Edison issues research update on Solid State

London, UK, 10 September 2015

Edison issues research update on Solid State

Solid State's strategy of acquisition, expansion into complementary industry 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.

Our sum-of-the-parts analysis, which looks at both specialist manufacturing and value-added distribution companies, calculates fair value at 920p/share (£77m). News on the progress of deliveries for the MoJ contract would support an increase in share price to close the valuation gap.

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