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.