Judges Scientific ($JDG): A Closer Look At This Serial Acquirer

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.