time since the acquisition of Pacer in 2018. Solid State benefits from a diverse base of business, operating in market niches, and is positioned well to take advantage of higher margin growth opportunities given their technical expertise. The shares performed extremely well in 2019, driven by earnings upgrades and the positive momentum being demonstrated. Set against this, the presently ascribed valuation multiples remain at a discount to its nearest quoted peers. We see fair value for the shares at 738p.

Solid State plc

  • 11 Feb 20
  • -
  • Zeus Capital
Solid State - Record trading in H120

Solid State delivered an 11% pro forma increase in group revenues and a 60% jump in adjusted profit before tax during H120. While some of this increase was attributable to factors such as favourable forex, which management expects will reverse in H220, the group is showing a sustainable benefit from the acquisition of Pacer in November 2018 and a drive to higher margin added-value activities in the Manufacturing division. Management is confident of meeting consensus expectations for the year, which are broadly unchanged since the September upgrade. The shares continue to trade at a substantial discount to peers for prospective P/E.

Solid State plc

  • 05 Dec 19
  • -
  • Edison
Morning Comment

This morning’s interims illustrate, as expected following the trading update of 24 October, a very strong H1 2020E performance with a 43% rise in revenue (+11% organic) driving a 61% increase in adjusted PBT. These results represent 49% and 63% of our FY 2020E revenue and PBT expectations respectively. Key standouts were the Manufacturing division (Power in particular, bolstered by good demand for battery packs), which grew revenue by 22%; and a group forward order book +5% LFL at £37.8m. Whilst the latter underpins our full year expectations, caution over wider macro events and movements in FX lead us to maintain our upgraded full year expectations for the time being. Even so, the shares continue to trade at a material discount to our estimate of fair value of 640p, which is based on a current year PER of 15x against its closest quoted peer discoverIE on 17x.

Solid State plc

  • 03 Dec 19
  • -
  • Zeus Capital
Solid State - Interim results – trading on track

Interim results show a decent level of organic growth and points to trading being on track to achieve full-year expectations. Trading remains at a record level with improved gross margins and operational drop through. Sector diversity has increased. Cash generation has been creditable, allowing for the early pay-down of Pacer-related loans. No change to forecasts. The shares have performed well on the back of several upgrades over the past year, a combination of acquisitions and contract wins, but still trade at a discount to its peer averages and continue to offer good upside with trading momentum remaining positive.

Solid State plc

  • 03 Dec 19
  • -
  • Cavendish
Solid State - H1 trading update – in line with stronger cash flow

The group has announced a positive trading update, with trading overall trading in line with recently upgraded FY expectations. Trading continues at a record level with revenue of about £33m, with improved gross margins and operational drop-through resulting in H1 adj PBT of c£2.5m. Cash flow has been strong with the earlier than expected pay-down of Pacer-related debt resulting in a small net cash position at the period end. No change to forecasts. The shares have been good performers on the back of positive trading updates, EPS-enhancing acquisitions and a strong strategy. Momentum should remain positive and the shares still look decent value. We maintain our price target of 610p, which offers good upside to current levels.

Solid State plc

  • 24 Oct 19
  • -
  • Cavendish
Caterpillar & Boeing miss earnings; Japanese PMI falls; Taiwanese electronics output rises

Solid State (SOLI LN, £42m) H1 20 trading update (30/09) - on track to deliver (recently upgraded) FY expectations; organic sales growth +7.5% in H1 and adj. PBT of £2.5m; gross margin improvement from FX despite dilution from Pacer acquisition; open order book £36.5m vs. pro-forma £36.2m at Sept 2018.

Solid State plc

  • 24 Oct 19
  • -
  • Arden Partners
Solid State - Management raises FY20 profit guidance

In our July update, we noted there was scope for Solid State to upgrade FY20 guidance depending on Pacer’s performance and margin contribution from individual manufacturing contracts. After a strong start to the year, management has announced that FY20 profits will be significantly ahead of expectations, while revenues remain in line with the original consensus. Consensus FY20 and FY21 EPS estimates have been raised by 14% and 9%, respectively. The shares continue to trade at a substantial discount to peers for prospective P/E.

Solid State plc

  • 10 Sep 19
  • -
  • Edison
Solid State - Positive update – trading ahead of expectations

The company has announced a positive trading update for the first four months of the current year, pointing to trading being significantly ahead of expectations. It comments it has seen a strong start to the year, with an improved sales mix, production efficiencies and with a better than expected performance from Pacer. We therefore upgrade our 2020 EPS forecast by 13.6%. We therefore also increase our price target by 12% from 546p to 610p. This is the latest in a number of upgrades over the past year and this announcement should be taken well by the shares.

Solid State plc

  • 03 Sep 19
  • -
  • Cavendish
Trading significantly ahead

The momentum reported in July when SOLI issued record FY19 results has continued into FY20 with today’s update noting that profits in the first four months of the year are “significantly” ahead of expectations. There are a number of reasons for this, some of which cannot be expected to continue in H2. Nevertheless, the strength of the update leads to some meaty upgrades to forecasts this morning: ~15% to FY20 and ~10% to FY21. In our view, the shares trade at far too large a discount to closest peer, discoverIE: on the same P/E rating, SOLI would be worth 630p/share.

Solid State plc

  • 03 Sep 19
  • -
  • Zeus Capital
Solid State - FY19 record for revenues and profits

Crowning a year in which broker consensus was raised three times (twice in response to trading updates and once for an acquisition), Solid State has reported record revenues, profit before tax and dividends for FY19. This is the result of continued strong demand in the Value-Added Distribution (VAD) division, the Pacer acquisition and the anticipated H2 recovery in the Manufacturing division materialising. The consensus FY20 EPS estimate has been raised by 7%. The shares continue to trade at a substantial discount to peers with regards to prospective P/E.

Solid State plc

  • 09 Jul 19
  • -
  • Edison
Solid State - Strong FY results, EPS upgrade

FY results confirm strong trading with EPS ahead of forecasts as flagged at the pre-close update. Trading momentum accelerated through Q4, while Pacer also boosted growth. A strong order book provides a good foundation to start this year, although the outlook statement notes recent order intake has been a little softer, but remains on track to deliver existing Board expectations. We raise our 2020 EPS forecast by 7.6% and lift our price target from 475p to 546p, with outperformance expected, driven by positive momentum helped by Pacer, recent franchise awards and the potential for further earnings-enhancing acquisitions.

Solid State plc

  • 02 Jul 19
  • -
  • Cavendish
Morning Comment

SOLI has delivered its best ever results for the year ended 31 March 2019. These were in line with expectations (revenue was in fact a small 2% beat) and round off a busy year which saw us upgrade forecasts no fewer than three times (two for purely trading reasons and one for the acquisition of Pacer). A standout was the group gross margin which at 29.1% was some way better than the 27.5% achieved last year. Some of this was mix related, hence we do not expect the current year to be as high. Nonetheless, the strength of the forward order book at £35.9m (+56% y-o-y/ +20% organic) leads us to put through some small upgrades to current year forecasts this morning - 6% at the adjusted EPS level.

Solid State plc

  • 02 Jul 19
  • -
  • Zeus Capital
Solid State - FY19 slightly ahead of upgraded consensus

Solid State has announced that FY19 profit will be slightly ahead of the £3.5m in consensus estimates, as will revenue at c £56m. This is the result of continued strong demand in the Value Added Distribution division and the anticipated H2 recovery in the Manufacturing division materialising. Consensus FY19 and FY20 estimates are unchanged following the January upgrade, supported by an order book at end March 2019 that was 40% higher than a year previously. While the share price has responded positively to the news, the shares continue to trade at a substantial discount to peers with regards to prospective P/E.

Solid State plc

  • 01 May 19
  • -
  • Edison
First Light

Solid State (SOLI) – Corporate – Pre-close update slightly ahead of upwardly revised expectations | Dillistone Group (DSG) – Corporate – FY Results in line with PBT views – 2019 starts well

Solid State plc Dillistone Group Plc

  • 30 Apr 19
  • -
  • Zeus Capital
Solid State - Positive trading update – 26% EPS upgrade

This is a really encouraging announcement, with stronger underlying demand as well as the start of new shipments and improvements in the gross margin mix. Revenues are ahead of expectations and profits for the year are said to be significantly ahead – as such we upgrade our EPS forecast for 2019 by 26.4% and 2020 by 21.2%. We also raise our price target from 400p to 475p (up 19%). This announcement should be taken well and we see good scope for share price performance.

Solid State plc

  • 30 Jan 19
  • -
  • Cavendish
Solid State - Significant consensus upgrades

Solid State has announced that FY19 results will comfortably exceed previous market expectations on the back of continued strong demand in the Value Added Distribution division and the anticipated recovery in the Manufacturing division materialising. Consensus revenue estimates have risen by 3% and 5% for FY19 and FY20 respectively, and PBT estimates by 25% and 21%. While the share price has responded positively to the news, the shares continue to trade at a substantial discount to peers.

Solid State plc

  • 30 Jan 19
  • -
  • Edison
First Light

SOLI has delivered a forecast-busting trading update this morning noting that adjusted PBT for the year to 31 March 2019 will be significantly ahead of market expectations. This represents the third consecutive upgrade since October. Value Added Distribution has been the standout whilst Manufacturing has recovered some of its H1 shortfall. The integration of recent acquisition Pacer is also said to be progressing well. We are upgrading current year numbers substantially today (adj PBT and EPS +26%) and, given increased momentum, put through solid upgrades to FY20 as well (adj PBT and EPS +21%).

Solid State plc

  • 30 Jan 19
  • -
  • Zeus Capital
Morning Comment

SOLI has delivered a forecast-busting trading update this morning noting that adjusted PBT for the year to 31 March 2019 will be significantly ahead of market expectations. This more than reverses the downgrades put through last April as a result of uncertainty in the Communications business and is the third consecutive upgrade since October. Value Added Distribution has been the standout whilst Manufacturing has recovered some of its H1 shortfall. The integration of recent acquisition Pacer is also said to be progressing well. We are upgrading current year numbers substantially today (adj PBT and EPS +26%) and, given increased momentum, put through solid upgrades to FY20 as well (adj PBT and EPS +21%).

Solid State plc

  • 30 Jan 19
  • -
  • Zeus Capital
Solid State - Interim results – a stronger H2 in prospect

Half-year results were in line with the upbeat period-end update, which pointed to trading ahead of expectations, when we upgraded our forecasts. Following the recent Pacer acquisition, we also upgraded forecasts. We therefore maintain current forecasts, looking for a stronger H2 from both underlying trading as well as boosted by Pacer’s contribution. Both Manufacturing and Distribution have traded well in H1 and have a good order book and momentum for H2. The shares are starting to recover from deeply oversold levels and still offer upside to our maintained 400p price target.

Solid State plc

  • 20 Nov 18
  • -
  • Cavendish
Solid State - H119 results as expected, bar DPS increase

As flagged in the trading update last month, Solid State’s H119 results show mid-single digit increases in group revenues and EPS. The order book at end H119 was 64% higher than a year previously, underpinning management’s expectations of an improved H219 performance in Manufacturing. Although consensus estimates show the acquisition of Pacer Technologies, announced a week ago, delivering meaningful earnings growth in FY20, the shares continue to trade at a significant discount to peers.

Solid State plc

  • 20 Nov 18
  • -
  • Edison
Solid State - Acquisition of Pacer Technologies

Solid State has announced the acquisition of Pacer Technologies, a value-added distributor of opto-electronic components and displays, for c £3.7m cash. Although the transaction is earnings enhancing, triggering a 4.0% uplift in the FY20 consensus EPS, the share price has not moved materially in response to the news and we believe the shares continue to trade at a significant discount to peers.

Solid State plc

  • 13 Nov 18
  • -
  • Edison
Solid State - Acquisition of Pacer – entering optoelectronics

The company has announced the acquisition of Pacer, a specialist added-value distributor, for £3.7m. The business is complementary, with a number of positive attributes, including a premium gross margin, a new added-value facility, strong specialist niches with access to new markets including optoelectronics products, medical sector customers, with 40% of sales overseas, and a US facility. Pacer is expected to be 3% EPS enhancing in its first full year. The shares continue to look good value and our 400p price target offers plenty of upside.

Solid State plc

  • 09 Nov 18
  • -
  • Cavendish
Morning Note – 9 November 2018

Solid State (SOLI): Corp Acquisition of Pacer – entering optoelectronics

Solid State plc

  • 09 Nov 18
  • -
  • Cavendish
Earnings enhancing acquisition; +5% upgrade to FY20E EPS

SOLI has this morning announced the acquisition of Pacer Technologies, a specialist Optoelectronics and Displays business with operations in Pangbourne and Weymouth. The business will sit in SOLI’s Value Added Distribution division and has a slightly better gross margin than the existing distribution business. The £3.7m cash consideration (plus the assumption of Pacer’s net debt) is being funded through existing and new debt facilities with Lloyds Bank and, as such, is expected to be earnings enhancing in its first full year of ownership even without any assumed synergies or efficiencies.

Solid State plc

  • 09 Nov 18
  • -
  • Zeus Capital
Solid State - Positive H119 pre-close trading update

Solid State’s pre-close trading update notes that group H118 revenues will be c 4% ahead of prior year levels. Moreover, the 64% year-on-year increase in order book at end H119 leads management to believe the group will exceed FY19 market expectations. Consensus EPS estimates have risen by 7.9% and 5.0% for FY19 and FY20 respectively. Despite a favourable response to the news, the shares continue to trade at a significant discount to peers.

Solid State plc

  • 19 Oct 18
  • -
  • Edison
Positive trading update marks start of the recovery

SOLI has released a very upbeat H1 trading statement this morning noting that the full year outcome will be ahead of expectations. The Value Added Distribution business in particular is doing very well indeed (helped by the winning of the VPT franchise earlier this year and, to a degree, by favourable FX) whilst the open order book is at a record £29.6m, a 64% y-o-y increase and £6.6m ahead of the last reported figure as at 31 May. This should help to arrest negative sentiment towards the stock (share price -37% YTD) following a blip at the communications business earlier this year. We upgrade our current year PBT and EPS forecasts by 8% (and by 4% for 2020E) meaning that the shares now trade on a current year P/E of 10.4x and yield 4.2%.

Solid State plc

  • 18 Oct 18
  • -
  • Zeus Capital
FIRST LIGHT

Solid State (SOLI) – Corporate – Positive H1 update marks the start of a recovery | Aura Energy (AURA) – Corporate – Vanadium potential in Tiris

Solid State plc Aura Energy Ltd

  • 17 Oct 18
  • -
  • Zeus Capital
Solid State - Positive start to FY19

At Solid State’s AGM earlier this month, management noted a positive start to FY19 in both divisions. The Manufacturing division is expected to benefit from contracts totalling £4.3m to supply power units for autonomous robots operating in cold climate conditions. The Distribution division has recently announced a $3.2m long-term supply agreement with the UK’s leading international defence, aerospace and security company for military-grade power supplies. These contracts underpin consensus estimates, which remain unchanged.

Solid State plc

  • 18 Sep 18
  • -
  • Edison
Solid State - Focusing on value-add to drive margin

As flagged in the April trading update, during FY18 Solid State found it more difficult to win communication contracts in the current ‘America first’ environment. The relative lack of this high-margin work dragged on margins, so adjusted profit before tax fell back slightly, even though both divisions delivered double-digit organic sales growth.

Solid State plc

  • 04 Jul 18
  • -
  • Edison
Solid State - Full-year results; trading in line

FY results were in line with revised expectations – 2H performance reflected the flagged project delays. Management has confirmed that trading is on track to achieve current year forecasts with an 11% increase in the order book, recent contract wins in robotic power units and a new distribution agreement with a US power supplies company providing some optimism. No changes to forecasts. The shares are trading on undemanding multiples versus peers and we maintain our existing 400p price target, which offers upside as growth and new orders reassert themselves.

Solid State plc

  • 03 Jul 18
  • -
  • Cavendish
FY18 results in line

Today’s FY results are in line with expectations with some decent revenue growth (all organic) of 16% and a broadly flat (-4%) adjusted PBT of £3.0m. The strategy going forward will be on improving the margin (FY18 gm 27.5% vs 30% in FY17) by focusing on higher added value business within Computing and Communications as well as the transfer of the battery business to a specialist facility in Crewkerne (now complete). The current group order book is a record at £23m with £19m of that due for delivery this financial year (40% of our £48m FY19E revenue forecast) which should underpin current forecasts which were revised in April. A maintained dividend of 12p for the full year gives a 3.8% yield at the current share price.

Solid State plc

  • 03 Jul 18
  • -
  • Zeus Capital
Solid State - Battery packs to power warehouse robots

Solid State has announced that it has received contracts with a major UK smart warehouse solutions provider and robotics manufacturer to supply ruggedised power units for autonomous robots operating in cold storage warehouses. The contracts have a combined value of £4.3m. Deliveries will commence in H219 and continue into FY20, with potential for additional recurring revenues from the supply of replacement cells, which are consumable items, in later years. The contracts are supportive of consensus estimates, which are unchanged.

Solid State plc

  • 12 Jun 18
  • -
  • Edison
Significant order win

The company has announced an important order worth £4.3m for the supply of power units for autonomous robots. This is significant as it is with a new customer in a potentially high growth area, plus the size is significant, compared with annual revenues of £47m. No change to existing forecasts, but the contract provides a much greater degree of confidence in expectations for FY 2019 and should provide some upside to the shares, which had previously come under pressure after the last trading update.

Solid State plc

  • 11 Jun 18
  • -
  • Cavendish
Solid State - Revenues growing but not profits

Solid State’s pre-close trading update confirms the group is able to deliver good revenue growth without relying on acquisitions. However, it is proving difficult to win communications contracts in the current ‘America first’ environment. Since such contracts typically command much higher margins than other activities, this has depressed FY18 margins to such an extent that management expects FY18 PBT to remain at FY17 levels. After demoting some significant communications prospects to ‘upside’, management expects PBT to decline in FY19 despite continued revenue growth underpinned by a strong order book.

Solid State plc

  • 18 Apr 18
  • -
  • Edison
Year-end trading update

Solid State’s trading update signals that the group has traded in line with market expectations in the year just ended, with better than expected growth in distribution and power. However, the outlook in Communications, its highest margin generating business, has seen order flow more difficult to achieve in America. We reduce our adj. PBT by £0.9m to £2.5m, with a 25% reduction in EPS to 25.1p. Our price target also reduces by a similar amount from 535p to 400p.

Solid State plc

  • 12 Apr 18
  • -
  • Cavendish
Morning Note

Destiny Pharma (DEST): Corp FY results – FDA clarification – on track | Solid State (SOLI): Corp Year-end trading update

Solid State plc Destiny Pharma Plc

  • 12 Apr 18
  • -
  • Cavendish
Trading Update

Today’s update notes that whilst FY 2018E results will be in line with expectations (revenue in fact a 5% beat), delays in orders from the Group’s Communications business means that the FY 2019E outcome will be below expectations. Solid’s other business are trading well (two of its three other operating businesses – Distribution and Power – are actually ahead of expectations) but the ultra high margin nature of Comms (>60% gm, more than twice the Group average) means that our FY 2019E PBT and EPS forecasts are reduced by 25%.

Solid State plc

  • 12 Apr 18
  • -
  • Zeus Capital
Solid State - Interims signal good start to FY18

As flagged in the pre-close trading statement, Solid State’s H118 revenue rose 12% y-o-y to £22.5m, though margins declined because of a change in mix, resulting in a 20% PBT dip to £1.6m. The order book at end October 2017 was £20.1m, ie 38% up on the prior year. This is a clear signal that management is able to deliver organic growth as well as building the group through acquisitions.

Solid State plc

  • 23 Nov 17
  • -
  • Edison
Interim results, distribution shows strong growth

Interim results show good momentum in sales, with distribution growth particularly strong and outpacing manufacturing and resulting in a weaker margin mix giving a broadly flat performance versus the prior period. Group order book at the end of October stood at £20.1m, a 38% increase on the previous year, and October orders were at a record level. No change to FY forecasts, with the group on track to achieve forecasts we slightly reduced in October. Our maintained 535p price target is based on an EV/EBITDA of 10.6x and P/E of 15.9x in 2019. The recent set-back was small scale and we remain positive that sentiment should restore itself.

Solid State plc

  • 21 Nov 17
  • -
  • Cavendish
Morning Note

Solid State* (SOLI): Interim results, distribution shows strong growth (CORP) | Europa Oil & Gas* (EOG): Holmwood planning update (CORP) | President Energy* (PPC): Open Offer result (CORP) | Stride Gaming (STR): Back to form (BUY) | Stride Gaming (STR): Back to form (BUY) | Telecom Plus (TEP): Optimism at interims (BUY) | Renew (RNWH): Solid foundation for continued growth (BUY)

SOLI EOG STR TEP RNWH PPCGF

  • 21 Nov 17
  • -
  • Cavendish
- Good start to FY18 despite antennas delays

Solid State’s H118 pre-close trading statement notes an estimated 12% increase in group revenues to £22.5m during the period, demonstrating that management is driving organic growth to complement its successful acquisition programme. Consensus sales estimates have been raised but as some of the high margin antenna programmes have taken longer to secure than management expected, profit estimates have been reduced.

Solid State plc

  • 25 Oct 17
  • -
  • Edison
Morning Note

SCISYS* (SSY): Good heavens (CORP) | Solid State* (SOLI): Half-year update signals shift in business mix (CORP) | Petra Diamonds (PDL): Q1 trading update (BUY) | ANGLE* (AGL): New application for Parsortix harvesting cells from bone marrow (CORP) | Omega Diagnostics* (ODX): Half-year trading update (CORP) | Real Good Food* (RGD): Significant reduction in guidance (CORP) | Firestone Diamonds (FDI): Q1 trading update (U/R) | Trakm8* (TRAK): H1 is on Trak (CORP)

SOLI PDL AGL CNSL TRAK SSY MLM

  • 23 Oct 17
  • -
  • Cavendish
Intention to double revenues in five years

Recent FY results were in line with expectations. Significant investment in facilities and people has positioned the group to up-scale its activities. Its ambition is to double revenue over the next five years through acquisitions and organic growth. The group should experience a recovery in its manufacturing business and is also well placed to continue consolidating a fragmented market, with acquisitions that extend its technology reach and result in market share growth. The shares remain attractively rated, at a discount to its peers, and offer decent upside to our 535p price target.

Solid State plc

  • 24 Jul 17
  • -
  • Cavendish
Doing the difficult things others won’t or can’t do

Solid State continues to make progress towards management’s goal of doubling revenues over the next five years. It delivered pre-exceptional profit growth from continuing businesses of 6% during FY17. The record order book combined with investment during FY17 in both the Manufacturing and Distribution divisions shows management is driving organic growth to complement its successful acquisition programme.

Solid State plc

  • 18 Jul 17
  • -
  • Edison
Termination of coverage

Edison Investment Research is terminating coverage on Solid State (SOLI). Please note you should no longer rely on any previous research or estimates for this company. All forecasts should now be considered redundant.

Solid State plc

  • 22 Jun 17
  • -
  • Edison
Enhancing R&D capability

Solid State has recently opened a new development, manufacturing and test facility for Steatite Antennas in Leominster, Herefordshire. The 15,000sq ft facility was purpose built to enable the design, manufacture and testing of complex subsystems. Importantly, it houses a near-field RF test chamber able to fit antennas with dish dimensions up to 3m in diameter. The investment in the facility, totalling almost £1m during FY16 and FY17, epitomises the group strategy of adding value through technical expertise.

Solid State plc

  • 18 May 17
  • -
  • Edison
FY17 trading broadly in line

Solid State has announced that FY17 trading is likely to be broadly in line with market expectations, with delays in antenna projects in Q4 pushing performance to the lower bound of the range. We adjust our estimates slightly downwards and revise our indicative valuation to 390-516p/share. The mean of the lower and upper bounds of our new range is 453p, indicating that Solid State is fairly priced at current levels.

Solid State plc

  • 27 Mar 17
  • -
  • Edison
On track to achieve full year market expectations

Solid State has announced that H117 results will be ahead of H116 and put the group on track to achieve market expectations for FY17. We leave our estimates broadly unchanged and note that this news should give investors greater confidence that the group will be able to achieve the modest underlying profit growth in our estimates. This should help move the share price even closer to our indicative valuation of 505p/share.

Solid State plc

  • 20 Oct 16
  • -
  • Edison
Core business performing strongly

Solid State’s FY16 results were flattered by an undisclosed sum in settlement of the terminated MoJ contract. This obscures the underlying performance of the rest of the business, which looks in a good position, given the record order book at the year-end, to deliver a modest improvement in underlying profit before tax in FY17. Management expects the recent Creasefield acquisition to generate incremental profit from FY18 and is keen to execute one acquisition each year going forward. Investors still seem unable to look beyond the ups and downs of the MoJ contract. Increased confidence that the group is able to deliver the modest underlying profit growth in our estimates should help move the share price towards our indicative SOTP valuation of 505p/share.

Solid State plc

  • 12 Jul 16
  • -
  • Edison
Expansion of batteries activity

Solid State has acquired Creasefield for a maximum consideration of £1.5m. The transaction strengthens Solid State’s existing battery operation. We revise our FY17 revenue estimates, while leaving our profit estimates and indicative valuation of 505p/share unchanged.

Solid State plc

  • 01 Jun 16
  • -
  • Edison
Settlement of MoJ contract

Solid State has finalised a settlement agreement with the Ministry of Justice (MoJ) for the terminated contract to supply sub-systems for offender tagging. We treat this payment, the value of which is not disclosed, as an exceptional item. Our adjusted PBT and EPS estimates, which already reflect the absence of continued revenues from the contract, remain unchanged. Management estimates that the settlement will boost FY16 reported PBT to £4.1m.

Solid State plc

  • 25 May 16
  • -
  • Edison
Ability to maintain profits confirmed

Solid State has announced that trading results for FY16 at the group’s core businesses should be in line with market expectations. This confirms that it’s diversified platform will deliver another year of results at FY15’s record profit levels, despite general market weakness and the unexpected termination of the Ministry of Justice (MoJ) contract. This strong result excludes compensation for the terminated contract, which we will treat as an exceptional item. The healthy order book at the start of FY17 supports our forecasts showing modest profit growth, so we leave our estimates and indicative valuation of 505p/share unchanged. The dividend (3.7x cover) represents an attractive yield at the current price.

Solid State plc

  • 28 Apr 16
  • -
  • Edison
MoJ contract terminated

Solid State has unexpectedly announced that the Ministry of Justice (MoJ) has terminated its contract. This has no impact on our FY16 and FY17 estimates, which already took a prudent view with regards to resuming deliveries under the contract. The share price has, in our opinion, overreacted to the news, ignoring the diversified platform that is able to deliver modest profit growth next year despite this negative development.

Solid State plc

  • 26 Feb 16
  • -
  • Edison
Spotlight on FY17

Solid State’s diversified platform gives a stable base for delivering another year of results at FY15’s record profit levels, despite delays in deliveries under a major contract with the UK Ministry of Justice (MoJ) for offender tagging. While this contract has not gone away, there is still no clarity on when deliveries will resume. We therefore reiterate our FY16 estimates and reinstate FY17 estimates assuming that MoJ deliveries resume post yearend FY17. This prudent approach gives a small year-on-year decline in topline revenues during FY17 (revenues excluding MoJ sales are expected to be in line with FY16e) accompanied with modest profit growth.

Solid State plc

  • 08 Feb 16
  • -
  • Edison
Diversified platform gives resilience

The narrative of Solid State’s interims describes how the diversified platform that management has created should be able to deliver another year of results at FY15’s record profit levels, despite delays in deliveries under a major contract with the Ministry of Justice (MoJ) for offender tagging and weakening markets. We leave our estimates unchanged and see fair value at 513p, based on our FY16e estimates.

Solid State plc

  • 24 Nov 15
  • -
  • Edison
Expectations for material contract modified

Solid State has issued a pre-close trading update advising that although the first half performance represented a satisfactory start to the year, second half revenues and profits are likely to be significantly lower than management expectations because of delays in deliveries relating to a major contract that was expected to benefit both H216 and FY17. We revise our FY16 estimates and place our FY17 estimates and valuation under review until there is greater clarity on delivery schedules.

Solid State plc

  • 02 Nov 15
  • -
  • Edison
From concept to conclusion

Solid State’s strategy of acquisition, expansion into complementary industry verticals and development of value-added capability delivered an impressive 35% year-on-year increase in adjusted pre-tax profits during FY15. This strategy is expected to deliver a further 64% rise in pre-tax profits during FY16. Our sum-of-the-parts analysis shows fair value at 920p/share (£77m). News of progress delivering on the Ministry of Justice (MoJ) contract is a key trigger to close the valuation gap.

Solid State plc

  • 08 Sep 15
  • -
  • Edison
Successful growth strategy

Solid State’s FY15 results demonstrate the success of its growth strategy, with an impressive 35% year-on-year increase in adjusted pre-tax profits. The strategy is based on top-line growth through selective acquisitions, the addition of new product lines and entry into new industry verticals such as green energy and security solutions. This is combined with margin improvement through focus on value-added design and assembly capability and development of own-brand products such as high-output LED modules. The prospective P/E is currently slightly lower than the annualised mean for listed peers (15.1x vs 16.9x). A small premium may be justified given the potential for faster than average profits growth.

Solid State plc

  • 08 Jul 15
  • -
  • Edison
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