2025-05-28-Jefferies-邀请-与SDI集团_Judges_Scientific同行的专家电话会议_8页_262kb

报告摘要

The Equity Research report from Jefferies focuses on the Industrial sector, specifically scientific instrumentation companies, and will discuss upcoming risks and opportunities.

Invites to Fireside Chat: An invite is extended for a fireside chat on 18 June at 2pm, led by Vanessa Jeffriess and SDI Group's CEO. SDI Group is an AIM-listed buy-and-build company targeting markets such as life sciences, astronomy, and manufacturing, offering potential insights for Judges Scientific and related firms.
Valuation/Risks & Price Targets:
- Judges Scientific: Price target of 8,500p based on a FY26f EV/EBITA of 19.4x. Risks include lack of M&A, end market weakness, geopolitical tensions, and succession concerns.
- Oxford Instruments: SOTP-based PT of 2,230p with 2.39x EV/Sales and 14.2x EV/EBITA multiples. Upside risks: faster order booking, opportunistic M&A; downside risks: margin issues or China export troubles.
- Renishaw Plc: PT of 2,450p with 13.0x EV/EBITA. Risks include margin deterioration, global tariffs, or aerospace/semiconductor slowdowns on negative sides; however, shareholder capital allocation and cost control could improve performance.
- Spectris Plc: PT of 3,135p for FY26f EV/EBITA 12.5x. Risks include volume declines, currency fluctuations, and unprofitable M&A decisions.
Analyst Certifications & Disclosures: Analysts certified their recommendations are independent, with company-specific risks addressed. The report includes standard disclaimers on Jefferies' business practices, conflicts of interest, and ethical disclosures to maintain integrity.