Hello my dears,
today there is a presentation of a wish from @Jesko .
Very exciting company which was suggested to us here for presentation.
Many will now ask themselves "What is supposed to be exciting about this chart?"
That's why I'm going to start the company presentation in a different way today.
We will first introduce the company in the middle and start by explaining the downward trend in the chart.
I have compared the profit flow charts for the years 2022 and 2025.
Here you can clearly see the halving of net profit.
and how could it be otherwise, this halving is of course reflected in the performance chart.
2025 and 2026 are among the worst years in the company's history.
📉 In a nutshell: Why net income is so weak in 2025-2026
2025
- US research budget collapses
- 12 subsidiaries with organic decline
- High impairments & amortization
- Costs increase due to investments
- Result: Net result halved
2026
- Weak order book from 2025
- US funding remains uncertain
- Geotek does not make a major contribution
- Result: Net result remains low
WHY COULD THE COMPANY BECOME SO EXCITING AND INTERESTING NOW?
2027
Things look much better from 2027."
The 2027-2028 turnaround is based on 4 stable pillars
1) Geotek expedition 2027 → EBIT boost
2) US funding normalizes → Orders increase
3) Restructured subsidiaries → Margins increase
4) Cash flow & debt improve → Valuation eases
⬇️ I have provided you with the fair value from the share finder
⚡ Juan's ultra-short turnaround conclusion
"2025/26 were a double shock. From 2027 the machine comes back: Geotek delivers, margins increase, cash flow picks up and the valuation becomes attractive again. Classic under-the-radar turnaround."
Ladies and gentlemen, do you share Juan's assessment and do you also see a turnaround here?
The key figure with the highest stability for the Judges Scientific share is the operating cash flowwhich is used below for the valuation. The KCV calculated from this ratio KCV (price/cash flow ratio) calculated from this ratio is 12.74 which is 7.32 points below the historical average of 20.06 for the last 10 years. From this perspective, the Judges Scientific share appears favorably valued to be favorably valued.
The fair value of the Judges Scientific share is calculated over the 10-year valuation period selected above. The average KCV in this case is 20.06.
Multiplied by the operating cash flow per share of GBP 3.90 over the last 4 quarters, the fair value of the Judges Scientific share is fair value of GBP 78.23. The current share price of GBP 49.64 is 36.5% below this fair value, which represents an undervaluation of the share.
(Source Share Finder)
Judges Scientific plc is a UK-based company focused on the acquisition and development of scientific instrument businesses. The principal activities of the company and its subsidiaries are the development, manufacture and sale of scientific instruments. The company's business areas include materials science and vacuum technology. Its subsidiaries are predominantly based in the UK, with products sold to a variety of different markets worldwide, including higher education institutions, scientific institutions, manufacturers and regulatory bodies. The company operates around 25 divisions. Its subsidiaries include Fire Testing Technology Limited, PE.fiberoptics Limited, UHV Design Limited, Aitchee Engineering Limited, Quorum Technologies Limited, Deben UK Limited, Oxford Cryosystems Limited, Global Digital Systems Limited, Scientifica Limited, Dia-Stron Limited, Geotek Coring Limited and EWB Solutions Limited.
Judges Scientific's policy is to selectively acquire companies that generate sustainable profits and financial resources. Shareholder returns are generated by reducing debt, paying increasing dividends and through organic growth.
The companies
FTT is internationally recognized as the world's leading supplier of fire safety testing instrumentation and has supplied the majority of the leading fire safety research groups and testing laboratories around the world. Our directors and senior researchers participate in standardization committees in the UK, ISO, CEN and ASTM to ensure our instruments are always compliant. These include committees dealing with building products, electrotechnical products, furnishing products and transportation applications for instruments such as the Cone Calorimeter, NBS Smoke Density Chamber, EN 50399 and SBI.
PE.fiberoptics is a leading manufacturer of test equipment that measures the optical and physical properties of optical fibers and cables. Optical fibers are the most important medium for long-distance transmission of telecommunication data and form the backbone of global Internet and telecommunication networks. Our products support the world's leading fiber optic and cable manufacturers during production and in their quality control and R&D laboratories, and we export 95% of our products.
UHV Designfounded in 1993, specializes in the design, manufacture and supply of high-precision motion, manipulation, heating and cooling (cryogenic) devices for samples used in high and ultra-high vacuum environments for materials research. Worldwide, our products are essential in large physics experiments, including: - High Energy Particle Accelerators such as CERN and SLAC; and - Synchrotron Light Sources including PSI (Switzerland), Argonne (USA) and the UK Diamond facility. They are also routinely used in laboratory research and development of instruments focused on new state-of-the-art materials in the fields of semiconductors, photovoltaics, catalysis and biocompatible materials.
Aitchee Engineering is a well-established precision engineering company that can provide high quality sheet metal fabrication, laser cutting and CNC machining. We use state-of-the-art software to convert customer drawings into fabricated products in steel, aluminum, stainless steel, yellow metals or plastics. We can supply high volume production runs, call-off orders and R&D including prototypes; we can also offer support with manufacturing processes and value engineering.
The East Sussex based company Quorum Technologies manufactures market-leading scientific instruments used primarily for electron microscopy (EM) sample preparation. Electron microscopy is an important research tool in almost all areas of scientific activity, from the fight against coronavirus and other diseases such as cancer, to food safety and the development of advanced microelectronics and new materials. Key products: - Q series of vacuum deposition systems; and - PP3010T cryo preparation systems for SEM and FIB/SEM.
Sircal designs, manufactures and distributes rare gas purifiers typically used for metal analysis using the Arc/Spark spectrometry technique. This technique provides qualitative and quantitative analysis of a metal sample to determine its purity. The products are sold worldwide to OEM customers (spectrometer manufacturers who use such purifiers in conjunction with their own instruments) or directly to end users such as metal manufacturers and distributors and testing laboratories.
Deben is a precision engineering company that provides innovative solutions for in-situ tensile testing with SEM and μX-Ray CT. Deben also manufactures SEM detectors and a range of SEM accessories, including motor controls and heating and cooling stages. Product groups: - in-situ tension and compression systems; - accessories for electron beam applications; and - imaging and detectors for SEM and TEM.
GDS designs, develops and manufactures equipment and software used for computer-controlled testing of soils and rocks. This technology is used to evaluate the mechanical properties that are critical to geotechnical and earthquake engineering design. Services include:
-advanced systems for commercial soil and rock testing laboratories; and
- customized systems for university research on the engineering properties of soil and rock
Scientifica is an award-winning, globally recognized manufacturer of advanced imaging, micropositioning and photomanipulation systems for neuroscience research. We develop state-of-the-art equipment designed to advance discoveries in neural electrophysiology, multiphoton imaging and optogenetics. Our world-class equipment enables researchers to conduct ground-breaking studies of the nervous system and deepen understanding of neurological diseases and processes. All devices are manufactured in the UK and exported to more than 40 countries worldwide. We have offices in the UK and USA, with product consultants in Germany and China.
Armfield offers unparalleled experience in the design and delivery of teaching equipment tailored to global curricula in agriculture, chemistry, construction, environment, geology and geography, marine science, engineering, public health and food technology, from entry level vocational training to bespoke research laboratories. The industrial division designs and manufactures complex research and development systems and processing lines, focusing primarily on food, beverage, dairy, edible oil and pharmaceutical industries for companies of all sizes, from start-ups to the world's leading brands.
CoolLED designs and manufactures state-of-the-art lighting systems for microscopy and other applications and is pioneering the use of LEDs as controllable and environmentally friendly replacements for mercury-based lamps. Our expertise spans optical engineering and life sciences and drives the development of our extensive product offering, which includes:
- the award-winning triple-wavelength pE-300 series for everyday fluorescence microscopy;
- 16-wavelength pE-4000 for cutting-edge research;
- pE-340fura for Fura-2 ratiometric calcium imaging;
- and pT-100 for transmitted light imaging techniques. We continue to set the standard with our OEM service and exciting development schedule.
Dia-Stron is the leading manufacturer of automated measurement systems for single fibers and filaments, with our expertise recognized by the R&D community worldwide. Our instruments provide a full range of fiber measurement capabilities: dimensional/mechanical properties, interface evaluation and fatigue fracture analysis. In addition, Dia-Stron contract testing services are an important offering in building long-term relationships with our customers. We provide measurement solutions to support:
- the hair care industry in product development and advancing hair fiber research; and
- the technical fiber market in the development of fiber composites.
EWB Solutions specializes in the design and manufacture of edge-welded metal bellows where a high integrity hermetic seal is required while motion is performed. Supplied worldwide, EWB bellows are manufactured in a variety of materials to meet a wide range of durability and environmental requirements and are used in applications within diverse industries such as semiconductor processing, particle physics, materials/surface analysis, oncology therapy and petrochemical processing.
Oxford Cryosystems is a market-leading manufacturer of cryogenic equipment. Spun out of Oxford University in the 1980s, the company designs and manufactures a range of low temperature nitrogen and helium based devices which are exported to leading research institutes worldwide. Oxford Cryosystems' products are used in areas as diverse as single molecule characterization to deep space mapping.
Moorfield Nanotechnology designs and manufactures R&D/pilot laboratory equipment for a global customer base in science and industry. Core ranges are vacuum coating products (MiniLab and nanoPVD) for the production of high quality metal, inorganic and organic films used in various high technology areas. Standalone and benchtop models are available to suit budgets and facilities. More recently, the company has expanded its applications to carbon nanomaterials, with its range of nanoCVD and nanoETCH tools. In addition to coating, the company also supplies portable, HEPA-filtered cleanroom solutions through its clean environment division.
THT is a world leader in the design, manufacture and supply of specialized calorimeters for use in the chemical and battery industries. Applications include process development, optimization and safety of chemical reactions, and the determination of battery performance and safety characteristics. THT has more than 25 years of experience in calorimetry and offers a complete range of adiabatic, reaction and isothermal calorimeters. THT's products enable the measurement of heats of reaction, the derivation of kinetic parameters, the evaluation of maximum safe temperatures and pressure development.
Korvus Technology sells and manufactures highly modular thin film deposition systems that are designed so that customized systems can be assembled from standard parts. The systems are used in academic and industrial environments to advance research into novel thin film materials; most recently with a strong focus on lithium battery research.
The company has over 20 years of experience in the thin film technology market and is active in the design, manufacture and installation of HV and UHV deposition systems. The company's HEX platform offers an unparalleled level of user control and customizability designed to integrate the latest thin film technologies and performance into a benchtop PVD system.
Geotek Ltd (UK) specializes in high-resolution, non-destructive analysis of geological drill core. Geotek has designed, built and supplied its range of Multi-Sensor Core Logger (MSCL) systems for over 20 years, using a range of geophysical and geochemical sensors primarily for non-destructive core analysis.
Geotek provides equipment sales and services to academia and industry worldwide. The Geotek Multi-Sensor Core Logger (MSCL) systems enable a range of geophysical measurements to be made quickly, accurately and automatically on sediment or rock cores. Geotek designs and manufactures a full range of cabinet-based 2D and 3D digital X-ray imaging systems for various geoscience markets.
Henniker designs and manufactures plasma surface treatment systems and processes for advanced cleaning, surface activation to improve adhesion and functional nano-coatings. The company's technology is used in critical industrial manufacturing environments as well as by leading academics working in biomedical research, life sciences, energy storage, filtration and many other areas of materials science.
Founded in 2018 by experts in optics and non-destructive testing, Bossa Nova Vision is Bossa Nova Vision specializes in the development of innovative polarization imaging systems and turnkey instruments for cosmetic testing. A strong expertise in polarization imaging and image processing has led Bossa Nova Vision to develop sensors for various applications and technologies ranging from cosmetic testing for the hair care industry to magnetic signature detection on hard drives.
Luciol is active in the field of fiber optic measurement technology and instrumentation and offers standardized or customized innovative fiber optic instrumentation for various applications. The core competence is photon detection technology, which enables a new class of high-resolution instruments, such as optical time domain reflectometers (OTDR). These OTDRs have an extremely high spatial resolution that cannot be achieved with conventional OTDR types. Luciol has sold hundreds of high-resolution OTDRs for various applications and industries.
Rockwash Geodata is a geological analysis laboratory and service company founded in 2010 and headquartered in Llandudno Junction, North Wales. The company specializes in the digitization of rock core and rock chips and initially offered an automated rock sample cleaning process to the oil and gas industry to enable further analysis. Since then, the company has developed new products and services that address current geological problems in the energy industry.
Tar Coatings is a leading provider of advanced surface engineering solutions, specializing in the application of advanced coatings to improve the performance and durability of various materials. Using state-of-the-art physical vapor deposition (PVD) magnetron sputtering, the company excels in the deposition of thin films with tailored properties. These coatings exhibit exceptional properties such as high hardness, wear resistance and corrosion protection and contribute significantly to various industries, including aerospace, motorsports, sensors and industrial sectors. The company's expertise extends to customized solutions for specific applications to ensure optimal functionality and extended service life of critical equipment.
Sales breakdown by business segment:
2025 (GBP)
Vacuum 73.9 million
Materials Sciences 71.9 million
Geographical distribution of sales:
2025 (GBP)
Rest of The World 43.1 million
Rest of Europe 40.6 million
North America 26.2 million
UK 20.8 million
China/Hong Kong 15.1 million
Short Juan summary
(compact, clear, typical Juan - based on your MarketScreener data)
"The figures show a clean picture: 2026 is the low point, after which Judges Scientific picks up again. Sales, EBIT and FCF increase steadily from 2027, margins recover step by step. Net debt decreases every year, which visibly eases the leverage ratio. EPS grows strongly from 2027 - exactly the kind of turnaround momentum I like."
Market value 331
Number of shares (in thousands) 6,660
Date of publication 22,04,2026
Short Juan summary (compact, clear, typical Juan - based on the valuation valuation ratios from your MarketScreener tab )
"Valuation-wise, Judges Scientific looks much healthier again from 2026. The FCF yield is rising every year, the P/E ratio is falling cleanly from expensive to fair, and the P/B ratio is normalizing step by step. The dividend is growing steadily, the yield remains solid. PEG turns from negative to positive - a classic sign that growth and valuation fit together again. Overall: a really attractive valuation profile will emerge here from 2027."
20,05,2026
today, 11:15:43 -
gettex (EUR)
55.00 EUR
-5.00 EUR-8.33 %
