Fundamental Analyses, Contrarian Cashflows

Contrarian Cashflows

Fundamental Analyses

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Thematic (Sector/Industry)

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Welcome back to the portfolio updates series!
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I recently read Michael J. Mauboussin’s book, More Than You Know, which is full of practical investment lessons drawn from various fields not necessarily related to investing.
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The quote below is from a chapter discussing market efficiency and cautioning investors against misusing behavioral finance to conclude that humans are irrational, and therefore, markets must be irrational as well.
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Welcome back to the portfolio updates series!


I recently read Michael J. Mauboussin’s book, More Than You Know, which is full of practical investment lessons drawn from various fields not necessarily related to investing.


The quote below is from a chapter discussing market efficiency and cautioning investors against misusing behavioral finance to conclude that humans are irrational, and therefore, markets must be irrational as well.



Leading International Investment Research, Edison Investment Research

Edison Investment Research

Leading International Investment Research

Edison is an investment research and advisory company, with offices in North America, Europe, the Middle East and AsiaPac. The heart of Edison is our world renowned equity research platform and deep multi-sector expertise. At Edison Investment Research, our research is widely read by international investors, advisors and stakeholders. Edison Advisors leverages our core research platform to provide differentiated services including investor relations and strategic consulting.

Equity Bottom-Up

Solid State has made an excellent start to FY24 with strong continuing organic growth in H124 enhanced by a full period contribution from Custom Power. As a result, management anticipates better-than-expected revenues and PBT for the full year with market consensus rising by c 5% to £155m and £12.5m, respectively.

Solid State has made an excellent start to FY24 with strong continuing organic growth in H124 enhanced by a full period contribution from Custom Power. As a result, management anticipates better-than-expected revenues and PBT for the full year with market consensus rising by c 5% to £155m and £12.5m, respectively.

Solid State - Strong organic development in H124

Solid State confirmed record revenues and adjusted PBT in FY23. The positive momentum is continuing into FY24 with a consequent increase in guidance for revenue growth of c 15% and adjusted PBT of c 10%. As a result, consensus estimates for FY24 revenue have increased by 11% to £147m and adjusted PBT has been raised by c 5% to £11.9m.

Solid State confirmed record revenues and adjusted PBT in FY23. The positive momentum is continuing into FY24 with a consequent increase in guidance for revenue growth of c 15% and adjusted PBT of c 10%. As a result, consensus estimates for FY24 revenue have increased by 11% to £147m and adjusted PBT has been raised by c 5% to £11.9m.

Solid State - Positive trading momentum carried into FY24

Solid State’s trading update confirms that trading continued strongly during H223, resulting in record revenues of c £125m and adjusted profit before tax of at least £10.5m in FY23. Consensus PBT estimates for FY23 and FY24 have not been changed, but consensus revenue estimates have been raised by 4% and 2%, respectively, for FY23 and FY24.

Solid State’s trading update confirms that trading continued strongly during H223, resulting in record revenues of c £125m and adjusted profit before tax of at least £10.5m in FY23. Consensus PBT estimates for FY23 and FY24 have not been changed, but consensus revenue estimates have been raised by 4% and 2%, respectively, for FY23 and FY24.

Solid State - Expecting record adjusted PBT in FY23

Solid State’s H123 results show strong revenue growth (51% y-o-y) and order intake (up 32% vs end-FY22) reflecting 31% organic growth in constant currency, as well as the acquisition of United States-based Custom Power and currency tailwinds. Trading since the period end has been ahead of management expectations, so consensus EPS estimates have been raised by 9% and 3% for FY23 and FY24, respectively.

Solid State’s H123 results show strong revenue growth (51% y-o-y) and order intake (up 32% vs end-FY22) reflecting 31% organic growth in constant currency, as well as the acquisition of United States-based Custom Power and currency tailwinds. Trading since the period end has been ahead of management expectations, so consensus EPS estimates have been raised by 9% and 3% for FY23 and FY24, respectively. 

United Kingdom

Solid State PLC distributes electronic components for use in the industrial, automotive, mobile phone, computer and military markets of the United Kingdom. The Company also provides technical support to its customers.  The Company has agreements to supply products to nine electronic components manufacturers, mainly into the UK market. ... More

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Solid State PLC (SOLI LN)

Portfolio Update: May 2024

Welcome back to the portfolio updates series! I recently read Michael J. Mauboussin’s book, More Than You Know, which is full of practical...

Contrarian Cashflows

Solid State - Strong organic development in H124

Solid State has made an excellent start to FY24 with strong continuing organic growth in H124 enhanced by a full period contribution from Custom...

Edison Investment Research

Solid State - Positive trading momentum carried into FY24

Solid State confirmed record revenues and adjusted PBT in FY23. The positive momentum is continuing into FY24 with a consequent increase in...

Edison Investment Research

Solid State - Expecting record adjusted PBT in FY23

Solid State’s trading update confirms that trading continued strongly during H223, resulting in record revenues of c £125m and adjusted profit...

Edison Investment Research

Solid State - Record customer demand

Solid State’s H123 results show strong revenue growth (51% y-o-y) and order intake (up 32% vs end-FY22) reflecting 31% organic growth in constant...

Edison Investment Research

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Market Cap (USDm)

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