Initiation: From concept to conclusion
Solid State’s strategy of acquisition, expansion into complementaryindustry verticals and development of value-added capability delivered an
impressive 35% year-on-year increase in adjusted pre-tax profits during
FY15. This strategy is expected to deliver a further 64% rise in pre-tax
profits during FY16. Our sum-of-the-parts analysis shows fair value at
920p/share (£77m). News of progress delivering on the Ministry of Justice
(MoJ) contract is a key trigger to close the valuation gap.
Solid State manufactures electronic equipment and distributes electronic components and materials. Co. has two divisions: Distribution, which is a distributor serving the needs of the electronics original equipment manufacturer community in the U.K. and products provided include those for the internet of things, embedded processing, control, wireless and wired communications, power management, and light-emitting diode lighting from manufacturers; and Manufacturing, which is engaged in the design, development and supply of rugged and industrial computers, portable power and energy storage solutions, communication systems, antennas and high bandwidth video transmission products.
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