Solid State (SOLI)

Business description

Solid State is a high value-add manufacturer and specialist design-in distributor specialising in industrial/ruggedised computers, electronic components, antennas, microwave systems, secure comms systems and battery power solutions.

Stock data

Market cap.£34.9m
Last close412.50p
High / Low (52 weeks)525.0p / 292.5p
Stock market listingLN
Forecast net cash (£m)0.3
Forecast gearing ratio (%)N/A
TeamIndustrials
SectorGeneral Industrials

Price performance

%1m3m12m
Actual0.0(17.5)20.4
Relative *(4.6)(20.2)(0.6)

* % Relative to local index

Other companies in sector Show

Company news

Solid State share price slump 'absurd'

Tue, 24 Nov 2015 13:41:15 GMT

Is Solid State plc (AIM:SOLI) As Financially Strong As Its Low Debt-Load ...

Mon, 17 Apr 2017 16:52:30 GMT

Solid State plc (AIM:SOLI): What's Propelling This Stock?

Tue, 23 May 2017 13:30:00 GMT

Investor Toolkit: A look at Solid State plc (AIM:SOLI)'s Margin Score

Wed, 24 May 2017 03:10:42 GMT

Ilika targets IoT with new solid state battery range

Wed, 27 Apr 2016 06:55:10 GMT

Y/E Mar Revenue (£m) EBITDA (£m) PBT (£m) EPS (p) P/E (x) P/CF (x)
2015A 36.6 3.8 3.2 37.4 11.0 12.8
2016A 44.1 5.1 4.4 52.0 7.9 19.1
2017E 39.5 3.6 3.1 32.3 12.8 4.4
2018E 41.0 3.7 3.3 32.8 12.6 12.8

Last updated on 18/05/2017

Investment summary

Solid State has recently opened a new development, manufacturing and test facility for Steatite Antennas in Leominster, Herefordshire. The 15,000sq ft facility was purpose built to enable the design, manufacture and testing of complex subsystems. Importantly, it houses a near-field RF test chamber able to fit antennas with dish dimensions up to 3m in diameter. The investment in the facility, totalling almost £1m during FY16 and FY17, epitomises the group strategy of adding value through technical expertise.

Last updated on 18/05/2017

Industry outlook

Discussion with management indicates that the delays in antennae orders relate to delays in some defence programmes being awarded and in some programmes progressing from pilot phases to more extensive roll-out. This unpredictable order pattern is normal for the industry. We note that the rest of the manufacturing business performed broadly in line with management expectations, while the distribution business was slightly ahead. Orders at the end of February 2017 totalled £18.1m, compared with £16.5m one year previously, which is encouraging.

Last updated on 02/05/2017

Key management

Tony Frere, Chairman
Gary Marsh, CEO

Company address

Ravensbank Business Park
Hedera Road
Redditch
Worcestershire
B98 9EY
United Kingdom
+44 (0)1527 830630
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