JDG

Judges Scientific PLC

Industrial Goods and Services First-pass screen £310m

360/1000 Overall fit

AI beneficiary 35% 30

Operating leverage 25% 45

Valuation 25% 30

Downside protection 15% 45

First-pass take

JDG is a disciplined, profitable acquirer of niche scientific instrument businesses with strong FCF conversion (90%) and customer diversification (no customer >10% of revenue), but entirely lacks AI exposure, operates in cyclical government-funding-dependent research markets, and carries moderate net debt (1.38x leverage) without fortress-like downside protection.

Flags

no-ai-exposureno-valuation-datacyclicalresearch-dependent