JDG

Judges Scientific (JDG) is a serial acquirer of small scientific instrument businesses in the UK. The company has a 20-year track record of delivering 25% annual shareholder returns. JDG focuses on acquiring niche market leaders with strong pricing power and little competition. The company's hands-off approach and integrity allow it to acquire businesses at an average of 4.8x EBIT. Management is heavily invested in the company, with the CEO's holdings worth around 200x his salary. Despite its success, the company remains under-followed by institutional investors. Key risks include the potential retirement of the 76-year-old CEO, though a succession plan appears to be in place.

Judges Scientific is a UK-based serial acquirer of niche scientific instrument businesses, operating a decentralized buy-and-build strategy. The company has a strong track record of acquiring and growing businesses, with a 5-year revenue CAGR of 10.8% and a 5-year FCF CAGR of 12.0%. The company is led by its founder and CEO, David Cicurel, who owns 9.2% of the company. The article suggests that the stock is currently trading at an attractive valuation, with a FCF yield of 4.4% compared to its 5-year average of 3.2%. The author expects future EBIT and FCF growth of 10-16% per year. The main risks are identified as macroeconomic uncertainty, potential acquisition missteps, and CEO succession.