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Jefferies starts Judges Scientific at 'buy' after share price correction
(Sharecast News) - Jefferies initiated coverage on Judges Scientific on Tuesday with a 'buy' rating and 12,230p price target, as it said the valuation is more attractive following the recent share price correction, particularly if potential M&A upside is considered. "We see Judges as one of the highest-quality names in the sector, due to its impressive track record of value creation, margin expansion and growth, and we believe the recent share price correction has created an attractive entry point, with the stock now trading at discounts to five-year average multiples," it said.
Jefferies pointed out that Judges is focused on buying scientific instrumentation companies with strictly defined characteristics and performance criteria, which has resulted in a 21% revenue compound annual growth rate and 28% EBITA CAGR from FY06 - FY23, with margins growing 1,190 basis points.
"The company's balance sheet offers ample headroom, and our M&A scenario analysis shows potential for 4-17% earnings per share accretion in FY25F at a leverage range of only 1.0x-1.7x," it said.
At 1015 BST, the shares were up 1.4% at 10,390p.
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