Research, Charts & Company Announcements
Research Tree provides access to ongoing research coverage, media content and regulatory news on SOLID STATE PLC. We currently have 13 research reports from 3 professional analysts.
|22Nov16 07:00||RNS||Half-year Report|
|21Nov16 07:00||RNS||Directorate Change|
|15Nov16 12:05||RNS||Holding(s) in Company|
|20Oct16 07:00||RNS||Trading Update & Notice of Results|
|19Sep16 03:42||RNS||Director/PDMR Shareholding|
|13Sep16 04:40||RNS||Result of AGM|
|12Sep16 07:00||RNS||Appointment of sector specialist salesman|
Frequency of research reports
Research reports on
SOLID STATE PLC
SOLID STATE PLC
On track to achieve full year market expectations
20 Oct 16
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.
Core business performing strongly
12 Jul 16
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.
Expansion of batteries activity
01 Jun 16
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.
Settlement of MoJ contract
25 May 16
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.
Ability to maintain profits confirmed
28 Apr 16
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.
The Slide Rule
12 Jan 17
What is The Slide Rule? The Slide Rule has been designed to dramatically simplify the identification of the best companies in the UK small/mid-cap sector by making a quantitative assessment of the relative potential of each company. At its core, The Slide Rule aims to identify those companies that create genuine shareholder value through strong returns on capital and solid growth, but also present a value opportunity with the potential tailwind of earnings momentum. Companies are assessed within a Quality, Value, Growth and Momentum (QVGM) framework.
N+1 Singer - Small-cap quantitative research - Momentum screen refresh + 10 focus stocks
12 Jan 17
We have refreshed our momentum style screen for the first time since inception on 26 July 2016. As before, the screen selects the 25 stocks exhibiting the most extreme momentum characteristics, according to our measurement method. From these we have selected 10 to focus on. Since inception the screen has underperformed both the main small-cap and micro-cap indices against a background of generally rising momentum. We have noted a subset of the basket, where decelerating momentum at the time of measurement appears correlated with significant share price falls since selection. We shall monitor this factor with the new screen, albeit there are only two such stocks showing this pattern, namely Lamprell (not rated) and Gear4music (not rated).
N+1 Singer - Morning Song 12-01-2017
12 Jan 17
As anticipated, the second half has again been stronger than H1 and results will be broadly in line with expectations. In line with this, the order book has continued to grow and is at record levels. This confirms that significant progress has been made in the Group’s shift towards its Technology Products division which, as targeted, contributed c.60% of group revenue in FY16. The small acquisition of Cable Power also gives a complementary boost to the product range. It is also worth noting the significant reduction in net debt, £1.0m ahead of our forecast. We remain supportive of the Group’s strategy and continue to see a bright future as this transition towards a design led technology solutions business continues. We look forward to more detail in March at the final results.
N+1 Singer - Best Ideas 2017 - Top picks
04 Jan 17
Today we publish our Best Ideas for 2017 - 12 stocks that we believe have excellent prospects in the current year together with a detailed discussion of what we see as the key sector and market themes for 2017. Our top picks are Cineworld, Elementis, Herald Investment Trust, Hill & Smith, IQE, MySale, Redde, ReNeuron, RhythmOne, SDL, Servelec and Severfield.